Extended Warranty Market

Extended warranties are service agreements that increase the manufacturer's usual warranty duration for a product. They can apply to a wide range of goods, such as cars, appliances, and electronics. Typically, merchants, manufacturers, and insurance firms sell extended warranties. Customers who opt for extended warranties may experience a heightened sense of security, knowing that they are protected in the event of any malfunctions or issues with their purchased goods. Numerous causes, such as the rising complexity and expense of repairs, the popularity of e-commerce, and customer knowledge of the advantages of extended warranties, contribute to the market expansion. Thus, long-term cost savings can be achieved by purchasing extended warranties. For instance, if you purchase a new appliance with a customary one-year guarantee and the device malfunctions after two years, the expense of repairs or replacement will be your responsibility. However, the warranty provider would pay for the price of the necessary repairs or replacements if you had purchased an extended warranty.

Market Dynamics:

Products are more likely to break down as they get more complicated (As products become more complex in terms of their design, features, and technology, there is an increased likelihood of breakdowns and malfunctions.). This may result in costly repairs, which may place a financial strain on customers. By covering the cost of both labor and parts, extended warranties can assist in shielding customers from the financial burden of repairs. E-commerce is becoming more and more popular, making it easier for customers to buy extended warranties. The reason for this is that many retailers now provide the option for customers to add maintenance agreements when making online purchases. The global extended warranty market is being more tightly regulated by governments worldwide. This will shield customers from scams, and extended warranties will be fair and transparent.

Key features of the study:

• This report provides an in-depth analysis of the global extended warranty market, and provides market size (US$ Million) and Compound Annual Growth Rate (CAGR%) for the forecast period (2023-2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends,  regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global extended warranty market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

• The key companies covered as a part of this study include ASSURANT INC., American International Group, Inc., AXA, AmTrust Financial, Asurion, CARCHEX, CarShield LLC, Endurance Warranty Services LLC, Edel Assurance, SquareTrade, Inc., and others

• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global extended warranty Market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global extended warranty market

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
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
• Company Profiles:
  • ASSURANT INC.
  • American International Group, Inc.
  • AXA
  • AmTrust Financial
  • Asurion,
  • CARCHEX
  • CarShield LLC
  • Endurance Warranty Services LLC
  • Edel Assurance,
  • SquareTrade, Inc.
  • Others