Extended Warranty Market 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 (Individuals, Business): Global Opportunity Analysis and Industry Forecast, 2023-2032
Extended warranty, also known as a service agreement, service contract, or a maintenance agreement, refers to policy that extends the warranty period of consumer durable goods beyond what is provided by manufacturers to consumers on purchase of new items. If the damage is caused by manufacturing faults or low quality, it often covers the expenses of repair or replacement of the product. Extended warranty is generally provided for automobile and electronic & electrical appliances, and is usually offered by the manufacturer, retailer, or third-party service provider.
Increased awareness of extended warranty policies among consumers has led to the development of extended warranty in the insurance market. In addition, surge in adoption of smartphones, computers, home appliances, and other products has increased the use of extended warranty coverage for the repair or replacement of parts of the expensive items, which in turn, propels the market growth.
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 product 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 the market growth during the forecast period.
The extended warranty market is segmented based on coverage, application, distribution channel, end user, and region. By coverage, the market is bifurcated into standard protection plan and accidental protection plan. By application, the market is divided into automobiles, consumer electronics, home appliances, mobile devices & PCs, and others. By distribution channel, the market is segregated into manufacturers, retailers, and others. By end user, the market is divided into business and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players profiled in the extended warranty market analysis are Assurant, Inc., American International Group, Inc., AXA, AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, Endurance Warranty Services, LLC, Edel Assurance, and SquareTrade, Inc. 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 stakeholdersThe study provides in-depth analysis of the extended warranty market along with the current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the extended warranty market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the extended warranty market from 2023 to 2032 is provided to determine the market potential.
Key market segmentsBy CoverageStandard Protection PlanAccidental Protection Plan
By Distribution ChannelManufacturersRetailersOthers
By ApplicationAutomobilesConsumer ElectronicsHome AppliancesMobile Devices & PCsOthers
By End UserIndividualsBusiness
By RegionNorth AmericaUSCanadaEuropeGermanyUKFranceItalySpainNetherlandsRest of EuropeAsia-PacificChinaJapanIndiaAustraliaSouth KoreaRest of Asia-PacificLAMEALatin AmericaMiddle EastAfricaKey market playersASSURANT, INC.American International Group, Inc.AXAAmTrust FinancialAsurionCARCHEXCarShield, LLCEndurance Warranty Services, LLCEdel AssuranceSquareTrade, Inc.
Key Market SegmentsBy CovergaeStandard Protection Plan
Accidental Protection Plan
By Distribution ChannelManufacturers
Retailers
Others
By ApplicationAutomobiles
Consumer Electronics
Home Appliances
Mobile Devices and PCs
Others
By End UserIndividuals
Business
By RegionNorth America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersAssurant, Inc.
American International Group, Inc.
Asurion
CARCHEX
Endurance Warranty Services, LLC
Edel Assurance
AXA
AmTrust Financial
CarShield
SquareTrade, Inc.
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