Home Warranty Service Market Report Says Current Market Capacity, Production, Revenue, Price, Cost, Gross, Analysis 2031

rise in capacity of expenditure on homes offices of people in emerging countries has led to increase in subscriptions for home warranty services in the market.

WILMINGTON, DE, UNITED STATES, December 3, 2024 /EINPresswire.com/ -- 𝐇𝐨𝐦𝐞 𝐖𝐚𝐫𝐫𝐚𝐧𝐭𝐲 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

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 was valued at $7.3 billion in 2020 and is projected to reach $13.6 billion by 2030, growing at a CAGR of 6.3% during the forecast period.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/A13578

Key Market Drivers and Restraints

Drivers:

Protection of Expensive Appliances: Rising demand for safeguarding costly home appliances.

Growing Awareness: Increased awareness about the benefits of home warranty services.

Rising Expenditures: Growing spending on home services in emerging economies.

Restraints:

Hidden Costs: Unclear terms, conditions, and additional charges.

Despite these restraints, the increasing adoption of home warranty services presents lucrative opportunities, particularly in emerging markets.

Market Insights

Sales Channel:

Renewals Segment: Held the largest market share in 2020, accounting for nearly one-third of the global market. This growth is driven by existing users renewing their coverage. The renewals segment is expected to maintain its leadership throughout the forecast period.

Home Resales Segment: Forecasted to register the highest CAGR of 7.0% from 2021 to 2030, driven by increased adoption of warranty services during home sales.

Application:

Residential Segment: Dominated the market in 2020, contributing to over two-thirds of the revenue. This segment is anticipated to maintain its leadership position and grow at the fastest CAGR of 6.5% during the forecast period, supported by comprehensive coverage for home systems and appliances.

Commercial Segment: While smaller in market share, this segment also demonstrates steady growth potential.

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Regional Analysis

North America: Accounted for the highest market share in 2020, contributing to over two-fifths of global revenue. The dominance is attributed to significant revenue generation from the U.S.

LAMEA Region: Expected to witness the fastest CAGR of 10.2% from 2021 to 2030, driven by rapid urbanization and growing demand in emerging economies.

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Competitive Landscape

The report identifies leading players in the market, detailing their strategies and market share. Key players include:

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

These companies employ various strategies such as new product launches, collaborations, acquisitions, and market expansion to strengthen their positions.

Growth Opportunities

The global home warranty service market is poised for sustained growth due to rising consumer awareness, increasing disposable income in emerging markets, and the need for enhanced protection of home systems and appliances. Technological integration in service delivery and innovative coverage plans will further drive adoption.

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David Correa
Allied Market Research
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