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

Training hard: An expanding customer base and government funding are expected to support industry revenue

Favorable economic conditions have made tertiary education more affordable to more US households, leading to growth in demand for trade and technical education. However, in 2020, a sharp fall in consumer spending resulting from the COVID-19 outbreak caused students to defer their study plans because of restricted income. Further, the magnitude of hands-on experience in vocational training has contributed to the decrease in demand as technical schools can only offer their courses online amid the pandemic. The pandemic has subsided to the industry's benefit, and the economy returned to normalcy in 2021. Over the five years to 2023, the publisher expects industry revenue to rise an annualized 1.0% to $17.0 billion, including a 0.7% decline in 2023 alone. 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.