Press release
Leading Factor Driving the Home Warranty Service Market in 2025: Rising Home Ownerships Rates Fuels Market Growth
Home Warranty Service Market
The global home warranty service market reached a value of nearly $9.121 billion in 2024, having grown at a compound annual growth rate (CAGR) of 2.89% since 2019. The market is expected to grow from $9.121 billion in 2024 to $12.506 billion in 2029 at a rate of 6.52%. The market is then expected to grow at a CAGR of 6.63% from 2029 and reach $17.239 billion in 2034.
What strategies are being adopted by key players in the home warranty service market?
The key players in the market are adopting extensive strategies in the home warranty service market such as:
• Strengthen business expertise through brand expansion.
• Strengthen business expertise through new product developments.
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To take advantage of opportunities, The Business Research Company suggests that home warranty service companies enhance offerings:
• Develop mobile applications for home warranty services to improve customer experience and optimize processes.
• Create embedded home warranty protection services to streamline the home-buying process.
• Prioritize strategic collaborations to enhance services, boost satisfaction, and expand market presence.
• Develop one-click digital home warranty services to simplify purchasing and management.
• Focus on cutting-edge home warranty options to meet changing homeowner demands.
What Is Home Warranty Service: Market Overview?
Home warranty service refers to a service contract that provides homeowners with coverage for the repair or replacement of home systems and appliances that fail due to normal wear and tear. These services are designed to offer financial protection and peace of mind by covering unexpected costs associated with common household breakdowns.
Home warranty services are complementary to homeowners' insurance, as they cover repair or replacement costs for specific items not included in standard insurance policies, such as plumbing systems, electrical wiring and major appliances. However, they are considered substitutes for personal savings or ad hoc repair service providers that homeowners might otherwise rely upon for unexpected breakdowns.
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Who Are The Major Companies Operating In The Global Home warranty service Market?
The top ten competitors in the market made up to 15.93% of the total market in 2023. First American Home Warranty Corporation was the largest competitor with a 4.86% share of the market, followed by:
• FNHW (Fidelity National Home Warranty)
• Frontdoor Inc.
• Home Buyers Warranty Corporation
• American Homes 4 Rent
• LP (American Home Shield (AHS))
• Cinch Home Services Inc.
• Old Republic International Corporation
• Home Warranty of America
• Oneguard Home Warranties
• Choice Home Warranty
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