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2021
Home Warranty Service Market

Home Warranty Service Market by Type, (Home-System, and Appliance), Application (Residential, Organization) and Distribution Channel (Modern Trade Channel, Third Party Online Channel, Specialty Store),: Global Opportunity Analysis and Industry Forecast, 2021–2030

A13578
Pages: NA
Dec 2021 | 142 Views
   
Author(s) : Onkar Sumant
Tables: NA
Charts: NA
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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A home warranty is a service contract that, over a period, covers the cost of maintaining the house or equipment. The service covers home system, appliances and also pay for repair and replacements. The service contracts renew each-year for home plans and equipment to existing homeowners. Home certifications are often advised when buying an old home where information is not readily available on items. These guarantees are different from homeowner's insurance, which cover the loss of a home and its contents as a result of fire or other natural disasters.

Market Scope and Structure Analysis

Homeowners, and sellers, may purchase a home warranty. Some homeowners offer policies that include the construction of up to 10 years of structural defects, which may include flooring, walls, roof, fence, sheetrock, and more. Housing warranties can also include two-year coverage for electrical and plumbing systems, as well as six months of household appliances. The cost of a building warranty policy is often part of the price of a new home.

Home warranty providers may deny coverage for any reason. Known damages that exist before the start of the warranty coverage mean denying the claim. For this reason, a pre-purchase home inspection reveals damage to other systems or equipment, the prospective buyer should ask the seller to repair or replace the item before completing the sale. Also, the warranty company will not cover items that have been misused, improperly installed, or improperly used.

Report metric

Details

Market size available for years

 2020–2030

  Base year considered

  2020

  Forecast period

  2021–2030

  Forecast unit

  Value (USD)

  Segments covered

  Type, Distribution Channel, Application, and Region

  Regions covered

  North America, Europe, Asia-Pacific, LAMEA

 Companies covered

Landmark Home Warranty, American Home Shield, Choice Home Warranty, AFC Home Club, First American Home Warranty, Select Home Warranty, Total Home Protection, Old Republic, Home Warranty, 2-10 Home Buyers Warranty

 

COVID-19 Impact Analysis

  • The temporary suspension of the construction sector in the first half of 2020 in several countries made customers uninfluenced due to lack of demand for new construction and, residential buildings.
  • COVID-19 has already affected the sales of home warranty service schemes in the first quarter of 2021, and is anticipated to harm the market growth throughout the year.
  • By 2020, COVID-19 impact negatively impact the home warranty service market, leading to a decline in sales of the same, as well as revenue received from them. Due to this, market growth showed a decline in the first half of 2020.
  • The COVID-19 epidemic has a devastating effect on home warranty service market. The countries who are the key players of the market like India, U.S., China, and Japan have been hit hard by the epidemic. The construction, and infrastructural development estimated to see only a little bit growth, which is expected to continue the demand for the home warranty service market.
  • This trend is anticipated to discontinue another half of the year as the need is expected to increase due to surge in requirement for construction, development, and infrastructural development.

Top Impacting Factors

  • The building & construction segment is expected to have the highest growth rate in the home warranty service market during the forecast period, driven by a rise in requirement for residential and non-residential demand for heavy and expensive equipment. In the construction industry, the market is a great savior for any home appliances failure such as spoil of electronic equipment, because of its warranty scheme.
  • The increase in demand for the development of infrastructure in developing countries such as China and India is driving the growth of the market. The construction industry has suffered since the COVID-19 outbreak, which has led to a temporary halt in the construction sector in the first half of 2020.

Market Trends

  • The expansion of existing home sales and the increase in ownership levels is expected to lead to an increase in the domestic warranty sector for the upcoming years. Specifically, the number of existing home sales is expected to increase significantly per annum over the next five years. Growth in existing home sales and rise in home ownership rates will ultimately improve sector performance.
  • Due to population growth and increased consumer purchasing power, emerging economies such as India, China and Indonesia are expected to play a significant role in the home warranty service market.

Key Segments Covered

Type

  • Home-System
  •  Appliance

Distribution Channel

  • Modern trade channel           
  • Third Party online channel
  • Specialty Store

Application

  • Residential
  • Organization

Region

  • North America 
    • U.S.
    • Canada
    • Mexico
  • Europe 
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific  
    • China
    • Japan
    • India
    • Rest of Asia-Pacific
  • LAMEA 
    • Latin America
    • Middle East
    • Africa

Key Benefits of the Report

  • This study presents the analytical depiction of the home warranty service market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the home warranty service market share.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the home warranty service market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed home warranty service market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the report

  • Who are the leading global players in the “home warranty service market "?
  • What are the current trends and predicted trends?
  • What is the "home warranty service market"?
  • What is the "home warranty service market" prediction in the future?
  • What are the challenges faced in the "home warranty service market"?
  • What are the driving factors and opportunities in the market?
  • What are the key benefits of the "home warranty service market” report?     
 
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