DUBLIN, June 8, 2022 /PRNewswire/ — The “Home Warranty Service Market by Distribution Channel, Type, Application, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
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.
Home warranty services cover the cost of structural defects in homes caused due to natural calamities or poor construction quality. Homeowners offer policies that involve the construction of up to 10 years of structural defects, which may include flooring, walls, roof, fence, and sheetrock.
Housing warranties further include a two-year coverage for electrical and plumbing systems as well as six months of household appliances. The cost of a building warranty policy is often part of the price of a new home. Home warranty providers may deny coverage for any reason. Some already existing damages that are caused before buying the warranty coverage are not covered under the scheme. For this reason, a pre-purchase home inspection reveals damage to other systems or equipment. Moreover, the warranty company will not cover items that have been misused, improperly installed, or improperly used.
The growth of the global home warranty service market is majorly driven by rise in need for protection of expensive appliances 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 restraint the market growth.
On the contrary, 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 growth of 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 categorized into brokers, agents & branches, and others. Depending on type, it is bifurcated into home systems and appliances.
By application, it is segregated into residential and commercial. As per sales channel, it is fragmented 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).
The major players profiled in the home warranty service market include AFC Home Club, Cinch Home Services, Inc., First American Home Warranty, …….