Home Warranty Service Market Report 2024

This Home Warranty Service market 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 historic and forecast market growth by geography.

The home warranty service market size has grown strongly in recent years. It will grow from $7.88 billion in 2023 to $8.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed during the historic period can be attributed to several factors, including increased home ownership, the complexity of home systems, heightened consumer awareness, economic factors, and the aging of housing stock.

The home warranty service market size is expected to see strong growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The projected growth during the forecast period can be attributed to rising awareness and demand for protection plans, increased urbanization and condo living, greater financial flexibility and budgeting, and heightened customer expectations and satisfaction. Key trends expected during this period include the development of enhanced mobile apps and online portals, improved cybersecurity for connected devices, remote monitoring and control, customizable and flexible plans, and the expansion of digital platforms and mobile applications.

The growth of the home warranty service market is expected to be fueled by rising homeownership rates. Homeownership involves owning a residential property and managing its maintenance and responsibilities. As real estate becomes a more attractive investment and more accessible to a broader audience, homeownership rates are increasing. Home warranty services offer financial protection and peace of mind by covering the repair and replacement costs of major home systems and appliances. For example, according to the National Association of Home Builders, homeownership rates increased by 0.3 percentage points for households aged 35-44 in the first quarter of 2023, and those aged 65 and older saw their rates rise to 78.8% from 78.6% the previous year. This increase in homeownership rates is driving the demand for home warranty services.

Companies in the home warranty service market are focusing on advanced solutions with embedded home warranty protection to enhance convenience and integrate coverage into property transactions. Embedded home warranty protection refers to coverage automatically included in property transactions, providing immediate protection without separate agreements. For instance, in April 2023, Sure Inc., a US-based developer of infrastructure and distribution platforms, launched an embedded home warranty protection solution. This offering allows partners and property management platforms to integrate home warranty protection into their digital services using Sure's APIs and white-label platform, simplifying the purchasing process for consumers.

In February 2022, Super, a US-based insurance technology company specializing in subscription-based home care, acquired Platinum Home Warranty for an undisclosed amount. This acquisition aims to enhance home care services by integrating the strengths of both companies, improving service quality, and reducing risks through a combined network of in-house technicians and contracted providers. Platinum Home Warranty is a US-based provider offering various homeowners warranty plans.

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.

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.

The countries covered in the home warranty service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Home warranty services are contractual agreements between homeowners and warranty companies that cover repair and replacement costs for home systems and appliances. These services offer homeowners financial protection and convenience in managing home repairs and replacements.

The primary types of home warranty services include home systems, appliances, and others. A home systems warranty provides coverage for the repair and replacement of major home systems that break down due to normal wear and tear. These warranties can be distributed through various channels, including direct sales, agents or brokers, and other methods, and are applicable to both residential and organizational purposes.

The home warranty services market research report is one of a series of new reports that provides home warranty services market statistics, including home warranty services industry global market size, regional shares, competitors with a home warranty services market share, detailed home warranty services market segments, market trends and opportunities, and any further data you may need to thrive in the home warranty services industry. This home warranty services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The home warranty service market includes revenues earned by entities by providing services such as coverage plans, repair and replacement, customer service and support, contractor networking, and optional coverage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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