The home warranty service market size has grown strongly in recent years, increasing from $7.88 billion in 2023 to $8.47 billion in 2024, with a compound annual growth rate (CAGR) of 7.4%. This growth can be attributed to factors such as increased home ownership, the complexity of home systems, heightened consumer awareness, economic considerations, and the aging housing stock. Looking ahead, the market size is projected to grow to $11.34 billion in 2028 at a CAGR of 7.6%. The anticipated growth during this forecast period will be driven by rising awareness and demand for protection plans, urbanization and condo living, financial flexibility and budgeting, as well as increasing customer expectations and satisfaction. Key trends expected to shape the market include enhanced mobile apps and online portals, a focus on cybersecurity for connected devices, remote monitoring and control, customizable and flexible plans, and the rise of digital platforms and mobile applications.
Global Home Warranty Service Market Key Driver
The rising homeownership rates are projected to propel the growth of the home warranty service market. Homeownership, defined as the condition of owning a home and managing a residential property, is becoming more appealing as real estate is seen as a stable investment. This trend makes purchasing homes more attractive and accessible to a wider range of individuals. Home warranty services offer homeowners financial protection by covering repair and replacement costs for major systems and appliances, thus providing peace of mind. According to the National Association of Home Builders, a US-based trade association, homeownership rates increased by 0.3 percentage points for households aged 35–44 in the first quarter of 2023, while rates for those aged 65 and older rose to 78.8% from 78.6% the previous year. Consequently, the rising homeownership rates are driving the growth of the home warranty service market.
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Global Home Warranty Service Market Segments
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
By Geography:The regions covered in the home warranty service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the home warranty service market in 2023.
Major Home Warranty Service Industry Players
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.
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Home Warranty Service Market Overview
Home warranty service refers to a contractual agreement between homeowners and warranty companies that provides coverage for repair and replacement costs associated with home systems and appliances. Home warranty services are utilized in a straightforward manner to provide homeowners with financial protection and convenience in managing home repairs and replacements.
Home Warranty Service Global Market Report 2023 provides data on the global home warranty service market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The home warranty service market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
