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cagr-of-6-3-home-warranty-insurance-services-industry-analysis-by-2021-to-2034
Home Warranty Services Market Size, Share, Competitive Landscape and Trend Analysis Report
WILMINGTON, DELAWARE, UNITED STATES, May 21, 2024 /EINPresswire.com/ — Home Warranty Services Market: Industry Analysis, Market Segments, Regional Analysis, Competitive Scenario, Latest Trends, 2021-2030
Allied Market Research has released a report on the global home warranty services market which has highlighted several factors to understand the valuable insights. The global home warranty services industry’s market size was $7,315.1 million in 2020 and is estimated to achieve $13,611.2 million by 2030, registering a GAGR of 6.3% from 2021 to 2030.
The report is a valuable resource for industry players in the ever-evolving home warranty services market. With detailed analysis, the expert analysts at Allied Market Research delve into the market dynamics, providing authentic data.
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Market Dynamics Shaping its Trajectory
The report states that the global home warranty services market is experiencing significant growth due to rise in demand for protection of expensive appliances such as refrigerators, HVAC systems, dishwashers, ovens, cooktops, plumbing, and electrical systems. This trend ensures the proper care and maintenance of household appliances and systems. In addition, increase in awareness of warranty services in tier 2 and tier 3 cities is driving market expansion, resulting in rising subscriptions with service providers.
However, the report also covers the factors impeding its growth. Challenges such as hidden fees during warranty claims and stringent terms and conditions set by service providers are restricting the market growth. On the contrary, rise in spending on home services, particularly in emerging economies such as China, India, and Brazil, is anticipated to bring open new avenues for the expansion of the global home warranty service market in the upcoming years.
Market Segments Covered in this Report
The report has underlined in-depth analysis of the segments to help companies acquire a complete understanding of it. The segments covered include type, distribution channel, application, sales channel, and region. By conducting a thorough analysis of these segments, organizations can enhance their understanding of market trends and adjust their strategies accordingly.
Regional Analysis
The report evaluates the growth of the home warranty services industry across North America, Europe, Asia-Pacific, and LAMEA. In 2020, North America maintained a prominent position, while it is anticipated that LAMEA is likely to experience the highest growth rate during the forecast period.
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Competitive Scenario
The competitive scenario is discussed carefully in this report to thoroughly assess the key players. Furthermore, this report focuses on the strategies implemented by major stakeholders, such as collaborations, mergers & acquisitions, and partnerships, to maintain their competitive advantage in the market.
Key players highlighted in this report are First American Home Warranty, Landmark Home Warranty, Oneguard Home Warranties, FNHW (Fidelity National Home Warranty), AFC Home Club, Transforms SR Brands LLC, Home Buyers Warranty Corporation, Cinch Home Services, Inc., Frontdoor, Inc., and Old Republic International Corporation.
Latest Trends Impacting the Market Growth
The report has highlighted the key trends that the giants have adopted to maintain their foothold in the market.
Focus on Sustainable Home Solutions
The focus is shifting toward providing coverage for sustainable and eco-friendly home solutions. For instance, Cinch Home Services, a leading player, has recognized the importance of sustainable living and is focusing on providing coverage for eco-friendly home solutions, including energy-efficient upgrades and solar panel systems. By offering this coverage, homeowners can reduce their carbon footprint and safeguard their investments.
Expansion of Coverage Beyond Traditional Items
Home warranty companies are extending their coverage to include unconventional items such as roof repairs, septic systems, and even electronic appliances within the household. For instance, AFC Home Club offers broad protection that includes a range of items, including roof leaks, central vacuums, and doorbells. This thorough coverage guarantees homeowners peace of mind in the face of unexpected repairs.
To conclude, the home warranty services industry is poised for significant growth in the emerging markets of developing countries, due to rise in awareness of warranty programs. In addition, the market is expected to expand with the introduction of new schemes by service providers. To know in-depth market scenarios, the report offers valuable insights to stakeholders to guide strategic decision-making processes.
Full Report With TOC: https://www.alliedmarketresearch.com/home-warranty-services-market-A13578 a
David Correa
Allied Market Research
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May 21, 2024
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