Home Warranty Service Market to Garner $13.6 Billion, at 6.3% CAGR, by 2030: Allied Market Research
The growth of the global home warranty service market is driven by protection of expensive appliances and surge in awareness for home warranty services.
Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Home Warranty Service Market by Distribution Channel (Brokers, Agents & Branches, and Others), Type (Home System and Appliance), Application (Residential and Commercial), and Sales Channel (Renewals, Home Resale, and Direct to Consumer): Global Opportunity Analysis and Industry Forecast, 2021–2030“. According to the report, the global home warranty service industry hit $7.3 billion in 2020, and is expected to garner $13.6 billion by 2030, registering a CAGR of 6.3% from 2021 to 2030.
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Prime determinants of growth
The growth of the global home warranty service market is driven by protection of expensive appliances and surge in awareness for home warranty services. In addition, the increase in expenditure on home services in emerging economies creates lucrative opportunities in the coming years. However, hidden charges and terms & conditions associated with warranty services hamper the market growth.
Report Coverage & Details:
|Forecast Period||2020 – 2030|
|Market Size in 2020||$7,315.1 million|
|Market Size in 2032||$13,611.2 million|
|No. of Pages in Report||112|
|Segments Covered||Product Type, Technology, End User, and Region|
|Drivers||An increase in concern for safety and security|
|A rise in demand for warranty services|
|Rise in awareness for home warranty services drive the growth of the global home warranty service market|
The renewals segment to lead during the forecast period
On the basis of sales channel, the renewals segment generated the largest share in 2020, accounting for nearly one-third of the global home warranty service market, and is expected to maintain its lead position during the forecast period. This is due to an increase in renewals of coverages from already existing users. However, the home resales segment is projected to witness the fastest CAGR of 7.0% from 2021 to 2030, attributed to a surge in sales of home warranty services while selling homes.
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The residential segment to dominate throughout the forecast period
On the basis of application, the residential segment contributed to the highest market share in 2020, holding more than two-thirds of the global home warranty service market, and is anticipated to maintain its leadership status throughout the forecast period. Moreover, the same segment is estimated to grow at the fastest CAGR of 6.5% from 2021 to 2030, owing to coverage for maximum home systems and appliances.
Based on application, the residential segment held the highest market share in 2020, accounting for more than two-thirds of the global home warranty service market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.5% from 2021 to 2030, owing to coverage for maximum home systems and appliances.
North America to maintain its dominance by 2030
On the basis of region, the market across North America garnered the highest market share in terms of revenue 2020, contributing to more than two-fifths of the global home warranty service market, owing to large scale revenue generation from the U.S. On the other hand, the LAMEA region is projected to register the fastest CAGR of 10.2% during the forecast period, due to rapid urbanization of emerging economies.
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Leading Market Players
- Frontdoor, Inc.
- AFC Home Club
- Cinch Home Services, Inc.
- Landmark Home Warranty
- Old Republic International Corporation
- Oneguard Home Warranties
- Transforms SR Brands LLC
- First American Home Warranty
- FNHW (Fidelity National Home Warranty)
- Home Buyers Warranty Corporation
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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