Rising Home Ownerships Rates Is Driving The Growth Of The Home Warranty Service Driver: A Major Catalyst in the Evolution of the Home Warranty Service Market in 2025

How Is the Home Warranty Service Market Projected to Grow, and What Is Its Market Size?
The market size of home warranty service has been on a robust growth trajectory in the preceding years. It is projected to expand from $8.47 billion in 2024 to $9.13 billion in 2025, representing a compound annual growth rate (CAGR) of 7.7%. The unprecedented growth during the historic period is due to a rise in home ownership, the intricate nature of home systems, heightened consumer awareness, economic determinants, and the aging housing inventory.

Predictions indicate a robust expansion in the home warranty service market over the coming years, with its worth expected to reach $12.18 billion by 2029, growing at a compound annual rate of 7.5%. Factors contributing to the growth during this forecast period include heightened awareness and demand for protection schemes, urbanization and an increase in condominium living, financial adaptability and planning, and the elevation of customer expectations and satisfaction levels. Key trends relevant to the forecast period encompass improvements to mobile apps and online gateways, implementation of cybersecurity for network-connected gadgets, remote oversight and regulation, the development of tailor-made and flexible plans, and the rise of digital platforms and mobile applications.

What Is Contributing to the Growth of the Home Warranty Service Market?
The growth of the home warranty service market is anticipated to be driven by the increasing homeownership rates. The term homeownership encapsulates the state or situation of owning a home, encompassing the rights and obligations linked to the maintenance and management of a legally owned residential property. The attractiveness of physical property as a solid investment is raising the allure of homeownership, making the acquisition of homes more appealing and feasible to a larger population. Home warranty services extend significant advantages to homeowners by covering major costs associated with systems and appliances' repair and replacement, offering financial security and peace of mind. For example, as per the National Association of Home Builders, a US trade organization, the homeownership rates for families aged 35-44 went up by 0.3 percentage points in the opening quarter of 2023. Households aged 65 and above saw their percentage increase to 78.8% from 78.6% the preceding year. Hence, growing homeownership rates are crucial in propelling the home warranty service market's expansion.

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Who Are the Major Industry Players Fueling Home Warranty Service Market Expansion?
Major companies operating in the home warranty service market are 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.

Which Key Developments Are Influencing the Home Warranty Service Market?
Significant players in the home warranty service market are innovating advanced solutions that pair with home warranty protection to elevate consumer experience and smoothly integrate coverage into real estate transactions. Essentially, an embedded home warranty protection solution refers to coverage that's naturally included in real estate deals, offering instant protection for home systems and appliances without the requisite of additional agreements. For example, Sure Inc., a US-based provider of infrastructure and distribution systems, introduced a revolutionary embedded home warranty protection solution in April 2023, aimed at improving the digital experience for homeowners and landlords. This forward-thinking innovation enables partners and property management platforms to effortlessly incorporate home warranty protection within their current digital services via Sure's APIs and white-label platform. The system simplifies the purchasing path, making it possible for customers to secure home warranties with just a few clicks.

How Is the Segmentation of the Home Warranty Service Market Defined?
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

Subsegments:
1) By Home Systems: Heating, Ventilation, And Air Conditioning (HVAC), Plumbing Systems, Electrical Systems, Water Heaters, Ductwork And Ventilation Systems
2) By Appliances: Refrigerators, Dishwashers, Ovens And Stoves, Washing Machines And Dryers, Microwave Ovens, Garbage Disposals
3) By Other Types: Pool And Spa Equipment, Garage Door Openers, Septic Systems, Well Pumps, Pest Control

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What Is the Leading Region in the Home Warranty Service Market?
North America was the largest region in the home warranty service market in 2023. The regions covered in the home warranty service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Home Warranty Service Global Market Report?

- Market Size Analysis: Analyze the Home Warranty Service Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Home Warranty Service Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Home Warranty Service Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Home Warranty Service Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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