Trade & Technical Schools in the US - Industry Market Research Report

Trade & Technical Schools in the US - Industry Market Research Report

  • July 2021 •
  • 41 pages •
  • Report ID: 500781 •
  • Format: PDF
Trading up: Expansions in the customer base and government funding will likely support industry revenue

Abstract

Trade & Technical Schools in the US
The Trade and Technical Schools industry has marginally grown over the past five years due to improvements in household finances and increase in government funding. Favorable economic conditions have made tertiary education more affordable to more US households, leading to an increase in demand for trade and technical education. However, a decline in unemployment rate resulted from economic growth has counteracted growth in demand. During the current period, household finances have grown strongly, boosting demand for vocational education as it has become more affordable. Moreover, growth in government funding has further enhanced the affordability of vocational education over the past five years. As most industry operators are nonprofit, additional government funding enables educational institutions to offer courses at more reasonable tuition fees. Over the next five years, anticipated growth in the unemployment rate will likely boost demand for vocational education during the five-year period. Discouraged job seekers will opt to education to fill their skill gaps before reentering the job market. As a result, demand for vocational education is expected to increase over the five years to 2024.

This industry includes schools that offer vocational and technical training in a variety of technical subjects and trades. Training often leads to job-specific certification. Instruction may be provided in diverse settings, such as the company’s training facilities, the workplace, the home or through distance-learning methods. Major segments include cosmetology and barber schools, flight training, apprenticeship training and other technical training.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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