Home Warranty Services Market to Reach $13.6 Bn, Globally, by 2030 at 6.3% CAGR: The Rising Demand, Trends and Insights
Protection of expensive appliances and rise in awareness for home warranty services drive the growth of the global home warranty service market
WILMINGTON, DELAWARE, UNITED STATES, October 26, 2023 /EINPresswire.com/ — In today’s ever-evolving world, homeowners are looking for peace of mind when it comes to their property investments. This desire for security has given rise to the global home warranty service market. Allied Market Research recently released a report titled “Home Warranty Service Market,” shedding light on this burgeoning industry. The report predicts that the global home warranty service market, which generated $7.3 billion in 2020, is set to reach a staggering $13.6 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 6.3% from 2021 to 2030. In this blog, we will explore the prime factors driving this growth, the impact of COVID-19, key market segments, and regional dynamics.
Download Sample Copy: https://www.alliedmarketresearch.com/request-sample/13947
Prime Determinants of Growth
The growth of the global home warranty service market can be attributed to several key factors. Homeowners are increasingly looking for ways to protect their valuable appliances and property investments. The rise in awareness regarding the benefits of home warranty services has driven demand. However, the market is not without its challenges. Hidden charges and intricate terms and conditions associated with warranty services have hindered growth. On a brighter note, there are new opportunities emerging as expenditure on home services increases in emerging economies.
COVID-19 Scenario
The COVID-19 pandemic cast a shadow on numerous industries, including the home warranty service market. Restrictions on construction activities and manufacturing interruptions caused by the pandemic disrupted the supply chain, negatively affecting the market during its initial phase. However, it’s worth noting that the market is expected to recover by mid-2022, indicating its resilience and adaptability in the face of adversity.
Residential Segment: A Strong Leader
In 2020, the residential segment held the highest market share, accounting for over two-thirds of the global home warranty service market. This segment is projected to maintain its leadership position throughout the forecast period. The resilience and appeal of residential coverage, which includes home systems and appliances, contribute to this dominance. Moreover, it is estimated to achieve the highest Compound Annual Growth Rate (CAGR) of 6.5% from 2021 to 2030.
Buy This Report: https://www.alliedmarketresearch.com/checkout-final/89e2490849c8150b473b2af82f7aeb20
Sales Channels: Renewals Take the Lead
When it comes to sales channels, the renewals segment secured the largest share in 2020, contributing to nearly one-third of the global home warranty service market. This is due to the increasing number of renewals from existing users, demonstrating the value and trust placed in these services. However, the home resales segment is expected to show the largest CAGR of 7.0% from 2021 to 2030. This growth is attributed to the rising popularity of home warranty services among those selling their homes, providing an added layer of assurance to potential buyers.
Regional Dynamics: North America and LAMEA Lead the Way
North America held the highest market share in terms of revenue in 2020, accounting for over two-fifths of the global home warranty service market. The United States, in particular, plays a significant role in revenue generation. On the other hand, the Latin America, Middle East, and Africa (LAMEA) region are expected to witness the fastest CAGR of 10.2% during the forecast period. This rapid growth is attributed to the urbanization of developing countries within the region.
Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/13947
Leading Market Players
Key players in the home warranty service market include AFC Home Club, Cinch Home Services, Inc., First American Home Warranty, FNHW (Fidelity National Home Warranty), Frontdoor, Inc., Home Buyers Warranty Corporation, Landmark Home Warranty, Old Republic International Corporation, Oneguard Home Warranties, and Transforms SR Brands LLC. These companies are at the forefront of providing reliable, comprehensive, and innovative home warranty solutions to meet the diverse needs of homeowners.
In conclusion, the global home warranty service market is on an upward trajectory, driven by the need for security and peace of mind among homeowners. While challenges persist, the market’s resilience and adaptability are evident, with new opportunities emerging as the demand for home services grows. With distinct market segments and regional dynamics, the industry is set to thrive, providing homeowners with the assurance they seek for their valuable investments.
David Correa
Allied Market Research
+ 1800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
