IMARC Group, a leading market research company, has recently releases report titled “Extended Warranty Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global extended warranty market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Extended Warranty
An extended warranty, often referred to as a service contract or protection plan, is an optional purchase that extends the warranty coverage of a product or service beyond the standard warranty offered by the manufacturer. It assists in safeguarding unexpected repair or replacement costs that may arise due to defects or malfunctions. It protects against unexpected repair or replacement costs, reducing financial stress. It can also extend the lifespan of a product by ensuring timely repairs and maintenance. It is commonly used for smartphones, laptops, and televisions, where the cost of repairs or replacements can be substantial.
How Big Is the Extended Warranty Market?
The global extended warranty market size reached US$ 139.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 232.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032.
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What are the growth prospects and trends in the extended warranty industry?
At present, the increasing demand for an extended warranty, as it simplifies the claims process and ensures quick access to repairs or replacements, represents one of the vital factors impelling the growth of the market.
Besides this, the rising expansion of e-commerce platforms and the ease of purchasing extended warranties online are contributing to the growth of the market. In addition, the growing consumer awareness about the potential for unexpected repair costs is offering a favorable market outlook.
Apart from this, the increasing number of companies leveraging data analytics, artificial intelligence (AI), and machine learning (ML) to improve warranty claim processing and customer support is supporting the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Coverage:
- Standard Protection Plan
- Accidental Protection Plan
Breakup by Application:
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
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
Who are the key players operating in the industry?
The report covers the major market players including:
- Allianz Assistance (Allianz SE)
- American International Group Inc.
- AmTrust Financial
- Assurant Inc.
- Asurion LLC
- Axa S.A.
- Carchex
- CarShield LLC
- Chubb
- Edel Assurance LLP
- Endurance Warranty Services LLC
- SquareTrade Inc. (The Allstate Corporation)
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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