Extended Warranty Market By Coverage (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-users (Individuals, Business), By Sales Type (Point of Sale, After Sale): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global extended warranty market, valued at $129.7 billion in 2022, is anticipated to expand to $286.4 billion by 2032. An extended warranty, also called a service agreement, service contract, or maintenance agreement, is a policy that lengthens the warranty period of consumer durable goods beyond the manufacturer's initial coverage. It typically covers repair or replacement costs if damage results from manufacturing defects or poor quality. Extended warranties are common for automobiles and electronic or electrical appliances. These warranties are usually offered by the manufacturer, retailer, or a third-party service provider.
Growing awareness of extended warranty policies has boosted their presence in the insurance market. The need to protect costly items from unexpected repairs or part replacements drives this trend. As people buy more electronic devices and appliances, the demand for extended warranty services increases, expanding the market.
However, the considerable decline in shipments of personal computers (PCs) worldwide is one of the key factors restraining the growth of the extended warranty market. On the contrary, the expansion of complex and sophisticated products and service are fostering the demand for additional warranty coverage, which is likely to pave growth opportunities for the global market. In addition, the untapped potential of emerging economies is providing lucrative opportunities for market growth during the forecast period.
Additionally, as vehicles become more advanced, consumers are seeking extended warranty plans to cover the high costs of unexpected repairs, driving the growth of the auto extended warranty market.
The extended warranty market is segmented based on coverage, distribution channel, application, end-users, sales type, and region. By coverage, the market is bifurcated into standard protection plan and accidental protection plan. By distribution channel, the market is segregated into manufacturers, retailers, and others. By application, the market is divided into automobiles, consumer electronics, home appliances, mobile devices and PCs, and others. By end user, the market is divided into individuals and business. By sales type, the market is divided into point of sale and after sale. By region, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players profiled in the extended warranty market analysis are Axiom Connected, Consumer Priority Services (CPS), Likewize, Assurant, Inc., American International Group Inc., Asurion, CARCHEX, Endurance Warranty Services, LLC, Edel Assurance, Amtrust Financial, Carshield, Squaretrade, Inc., Servify, Safeware Inc., Cover Genius, Fortegra, Extend, Onpoint Warranty Solutions, Llc, PROTECTALL USA, LLC, Guardsman, Mulberry, Centricity, Worth Ave. Group, and AXA. These players have adopted various strategies, including partnership, collaboration, product launch, and developments to increase their market penetration and strengthen their position in the industry.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the extended warranty market analysis from 2022 to 2032 to identify the prevailing extended warranty market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the extended warranty market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global extended warranty market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Sales TypePoint of Sale
After Sale
By CoverageStandard Protection Plan
Accidental Protection Plan
By Distribution ChannelManufacturers
Retailers
Others
By ApplicationAutomobiles
Consumer Electronics
Home Appliances
Mobile Devices and PCs
Others
By End-usersIndividuals
Business
By RegionNorth America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Assurant, Inc.
Asurion
CARCHEX
Endurance Warranty Services, LLC
AmTrust Financial
CarShield
American International Group Inc.
Likewize
Safeware Inc.
Fortegra
AXA
PROTECTALL USA, LLC
Extend
Guardsman
Mulberry
Centricity
Worth Ave. Group
Edel Assurance
SquareTrade, Inc.
Servify
Cover Genius
Axiom Connected
OnPoint Warranty Solutions, LLC
Consumer Priority Services (CPS)