Home Warranty Service Market Report Says Current Market Capacity, Production, Revenue, Price, Cost, Gross, Analysis 2031
rise in capacity of expenditure on homes offices of people in emerging countries has led to increase in subscriptions for home warranty services in the market.
WILMINGTON, DE, UNITED STATES, December 3, 2024 /EINPresswire.com/ -- ππ¨π¦π πππ«π«ππ§ππ² πππ«π―π’ππ πππ«π€ππ ππ―ππ«π―π’ππ°
Allied Market Research published a report titled, "ππ¨π¦π πππ«π«ππ§ππ² πππ«π―π’ππ πππ«π€ππ by Distribution Channel (Brokers, Agents & Branches, and Others), Type (Home System and Appliance), Application (Residential and Commercial), and Sales Channel (Renewals, Home Resale, and Direct to Consumer): Global Opportunity Analysis and Industry Forecast, 2021β2030". According to the report, the global home warranty service industry was valued at $7.3 billion in 2020 and is projected to reach $13.6 billion by 2030, growing at a CAGR of 6.3% during the forecast period.
ππ¨π°π§π₯π¨ππ πππ¦π©π₯π πππ : https://www.alliedmarketresearch.com/request-sample/A13578
Key Market Drivers and Restraints
Drivers:
Protection of Expensive Appliances: Rising demand for safeguarding costly home appliances.
Growing Awareness: Increased awareness about the benefits of home warranty services.
Rising Expenditures: Growing spending on home services in emerging economies.
Restraints:
Hidden Costs: Unclear terms, conditions, and additional charges.
Despite these restraints, the increasing adoption of home warranty services presents lucrative opportunities, particularly in emerging markets.
Market Insights
Sales Channel:
Renewals Segment: Held the largest market share in 2020, accounting for nearly one-third of the global market. This growth is driven by existing users renewing their coverage. The renewals segment is expected to maintain its leadership throughout the forecast period.
Home Resales Segment: Forecasted to register the highest CAGR of 7.0% from 2021 to 2030, driven by increased adoption of warranty services during home sales.
Application:
Residential Segment: Dominated the market in 2020, contributing to over two-thirds of the revenue. This segment is anticipated to maintain its leadership position and grow at the fastest CAGR of 6.5% during the forecast period, supported by comprehensive coverage for home systems and appliances.
Commercial Segment: While smaller in market share, this segment also demonstrates steady growth potential.
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Regional Analysis
North America: Accounted for the highest market share in 2020, contributing to over two-fifths of global revenue. The dominance is attributed to significant revenue generation from the U.S.
LAMEA Region: Expected to witness the fastest CAGR of 10.2% from 2021 to 2030, driven by rapid urbanization and growing demand in emerging economies.
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Competitive Landscape
The report identifies leading players in the market, detailing their strategies and market share. Key players include:
Frontdoor, Inc.
AFC Home Club
Cinch Home Services, Inc.
Landmark Home Warranty
Old Republic International Corporation
OneGuard Home Warranties
Transforms SR Brands LLC
First American Home Warranty
FNHW (Fidelity National Home Warranty)
Home Buyers Warranty Corporation
These companies employ various strategies such as new product launches, collaborations, acquisitions, and market expansion to strengthen their positions.
Growth Opportunities
The global home warranty service market is poised for sustained growth due to rising consumer awareness, increasing disposable income in emerging markets, and the need for enhanced protection of home systems and appliances. Technological integration in service delivery and innovative coverage plans will further drive adoption.
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Allied Market Research
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