The home warranty service global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Home Warranty Service Market, 2024The home warranty service global market report 2024
Market Size –
The home warranty service market size has grown strongly in recent years. It will grow from $7.88 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increased home ownership, complexity of home systems, increased awareness among consumers, economic factors, and aging housing stock.
The home warranty service market size is expected to see strong growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing awareness and demand for protection plans, urbanization and condo living, financial flexibility and budgeting, and rising customer expectations and satisfaction. Major trends in the forecast period include enhanced mobile apps and online portals, cybersecurity for connected devices, remote monitoring and control, customization and flexible plans, and digital platforms and mobile apps.
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Scope Of Home Warranty Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Home Warranty Service Market Overview
Market Drivers –
The rising homeownership rates are projected to propel the growth of the home warranty service market. Homeownership, defined as the condition of owning a home and managing a residential property, is becoming more appealing as real estate is seen as a stable investment. This trend makes purchasing homes more attractive and accessible to a wider range of individuals. Home warranty services offer homeowners financial protection by covering repair and replacement costs for major systems and appliances, thus providing peace of mind. According to the National Association of Home Builders, a US-based trade association, homeownership rates increased by 0.3 percentage points for households aged 35–44 in the first quarter of 2023, while rates for those aged 65 and older rose to 78.8% from 78.6% the previous year. Consequently, the rising homeownership rates are driving the growth of the home warranty service market.
Market Trends –
Major home warranty service market companies are developing advanced solutions with embedded home warranty protection to enhance customer convenience and seamlessly integrate coverage into property transactions. An embedded home warranty protection solution refers to coverage automatically included in property transactions, providing immediate protection for home systems and appliances without needing separate agreements. For instance, in April 2023, Sure Inc., a US-based developer of infrastructure and distribution platforms, launched a modern embedded home warranty protection solution designed to enhance the digital experience for homeowners and landlords. This innovative offering allows partners and property management platforms to seamlessly integrate home warranty protection into their existing digital services using Sure’s APIs and white-label platform. The system streamlines the purchasing process, allowing consumers to obtain house warranties with a few clicks.
The home warranty service market covered in this report is segmented –
1) By Type: Home Systems, Appliances, Other Types
2) By Distribution Channel: Direct Sales, Agents Or Brokers, Other Distribution Channel
3) By Application: Residential, Organization
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Regional Insights –
North America was the largest region in the home warranty service market in 2023. The regions covered in the home warranty service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Transform SR Brands LLC, Old Republic International Corporation, Cross Country Home Services Inc., HomeServe USA Corp., Frontdoor Inc., American Home Shield Corporation, First American Home Warranty Corporation, 2-10 Home Buyers Warranty, Home Buyers Warranty Corporation, Fidelity National Home Warranty Company, OneGuard Home Warranties LLC, Home Warranty of America Inc., Landmark Home Warranty LLC, Liberty Home Guard LLC, ARW Home Services LLC, The Home Service Club Ltd., Platinum Home Warranty LLC, Secure Home Warranty LLC, American Financial Contracting Group Inc., Select Home Warranty LLC, Choice Home Warranty, First Premier Home Warranty, Home Warranty Inc., HomeGuard Home Warranty Inc.
Table of Contents
1. Executive Summary
2. Home Warranty Service Market Characteristics
3. Home Warranty Service Market Trends And Strategies
4. Home Warranty Service Market – Macro Economic Scenario
5. Global Home Warranty Service Market Size and Growth
….
32. Global Home Warranty Service Market Competitive Benchmarking
33. Global Home Warranty Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Home Warranty Service Market
35. Home Warranty Service Market Future Outlook and Potential Analysis
36. Appendix
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