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What is the current size and annual growth rate of the home warranty service market?
The home warranty service market size has grown strongly in recent years. It will grow from $8.47 billion in 2024 to $9.13 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. 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 $12.18 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. 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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What key drivers have fueled the home warranty service market’s development over the years?
The rising homeownership rates are expected to propel the growth of the home warranty service market going forward. Homeownership refers to the state or condition of owning a home, which includes the rights and responsibilities of maintaining and managing a residential property that one legally owns. Homeownership rates are rising due to the appeal of real estate as a stable investment, making purchasing homes more attractive and accessible to a broader range of people. Home warranty services benefit homeowners by covering major systems and appliances’ repair and replacement costs, providing financial protection and peace of mind. For instance, in May 2023, according to the National Association of Home Builders, a US-based trade association, in the first quarter of 2023, homeownership rates increased by 0.3 percentage points for households aged 35–44, while those aged 65 and older saw their rates rise to 78.8% from 78.6% the previous year. Therefore, rising homeownership rates are driving the growth of the home warranty service market.
What is the segmentation for the home warranty service market?
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
Subsegments:
1) By Home Systems: Heating, Ventilation, And Air Conditioning (HVAC), Plumbing Systems, Electrical Systems, Water Heaters, Ductwork And Ventilation Systems
2) By Appliances: Refrigerators, Dishwashers, Ovens And Stoves, Washing Machines And Dryers, Microwave Ovens, Garbage Disposals
3) By Other Types: Pool And Spa Equipment, Garage Door Openers, Septic Systems, Well Pumps, Pest Control
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Who are the most influential companies in the home warranty service market?
Major companies operating in the home warranty service 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.
What are the top industry trends projected to impact the home warranty service market?
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.
What are the major regional insights for the home warranty service market, and which region holds the top position?
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.
What Does The Home Warranty Service Market Report 2025 Offer?
The home warranty service market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Home warranty service refers to a contractual agreement between homeowners and warranty companies that provides coverage for repair and replacement costs associated with home systems and appliances. Home warranty services are utilized in a straightforward manner to provide homeowners with financial protection and convenience in managing home repairs and replacements.
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