According to the global extended warranty market report by IMARC Group, the market reached a value of US$ 121.5 Billion in 2021, and it is projected to reach a value of US$ 182.3 Billion by 2027, exhibiting a CAGR of 6.70% during 2022-2027.
An extended warranty provides consumers with an optional form of protection on the purchase of high-value goods, such as cars, electronics, and appliances. It works as a service agreement that the buyer can utilize to cover any product repairs or maintenance costs. It comes at an extra charge and offers coverage for any electrical or mechanical issues that may arise with the item. Currently, extended warranty is gaining immense traction across the globe due to the widespread use of premium smartphones and laptops, particularly among young working professionals.
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Extended Warranty Market Trends and Drivers:
The global extended warranty market is primarily driven by rising concerns among consumers regarding the safety of their electronics after the initial warranty period has ended. Moreover, extended warranty plans offer coverage for routine maintenance and unforeseen damage, such as liquid spills, theft, or cracked screens.
In line with this, the escalating demand for extended warranty solutions due to rising value-conscious customers and their preference for a smooth post-sale experience has catalyzed the market growth. Additionally, the increasing sales of high-end vehicles and consumer electronics, including smartphones, laptops, tablets, and wearables, have accelerated product adoption rates.
Other factors, including rising demand for long-lasting and more valuable goods, high repair costs, and inflating consumer disposable incomes, are also anticipated to drive the market further.
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Global Extended Warranty Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Extended Warranty Companies:
Allianz SE, American International Group Inc, AmTrust Financial, Assurant Inc., Asurion LLC, Axa S.A., Carchex, CarShield LLC, Chubb Limited, Edel Assurance LLP, Endurance Warranty Services LLC, and SquareTrade Inc (The Allstate Corporation).
The report has segmented the market on the basis of region, coverage, application, distribution channel and end user.
Breakup by Coverage:
- Standard Protection Plan
- Accidental Protection Plan
Breakup by Application:
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
Market Breakup by Distribution Channel:
- Manufacturers
- Retailers
- Others
Breakup by End User:
- Individuals
- Business
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Extended Warranty Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Coverage
6.1 Standard Protection Plan
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Accidental Protection Plan
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Application
7.1 Automobiles
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Consumer Electronics
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Home Appliances
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Mobile Devices and PCs
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Distribution Channel
8.1 Manufacturers
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Retailers
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by End User
9.1 Individuals
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Business
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
