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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.

The home warranty service market consists of sales by entities (organizations, sole traders and partnerships) of home warranty service that are used predominantly by homeowners, landlords and property managers to safeguard investments in residential properties and ensure uninterrupted functioning of essential home features. Consumers typically purchase home warranty services either as standalone contracts or bundled with home purchase agreements to mitigate the risks of unforeseen expenses.

The global home warranty service market was valued at $7,909.55 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 2.00%.

Increased homeownership rates fueled the growth of the home warranty service market during the historic period. Homeownership rates refer to the percentage of a population that owns the home or property in which they reside. This metric typically reflects the proportion of individuals or households who have purchased their homes outright or are paying off a mortgage, as opposed to renting or living in other arrangements. A home warranty service supports homeownership by covering repair and replacement costs for essential systems and appliances, providing financial protection, convenience and peace of mind. For instance, in December 2024, according to the Avant Homes, a UK-based housebuilder and real estate developer, as of July 2024, 53% of UK adults are homeowners, representing approximately 27.9 million people nationwide. This marks a 3% increase from 2023, when the homeownership rate stood at 50%.Therefore, increased homeownership drove the growth of the home warranty service market.

Innovative Mobile Applications Enhancing Customer Experience

Leading companies in the home warranty service market are prioritizing the development of innovative solutions, such as mobile applications for home warranty services, to improve customer experience and optimize service processes. Home warranty services mobile applications refer to digital platforms specifically designed to facilitate interactions between home warranty service providers and their customers through mobile devices. For instance, in May 2024, ServicePlus, a New Zealand-based provider of home warranty solutions, launched a mobile application for both Android and iOS, aimed at enhancing access to home warranty services. The app allows users to easily submit service requests, track their application status in real-time and receive instant notifications about updates and appointments. With features such as plan management and online payments, the ServicePlus app significantly improves the convenience and efficiency of managing home warranties, reflecting the company's commitment to leveraging technology for better customer service.

The global home warranty service market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 15.93% of the total market in 2023.

Home Warranty Service Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global home warranty service market as it emerges from the COVID-19 shut down.

Reasons to Purchase

Where is the largest and fastest-growing market for home warranty service? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The home warranty service market global report from The Business Research Company answers all these questions and many more.

The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider home warranty service market; and compares it with other markets.

The report covers the following chapters

Markets Covered:

Table of Contents

1 Executive Summary

2 Table Of Contents

3 List Of Tables

4 List Of Figures

5 Report Structure

6 Market Characteristics

7 Major Market Trends

8 Home Warranty Services Market - Macro-Economic Scenario

9 Global Market Size and Growth

10 Global Home Warranty Service Market Segmentation

11 Home Warranty Service Market, Regional and Country Analysis

12 Asia-Pacific Market

13 Western Europe Market

14 Eastern Europe Market

15 North America Market

16 South America Market

17 Middle East Market

18 Africa Market

19 Competitive Landscape and Company Profiles

20 Other Major And Innovative Companies

21 Competitive Benchmarking

22 Competitive Dashboard

23 Key Mergers And Acquisitions

24 Opportunities And Strategies

25 Home Warranty Service Market, Conclusions And Recommendations

26 Appendix

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