Top Driving Factors of Home Warranty Service Industry to Reach $13.6 Bn, Registering a CAGR of 6.3% From 2021 to 2030
growth of the home warranty service market is majorly driven by rise in urbanization and awareness to protect home systems and appliances in emerging countries
PORTLAND, UNITED STATES, August 31, 2023/EINPresswire.com/ — Home Warranty Service Market to Reach $13.6 Bn, Globally, by 2030 at 6.3% CAGR: Allied Market Research.
The report focuses on the growth prospects, restraints, and trends of global home warranty service market analysis. The growth of the global home warranty service market is driven by the protection of expensive appliances and rise in awareness for home warranty services. However, hidden charges and terms & conditions associated with warranty services hinder the market growth. On the other hand, the increase in expenditure on home services in emerging countries presents new opportunities in the coming years.
According to a recent report published by Allied Market Research, titled, “Home Warranty Service Market by Distribution Channel, Type, Sales Channel and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the home warranty services market was valued at $7.3 billion in 2020, and is expected to reach $13.6 billion by 2030, registering a CAGR of 6.3% from 2021 to 2030.
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Segment analysis:
The global home warranty service market is segmented into distribution channel, type, sales channel, application, and region.
The brokers segment to maintain its lead position during the forecast period
On the basis of distribution channel, the market is fragmented into brokers, agents & branches, and others. The brokers segment dominated the home warranty service market in 2020. However, the others segment is expected to witness growth at the highest CAGR during the forecast period.
The home system segment to maintain its lead position during the forecast period
Depending on type, it is bifurcated into home systems and appliances. The home system segment led the home warranty service market. However, the appliances segment is expected to exhibit the highest CAGR from 2021 to 2030.
The growth of the home warranty service market is majorly driven benefits associated with warranty services such as protection of appliances and home systems in case of damage or breakdown as well as availability of free of cost service or minimal amount payment to servicing firms. In addition, rise in awareness among people to opt for home warranty services to prevent high repairing and maintenance costs of home systems and appliances notably contributes toward the growth of the global market. However, several hidden charges and implementation of terms & conditions by home warranty service providers make the service costly post maintenance or repair work is carried out. On the contrary, the expenditure on systems installed at homes and specific commercial spaces is being covered under home warranty services in emerging countries, which is expected to offer lucrative opportunities for the growth of the home warranty service market.
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The renewals segment to maintain its lead position during the forecast period
Based on sales channel, the market is segregated into renewals, home resale, and direct to consumer. The renewals segment accounted for the largest share in 2020. However, the home resales segment is expected to portray the largest CAGR from 2021 to 2030.
The residential segment to maintain its leadership status throughout the forecast period
Based on application, the segments covered in the study include residential and commercial. The residential segment held the highest market share in 2020. Moreover, the same segment is projected to manifest the highest CAGR from 2021 to 2030.
North America to maintain its dominance by 2030
Based on region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America held the highest market share in terms of revenue 2020. However, the LAMEA region is expected to witness the fastest CAGR during the forecast period.
· 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
· Transforms SR Brands LLC
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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