IMARC Group, a leading market research company, has recently releases report titled “Extended Warranty Market Report by Coverage (Standard Protection Plan, Accidental Protection Plan), Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices and PCs, and Others), Distribution Channel (Manufacturers, Retailers, and Others), End User (Individuals, Business), and Region 2024-2032", Offers a comprehensive analysis of the industry, which comprises insights on the 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.
Industry Overview of Extended Warranty
An extended warranty is a contractual agreement that provides additional coverage for products or services beyond the standard warranty period offered by the manufacturer or seller. It comes into effect after the expiration of the original warranty and can include features like repairs, maintenance, or replacements. It is commonly offered on various consumer goods, such as electronics, appliances, and automobiles. It is provided by businesses to assure about the reliability of the product and as a safeguard against unexpected costs.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/extended-warranty-market/requestsample
What are the growth prospects and trends in the extended warranty industry?
The increasing awareness about the financial benefits of extended warranty plans represents one of the primary factors bolstering the market growth around the world. In addition, the rising inclination towards extended warranties to avoid out-of-pocket expenses due to the expanding costs of repairs and replacements is favoring the growth of the market.
Moreover, the growing complexity and sophistication of products, particularly in the electronics and automotive sectors, is influencing the market positively. Apart from this, the increasing presence of online platforms that offer extended warranty options during the checkout process to simplify the purchases of the consumers is contributing to the market growth.
Furthermore, the rising emphasis on customer service and experience is driving companies to offer comprehensive warranty plans worldwide.
Leading Companies Operating in the Global Extended Warranty Industry:
- 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)
Extended Warranty Market Report 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
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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