The new report by Expert Market Research titled, ‘Global Extended Warranty Market Trends, Share, Price, Size, Growth, Report and Forecast 2023-2028’, gives in-depth analysis of the global extended warranty market, assessing the market based on its segments like coverage, application, distribution channel, end-user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 105 Billion
- Forecast CAGR (2023-2028): 7.03%
- Forecast Market Size (2026): USD 158 Billion
The market for extended warranties is booming as pricey consumer devices and vehicles become a necessary component of consumer’s lifestyle. The rising demand for frequent maintenance and repair of cellphones and home appliances can cost as much as one-fifth of the original purchase price.
Therefore, in order to avoid unexpected financial costs, consumers are opting for extended warranties on electronic equipment, which is driving market growth. Furthermore, the industry’s growth is aided by the transferability of extended warranties offered by prominent businesses, which ensures that the product is covered even after it is passed to new owners. Along with this, to promote sales and reduce losses caused by the COVID-19 epidemic, a number of car businesses are proposing unique extended warranty alternatives. The extended warranty sector is gaining momentum as a result of this.
Extended Warranty Industry Definition and Major Segments
An extended warranty is a type of warranty that covers a wide range of products and services beyond the standard warranty period. It works with a variety of items, including autos, electronics, and electrical appliances, as well as mobile devices. Extended warranties cover mechanical and electrical components not covered by the manufacturer’s warranty, and they frequently exclude routine maintenance such as product wear and tear, re-gassing, normal maintenance, and computer virus damage, among other things.
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The major coverages of extended warranty are:
- Standard Protection Plan
- Accidental Protection Plan
The market can be broadly categorised on the basis of its applications into:
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
Based on distribution channels, the market is divided into:
- Manufacturers
- Retailers
- Others
On the basis of end user, the market is bifurcated into:
- Business
- Individuals
Based on region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Extended Warranty Market Trends
The rising usage of cell phones, computers, home appliances, and other comparable consumer devices is fuelling the growth of the extended warranty sector. At the moment of purchase, these things frequently come with a hefty price tag. As a result, consumers frequently purchase extended warranties after the seller’s warranty has expired to assure the safety of their electronic equipment. As a result, market growth is quickening.
However, as unit sales of personal computers (PCs) have fallen around the world, so has demand for extended warranty insurance for these items. Developing economies, on the other hand, offer insurers a significant chance to expand their business by improving rules that stimulate the development of extended warranties across Asia-Pacific. Furthermore, extended warranty providers have a number of options, including delivering value-added services to customers and extending product and service offerings through partnerships.
As a result, these variables are likely to create appealing prospects during the projection period. Current technical advancements, such as blockchain technology, have resulted in new trends and developments in the extended auto warranty industry. Furthermore, providing an extended warranty helps to build customer loyalty. As a result, increased awareness of extended warranties is propelling the market forward.
Key Market Players
The major players in the market are American International Group, Inc., AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, Assurant, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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