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2022
Home Warranty Service Market

Home Warranty Service Market

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, 2021-2030

Report Code: A13578
Pages: 160
Feb 2022 | 4487 Views
Author(s) : Digvijay P , Onkar S
Tables: 112
Charts: 48
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global home warranty service market size was valued at $7,315.1 million in 2020, and is expected to reach $13,611.2 million by 2030, registering a CAGR of 6.3% from 2021 to 2030. A home warranty is a service contract that, over a period, covers the cost of maintaining the house or equipment. The service covers home systems and appliances as well as pays for repairs and replacements. The service contracts renew each year for home plans and equipment for existing customers who have opted for the home warranty schemes. 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. 

The home warranty service market was hampered during the outbreak of COVID-19 pandemic, owing to restrictions on construction activities, which also affected resales sector. In addition, the home warranty services could not be effectively sold through banks and financial channels.

The growth of the global home warranty service market is majorly driven by protection of expensive appliance such as refrigerators; heating, ventilation, and air conditioning (HVAC) systems; dishwashers; ovens, cook tops; plumbing; and electrical systems. This helps in maintenance and servicing of appliances and systems in home. In addition, rise in awareness for warranty services is driving the market growth in tire 2 and tire 3 cities. This awareness is leading to increase in subscription of home warranty services with services providers. However, hidden charges at the time of actually warranty claim and stringent terms & conditions of service providers restrain the home warranty service market growth. Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of home warranty service as well as their demand in the market, thereby restraining the growth of the home warranty service market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of home warranty service companies at their full-scale capacities, which is likely to help the home warranty service market to recover by mid of 2022.

Home-Warranty-Service-Market

In addition, increase in expenditure on home services majorly in the developing countries such as China, India, and Brazil is anticipated to open new avenues for the home warranty service market during the forecast period.

The global home warranty service market is segmented into distribution channel, type, sales channel, application, and region. On the basis of distribution channel, the market is fragmented into brokers, agents & branches, and others. Depending on type, it is bifurcated into home systems and appliances. The applications covered in the study include residential and commercial. By sales channel, the market is segregated into renewals, home resale, and direct to consumer. Region wise, 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).

Home Warranty Service Market
By Type

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Appliances segment is projected to grow at a significant 6.7% CAGR

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On the basis of distribution channel, in 2020, the brokers segment dominated the home warranty service market, in terms of revenue, whereas the others segment is expected to witness growth at the highest CAGR during the forecast period. As per type, in 2020, the home system segment led the home warranty service market, however, the appliances segment is expected to exhibit highest CAGR in the near future. By application, the residential segment was the major revenue contributor in 2020, and is anticipated to register highest CAGR during the forecast period. As per sales channel, in 2020, the renewals segment exhibited the highest growth, however, the home resale segment is expected to garner the highest CAGR in the near future. Region wise, North America garnered the highest revenue in 2020, however, LAMEA is anticipated to register highest CAGR during the forecast period.

Home Warranty Service Market
By Application

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Residential segment is expected to grow at a significant rate during the forecast period.

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Competition analysis

The major players profiled in the home warranty service market include 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, and Transforms SR Brands LLC. These companies have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the home warranty service market.

Home Warranty Service Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

North America holds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current trends, future estimations, and dynamics of the home warranty service market. 
  • In-depth home warranty service market analysis is conducted by estimations for the key segments between 2021 and 2030. 
  • Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
  • The home warranty service market forecast analysis from 2021 to 2030 is included in the report.
  • The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry.

Home Warranty Service Market Report Highlights

Aspects Details
By Distribution Channel
  • Brokers
  • Agents & Branches
  • Others
By Type
  • Home System
  • Appliance
By Application
  • Residential
  • Commercial
By Sales Channel
  • Renewals
  • Home Resale
  • Direct to Customer
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, South Korea, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
By KEY PLAYERS
  • 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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The home warranty service market exhibits potential growth opportunities in developing countries, owing to rise in awareness generated about the services provided under the warranty scheme. In addition, several new schemes are being introduced in the market by service providers, which is likely to boost the market growth. In addition, rise in capacity of expenditure on homes and offices of people in emerging countries has led to increase in subscriptions for home warranty services in the market.

Majority of companies have opted product launch, business expansion, and acquisition as their key strategies to reach out to existing customers and to develop a new customer base. The CXOs further added that several new options to cover home systems and appliances under home warranty are being introduced by key players. In addition, key players in the market are expanding their offerings in the region where sales is less compared to other regions., which is anticipated to strengthen the growth of the home warranty service market during the forecast period.

Major companies in the market have adopted strategy such as product launch and business expansion to offer better services to customers in the home warranty service market.

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FREQUENTLY ASKED QUESTIONS?

A. The home warranty service market was valued at $7,315.1 million in 2020, and is expected to reach $13,611.2 million by 2030, registering a CAGR of 6.3% from 2021 to 2030.

A. The forecast period considered for the global home warranty service market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.

A. To get latest version of global home warranty service market report can be obtained on demand from the website.

A. The base year considered in the global home warranty service market report is 2020.

A. The top companies holding the market share in the global home warranty service market report include 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 and Transforms SR Brands LLC.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. By distribution channel, the brokers segment dominated the global home warranty service market, in terms of revenue and is expected to maintain this trend during the forecast period.

A. By application, the residential segment is the highest share holder of global home warranty service market.

A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. The market value of the global home warranty service market is $7,885.7 million in 2021.

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