The global demand for Extended Warranty Market is presumed to reach the market size of nearly USD 268.93 BN by 2030 from USD 130.59 BN in 2022 with a CAGR of 9.45% under the study period 2023 - 2030.
An extended warranty refers to a service contract or agreement provided by a manufacturer, retailer, or third-party entity. It serves to prolong the coverage of a product beyond the initial warranty period offered by the manufacturer. It offers additional protection against defects in materials or workmanship, similar to the initial warranty.
Market Dynamics
The increasing prevalence of high-value electronic devices and appliances, coupled with the complexity of modern products, fuels the demand for extended warranties. Consumers seek additional coverage beyond standard warranties to safeguard against potential breakdowns and repair expenses, especially for intricate components. In the automotive sector, as vehicles become more advanced and repairs grow costlier, extended warranties offer assurance to buyers, contributing significantly to the market. Retailers and manufacturers leverage aggressive marketing strategies and bundled offers to entice consumers into purchasing extended warranties, positioning them as value-added services that provide peace of mind. Competition among warranty providers, coupled with regulations governing warranty practices, shapes the landscape. Positive customer experiences, including seamless claim processes and satisfactory repairs, play a vital role in driving consumer trust and future purchases.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of extended warranty. The growth and trends of extended warranty industry provide a holistic approach to this study.
Market Segmentation
This section of the extended warranty market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Covergae
- Standard Protection Plan
- Accidental Protection Plan
By Distribution Channel
- Manufacturers
- Retailers
- Others
By Application
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices And Pcs
- Others
By End User
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Extended Warranty market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Extended Warranty Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Extended Warranty market include AmTrust Financial, CarShield, Endurance Warranty Services, LLC, Asurion, Assurant, Inc., Edel Assurance, AXA, CARCHEX, American International Group, Inc., SquareTrade, Inc. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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