Protection of expensive appliances and rise in awareness for home warranty services drive the growth of the global home warranty services market. North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global home warranty service market. However, the outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global home warranty service market.
According to the report published by Allied Market Research, the home warranty services market generated $7.3 billion in 2020, and is projected to reach $13.6 billion by 2030, witnessing a CAGR of 6.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Digvihay Pawar, an Industry Analyst, Construction & Manufacturing at Allied Market Research, stated, “The growth of the home warranty service market is majorly driven by rise in urbanization and awareness to protect home systems and appliances in emerging countries. North America dominated the home warranty service market in 2020, owing to presence of large-scale customer base in the U.S.”
COVID-19 scenario:
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global home warranty service market, owing to restrictions in construction activities.
- In addition, manufacturing activities were halted and the supply chain was completely disrupted, which in turn, hampered the market on a global level, especially during the initial phase.
- However, the market is expected to recover by mid of 2022.
The report offers detailed segmentation of the global home warranty services market based on type, application, distribution channel, sales channel, and region.
Based on application, the residential segment held the highest market share in 2020, accounting for more than two-thirds of the global home warranty service market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.5% from 2021 to 2030.
Based on sales channel, the renewals segment accounted for the highest market share in 2020, contributing to nearly one-third of the global home warranty service market, and is projected to maintain its lead position during the forecast period. However, the home resales segment is expected to portray the largest CAGR of 7.0% from 2021 to 2030.
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than two-fifths of the global home warranty service market. Moreover, the LAMEA region is expected to witness the fastest CAGR of 10.2% during the forecast period.
Leading players of the global home warranty services market analyzed in the research include AFC Home Club, Cinch Home Services, Inc., First American Home Warranty, FNHW (Fidelity National Home Warranty), Front door, Inc., Home Buyers Warranty Corporation, Landmark Home Warranty, Old Republic International Corporation, one guard Home Warranties, and Transforms SR Brands LLC.
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