Home Warranty Service Market In 2029

(MENAFN- EIN Presswire) EINPresswire/ -- "Home Warranty Service Market to Surpass $13 billion in 2029. In comparison, the Personal Services market, which is considered as its parent market, is expected to be approximately $1,879 billion by 2029, with Home Warranty Service to represent around 1% of the parent market. Within the broader Services industry, which is expected to be $23,934 billion by 2029, the Home Warranty Service market is estimated to account for nearly 0.1% of the total market value.

Which Will Be the Biggest Region in the Home Warranty Service Market in 2029
North America will be the largest region in the home warranty service market in 2029, valued at $4,664 million. The market is expected to grow from $3,570 million in 2024 at a compound annual growth rate (CAGR) of 5%. The strong growth can be attributed to the favorable government initiatives.

Which Will Be The Largest Country In The Global Home Warranty Service Market In 2029?
The USA will be the largest country in the home warranty service market in 2029, valued at $4,033 million. The market is expected to grow from $3,132 million in 2024 at a compound annual growth rate (CAGR) of 5%. The strong growth can be attributed to the rising infrastructure development, growing residential construction activities, increasing demand for consumer electronics and rise in investment.

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What will be Largest Segment in the Home Warranty Service Market in 2029?
The Home Warranty Service market is segmented by type into home systems, appliances and other types. The appliances market will be the largest segment of the home warranty service market segmented by type, accounting for 47% or $6,061 million of the total in 2029. The appliances market will be supported by rising consumer reliance on household appliances, increasing repair and replacement costs, growing awareness of warranty benefits and the expansion of the appliance industry with advanced technologies.
The home warranty service market is segmented by distribution channel into direct sales, agents or brokers and other distribution channels. The direct sales market will be the largest segment of the home warranty service market segmented by distribution channel, accounting for 48% or $6,255 million of the total in 2029. The direct sales market will be supported by factors such as increasing consumer preference for direct purchasing, the convenience of dealing with service providers without intermediaries, growing trust in brand reputation, the availability of tailored coverage options and strong economic growth.
The home warranty service market is segmented by application into residential and organization. The residential market will be the largest segment of the home warranty service market segmented by application, accounting for 64% or $8,284 million of the total in 2029. The residential market will be supported by factors such as increasing homeownership rates, rising awareness of maintenance costs, the growing demand for property protection and the preference for hassle-free repair and rise in urbanization.

What is the expected CAGR for the Home Warranty Service Market leading up to 2029?
The expected CAGR for the home warranty service market leading up to 2029 is 7%.

What Will Be The Growth Driving Factors In The Global Home Warranty Service Market In The Forecast Period?
The rapid growth of the global home warranty service market leading up to 2029 will be driven by the following key factors that are expected to reshape residential property management, customer experience, and post-sale service models worldwide.
Increasing Urbanization - The increasing urbanization will become a key driver of growth in the home warranty service market by 2029. Urbanization refers to the process by which an increasing proportion of a population lives in urban areas, often resulting from migration from rural areas and the expansion of cities. As more people move to cities and suburban areas, the need for property management, repairs and upkeep rises. Homeowners and renters seek coverage for appliances and systems, leading to a greater reliance on warranty services. Additionally, urban areas often have older homes, which further fuel the need for maintenance and repair solutions provided by home warranty companies.
Rising Housing Prices - The rising housing prices will emerge as a major factor driving the expansion of the home warranty service market by 2029. Housing prices refer to the monetary value at which residential properties, such as houses or apartments, are bought or sold in a particular market. These prices can be influenced by various factors, including supply and demand, interest rates, economic conditions, government policies and local market trends. Home warranty services are used in housing to provide coverage for the repair or replacement of essential home systems and appliances that may fail due to normal wear and tear.
Strong Economic Growth - The strong economic growth within digital manufacturing processes will serve as a key growth catalyst for the home warranty service market by 2029, Economic growth refers to the increase in a country's production of goods and services over time, typically measured by the rise in its gross domestic product (GDP) or income levels, indicating improved economic performance and living standards. Economic growth drives demand for home warranty services by increasing disposable incomes and expanding the housing market, leading to more homeowners seeking property protection and maintenance solutions.

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What Are The Key Growth Opportunities In The Home Warranty Service Market in 2029?

The most significant growth opportunities are anticipated in the residential home warranty service market, the direct sales of home warranty services market and the home appliances warranty services market. Collectively, these segments are projected to contribute over $6 billion in market value by 2029, driven by rising consumer demand for extended product protection, increasing adoption of connected home devices, and expanding after-sales service networks. This growth reflects the shifting consumer preference toward long-term value assurance, convenience, and cost-effective maintenance solutions, fueling transformative expansion within the broader home warranty and service protection industry.
The residential home warranty service market is projected to grow by $2,334 million, the direct sales of home warranty services market by $1,654 million and the home appliances warranty services market by $1,639 million over the next five years from 2024 to 2029.
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