The “Extended Warranty Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Extended Warranty Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global extended warranty market size was US$ 121.8 billion in 2021. The global extended warranty market is expected to grow to US$ 261.9 billion by 2030, registering a compound annual growth rate (CAGR) of 7.6% during the study period from 2022 to 2030.
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An extended warranty covers repairs of a product beyond the manufacturer’s warranty. Similar to explicit warranties, extended warranties are subject to restrictions and conditions, and coverage may be revoked in the event of a violation by the buyer. The majority of the time, extended warranties are offered on expensive things like automobiles, electronics, and appliances.
Factors Influencing the Market
The rising awareness about the potential benefits of the extended warranty will primarily drive the growth of the extended warranty market during the analysis period. Moreover, the rising purchase of highly expensive consumer electronics and vehicles is expected to bring growth opportunities for the extended warranty market during the analysis period.
The cost-effectiveness of an extended warranty will drive the market forward. A significant sum, equivalent to about one-fifth of the unit price, is spent on the routine maintenance and repair of cellphones and household appliances. An extended warranty reduces the cost of maintenance, which will contribute to the market growth during the study period.
Furthermore, extended warranty options for these products are projected to keep dominating the market since they are always improving. Further, the constantly declining cost of extended warranty will escalate the market growth during the analysis period.
COVID-19 Impact Analysis
COVID-19 has positively influenced the extended warranty market as the adoption of laptops and mobile phones increased. The pandemic led to restrictions on industries, which raised the need for remote work. Almost every company and institute started offering online services, which positively influenced the extended warranty market. Moreover, service providers also recognized the importance of customer experience, and various financial well-endowed technology companies began adopting techs and analytics, which accelerated the growth graph of the extended warranty market.
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Regional Analysis
Based on region, North America is expected to exhibit the highest growth rate during the study period. It is majorly attributable to the rising awareness about restricting financial risk for car breakdowns and electronic devices. The fact that new cars in Canada normally come with a guarantee from the dealer for at least five years encourages people to buy an extended warranty from the same dealership.
Competitors in the Market
ASSURANT, Inc.
American International Group, Inc.
AXA
AmTrust Financial
Asurion
CARCHEX
CarShield, LLC
Endurance Warranty Services, LLC
Edel Assurance
SquareTrade, Inc
Other Prominent Players
Market Segmentation
The global extended warranty market segmentation focuses on Distribution Channel, Coverage, Application, End-Users, and Region.
By Distribution Channel
Manufacturers
Retailers
Others
By Coverage
Standard Protection Plan
Accidental Protection Plan
By Application
Automobiles
Consumer Electronics
Home Appliances
Mobile Devices and PCs
Others
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By End User
Individuals
Business
By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
Key questions answered in the Extended Warranty market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the Extended Warranty market over the forecast period?
- What are the factors driving and restraining the market for Extended Warranty?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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