IMARC Group, a leading market research company, has recently releases report titled “Extended Warranty Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global extended warranty market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the extended warranty market?
The global extended warranty market size reached US$ 130.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 192.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
What is extended warranty?
An extended warranty is a policy that prolongs the warranty period given to customers when purchasing new items. Its purpose is to cover the expenses associated with repairing or replacing a product that has suffered damage due to manufacturing flaws or subpar quality. Manufacturers, retailers, or third-party service providers typically offer extended warranties for automobiles, electronics, and electrical appliances. While these items usually come with a one-year manufacturer’s warranty, an extended warranty can grant coverage for various product defects or regular wear and tear after the initial warranty expires. Recently, extended warranty solutions have become increasingly popular due to their affordability and additional protection, such as safeguarding against mechanical and electronic breakdowns not included in the original warranty.
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What are the growth prospects and trends in the extended warranty industry?
The market for extended warranty plans is experiencing significant growth due to various factors. Nowadays, these plans cover not only routine maintenance but also accidental damage like liquid spills, thefts, and cracked screens. This has alleviated concerns among consumers about the safety of their electronic equipment after the original warranty expires.
The market growth is primarily driven by these rising concerns. Additionally, the increasing number of value-conscious customers and a shift in consumer preferences towards a hassle-free post-sales experience have contributed to the demand for extended warranty solutions. The sales of high-end vehicles and consumer electronics, including smartphones, laptops, tablets, and wearables, are fueling the adoption of these plans.
Leading companies in the industry are offering value-added services like hassle-free replacements and on-site services, as well as digitizing the extended warranty process for faster claim settlements. Other factors, such as the desire for prolonged product lifespan, higher consumer disposable incomes, and expensive repair and maintenance costs, are also contributing to a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Coverage:
- Standard Protection Plan
- Accidental Protection Plan
Breakup by Application:
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
Breakup by Distribution Channel:
- Manufacturers
- Retailers
- Others
Breakup by End User:
- Individuals
- Business
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Allianz SE, American International Group Inc, AmTrust Financial, Assurant Inc., Asurion LLC, Axa S.A., Carchex, CarShield LLC, Chubb Limited, Edel Assurance LLP, Endurance Warranty Services LLC, and SquareTrade Inc (The Allstate Corporation).
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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