Extended Warranty Market 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), By End User (Individuals, Business): Global Opportunity Analysis and Industry Forecast, 2021-2031
Extended warranty is also known as a service agreement, service contract, or a maintenance agreement that extends the warranty period offered to consumers on 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. For automobiles, electronics, and electrical appliances, it is usually given by the manufacturer, retailer, or third-party service provider.
The increased awareness of extended warranty policies among consumers, has led to the rise of extended warranty in the insurance market. Since, many devices come with a heavy price tag at the time of purchase, therefore knowledge of extended warranties for those products has risen. In addition, the increased adoption of smartphones, computers, home appliances, and other products to extend the warranty coverage for the repair or replacement of parts of the expensive items, are some of the factors propelling the market growth. However, unit shipments of personal computers (PCs) worldwide have been declining, and as a result, the demand for extended warranty insurance has decreased that limits the growth of extended warranty market. On the contrary, extended warranty providers providing value-added services to clients and expanding product and service offerings through partnerships. In addition, the untapped potential of emerging economies is considered as some of the major factors which is expected to provide lucrative growth opportunities in the coming years.
The extended warranty market is segmented on the basis of coverage, application, distribution channel, end user, and region. By coverage, it is segmented into standard protection plan and accidental protection plan. By application, it is bifurcated into automobiles, consumer electronics, home appliances, mobile devices & PCs, and others. By on distribution channel, it is segregated into manufactures, 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 report analyzes the profiles of key players operating in the extended warranty market such as 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 to increase their market penetration and strengthen their position in the extended warranty industry.
Key Market Segments
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
By End User
Individuals
Business
By Region
North America
U.S.
Canada
Europe
Germany
United Kingdom
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 Players
ASSURANT, INC
American International Group, Inc
AXA
AmTrust Financial
Asurion
CARCHEX
CarShield, LLC
Endurance Warranty Services, LLC
Edel Assurance
SquareTrade, Inc
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