Home Warranty Service Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON , UNITED KINGDOM, October 10, 2024 /EINPresswire.com/ -- The home warranty service market has also seen notable growth in recent years. It is expected to grow from $7.88 billion in 2023 to $8.47 billion in 2024, with a CAGR of 7.4%. Factors contributing to this growth include increased home ownership, the complexity of home systems, heightened consumer awareness, economic factors, and an aging housing stock.

What Is The Estimated Market Size Of The Global Home Warranty Service Market And Its Annual Growth Rate?

The market is set to expand, projected to reach $11.34 billion by 2028, growing at a CAGR of 7.6%. Growth is driven by increasing awareness, urbanization, financial flexibility, and rising customer expectations. Trends include improved mobile apps, cybersecurity for connected devices, remote monitoring, and flexible plans.

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Growth Driver of The Home Warranty Service Market

The rising rates of homeownership are projected to fuel the growth of the home warranty service market in the coming years. Homeownership refers to the status of owning a home, which includes the rights and responsibilities associated with maintaining and managing a legally owned residential property. The increase in homeownership rates can be linked to the attractiveness of real estate as a stable investment, making home purchases more appealing and accessible to a wider audience. Home warranty services assist homeowners by covering the repair and replacement expenses of major systems and appliances, providing financial protection and peace of mind.

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Which Market Players Are Driving The Home Warranty Service Market Growth?

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 Emerging Trends Shaping The Home Warranty Service Market Size?

Key players in the home warranty service market are innovating with embedded home warranty protection solutions that enhance customer convenience and seamlessly integrate coverage into property transactions. These solutions provide automatic protection for home systems and appliances, eliminating the need for separate agreements and offering immediate peace of mind for homeowners.

How Is The Global Home Warranty Service Market 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

Geographical Insights: North America Leading The Home Warranty Service Market

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.

Home Warranty Service Market Definition

Home warranty services provide homeowners with a contractual agreement that covers repair and replacement costs associated with home systems and appliances. These services offer financial protection and convenience, allowing homeowners to manage unexpected repair needs without the burden of significant out-of-pocket expenses, ensuring peace of mind in maintaining their properties.

Home Warranty Service Global Market Report 2024 from The Business Research Company covers the following information:

• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global home warranty service market report covering trends, opportunities, strategies, and more

The Home Warranty Service Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on home warranty service market size, drivers and trends, home warranty service market major players, competitors' revenues, market positioning, and market growth across geographies. The market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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