BURLINGAME, Calif., Dec. 18, 2023 /PRNewswire/ — The global extended warranty market size was valued at US$ 123.4 million in 2022 and is projected to reach US$193.7 million by 2030, recording a CAGR of 6.6% during the forecast period. The Extended Warranty Market is driven by two main factors. Firstly, the growing penetration of electronic devices such as smartphones, tablets, laptops, and home appliances is increasing the demand for extended warranties. With the increasing complexity of these devices and the rising cost of repairs and replacements, consumers are opting for extended warranties to protect their investments. These extended warranties provide coverage for defects, damages, and breakdowns beyond the standard manufacturer’s warranty period.
Secondly, the rising disposable income and changing consumer preferences are contributing to the growth of the extended warranty market. As consumers become more tech-savvy, they are increasingly investing in high-end electronic devices. However, these devices are prone to breakdowns and damages, which can result in expensive repairs or replacements. Therefore, consumers are willing to pay an additional cost for extended warranties to avoid unexpected expenses and ensure the longevity of their devices.
Coherent Market Insights displays this information in a report titled, “Extended Warranty Market, 2022-2030.”
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Two key trends can be observed in the Extended Warranty Market. Firstly, there is a growing trend of bundled extended warranties offered by retailers and manufacturers. Retailers and manufacturers are recognizing the significance of extended warranties in enhancing customer satisfaction and building brand loyalty. Therefore, they are providing bundled extended warranties with their products, which not only provides convenience to consumers but also increases the overall value proposition of the product.
Secondly, there is an increasing shift towards online purchase of extended warranties. With the rise of e-commerce and the convenience of online shopping, consumers are opting to purchase extended warranties online. Online platforms provide easy access to a wide range of extended warranty options, competitive pricing, and hassle-free claim procedures. Moreover, online platforms offer transparency and customer reviews, which help consumers make informed decisions. This trend is expected to gain more traction in the future, as consumers become more comfortable with online purchases and seek convenience in their warranty purchases.
The automobile sector is one of the dominating segments in the extended warranty market. With technological advancements and increasing complexity in vehicles, there has been a rise in the demand for extended warranty plans. Consumers are becoming more aware of the potential risks and expenses associated with vehicle repairs and are opting for extended warranty coverage.
Extended warranty plans offer protection against unforeseen mechanical and electrical failures, which can be costly to repair. With the average age of vehicles on the road increasing, consumers are seeking extended warranty plans to ensure the long-term reliability of their vehicles.
Consumer electronics, including smartphones, laptops, and other electronic devices, are also witnessing a surge in extended warranty purchases. As technology evolves rapidly, devices are becoming more expensive and complex to repair. Consumers are investing in extended warranty plans to protect their valuable devices and avoid high repair costs.
Extended warranty plans for consumer electronics provide coverage for accidental damages, such as screen cracks or liquid spills, as well as manufacturer defects. With the increasing dependence on electronic devices in everyday life, the demand for extended warranty plans in this segment is expected to continue to grow.
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Recent Developments:
In 2022, SquareTrade launched subscription-based extended warranty for electronics, offering accidental damage and malfunction coverage for smartphones, tablets, and laptop
In July 2022, Hyundai India introduced extended warranty policy for all vehicles, providing coverage for 6th or 7th year in the automobile market.
Key Market Takeaways:
The extended warranty market is anticipated to witness a CAGR of 6.6% during the forecast period 2023-2030, owing to the increasing demand for extended warranty plans across various segments.
On the basis of coverage, the standard protection plan is expected to hold a dominant position, owing to its comprehensive coverage and affordability compared to accidental protection plans.
In terms of applications, the automobile segment is expected to dominate the market, driven by the increasing complexity of vehicles and the need for long-term reliability.
Manufacturers are the dominating distribution channel, as they hold direct relationships with consumers and can offer tailored extended warranty plans.
In terms of end-users, both businesses and individuals are adopting extended warranty plans, with individuals holding a dominant position. This can be attributed to the increased awareness and need for protection against unexpected repair expenses.
North America is expected to hold a dominant position in the extended warranty market over the forecast period. This is due to the high adoption rate of extended warranty plans in the region, as well as the presence of key players and technological advancements.
Key players operating in the extended warranty market include ASSURANT INC., American International Group, Inc., AXA, AmTrust Financial, Asurion, CARCHEX, CarShield LLC, Endurance Warranty Services LLC, Edel Assurance, SquareTrade, Inc., and others. These players are focusing on strategic partnerships, product innovation, and market expansion to strengthen their market position.
In conclusion, the extended warranty market is experiencing significant growth opportunities in the automobile sector and consumer electronics segment. The increasing demand for extended warranty plans and the rising awareness regarding the potential risks and expenses associated with repairs are driving the market. North America holds a dominant position, and key players are adopting various strategies to stay competitive in the market.
Read complete market research report,”Extended Warranty Market, By Coverage, By Application, By Distribution Channel, By End User, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“, Published by Coherent Market Insights.
Detailed Segmentation:
- Global Extended Warranty Market, By Coverage:
- Standard Protection Plan
- Accidental Protection Plan
- Global Extended Warranty Market, By Application:
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
- Global Extended Warranty Market, By Distribution Channel:
- Manufacturers
- Retailers
- Others
- Global Extended Warranty Market, By End User:
- Business
- Individuals
- Global Extended Warranty Market, By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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