Home Warranty Service Market Forecast 2024: Protecting Homeowners with Innovative Coverage Solutions

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The new report published by The Business Research Company, titled Home Warranty Service Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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What Is Driving The Growth Of The Global Home Warranty Service Market?

Rising Home Ownerships Rates Is Driving The Growth Of The Home Warranty Service
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 Key Trend In The Global Home Warranty Service Market?

Technological Advancement To Drive Innovation In The Home Warranty Service
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.

How Is The Global Home Warranty Service Market Segmented?
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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How Is The Competitive Landscape Of The Global 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.

Contents Of The Global Home Warranty Service Market
1. Executive Summary
2. Home Warranty Service Market Report Structure
3. Home Warranty Service Market Trends And Strategies
4. Home Warranty Service Market - Macro Economic Scenario
5. Home Warranty Service Market Size And Growth
…..
27. Home Warranty Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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