Top 6 Companies Offering After Sale-Services Shaping the Future of Extended Warranty Market

As per the analysis by Expert Market Research, the global extended warranty market is estimated to grow in the forecast period of 2024-2032 at a CAGR of 7.03%.

An extended warranty is also known as a service contract or agreement. It is a prolonged warranty that covers the cost of maintenance and repair of a product. It can be offered by manufacturers, retailers, or third-party service providers. Extended warranties are generally provided for automobiles and consumer electronics and cover the electronic and mechanical breakdown of the product.

Extended warranties are agreements that go beyond the time frames provided by the manufacturer to cover consumer durables. If a product fails because of subpar manufacturing or craftsmanship, it is typically covered for the cost of replacement or repair.

With the rising interest of consumers in expensive electronic items and vehicles, the market for extended warranty is booming. The increasing requirement for regular maintenance and repair of smartphones and home appliances costs a hefty amount, nearly one-fifth of the unit price, positively influencing the consumer demand for the extended warranty on electronic products to avoid unexpected expenses. Further, the transferability of extended warranty provided by the leading companies so that the product is covered after being transferred to other owners is also enhancing the extended warranty market growth. Additional benefits like on-site services and hassle-free replacements offered by various companies are boosting the market growth for extended warranties.

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Top 6 Global Extended Warranty Companies:

American International Group, Inc.

With operations in almost 80 nations and regions, AIG is a leading global insurance company. Through the General Insurance and Life & Retirement business segments, the company offers a wide range of property casualty insurance, retirement solutions, life insurance, and other financial services to help its customers in both their professional and personal lives.

AmTrust Financial

A worldwide corporation called AmTrust Financial Services Inc., it provides products for property and liability insurance. The firm is primarily concerned with providing coverage for small to medium-sized businesses, with a focus on speciality variety and low-hazard risk. The company provides warranty programs and risk management expertise to small businesses, insurance protection firms, professional and financial services firms, retailers, and manufacturers across the globe.

Asurion

Asurion is a privately held company based in Tennessee, that offers insurance for tablets, appliances, consumer electronics, smartphones, satellite receivers, and jewellery. The company provides solutions to every problem and believes technology should work for everyone. It offers extended warranty with extended protection to every individual.

CARCHEX

CARCHEX aids with extended warranty coverage and sells vehicle service contracts for third-party providers. The company provides extended vehicle protection plans for its customers to ensure that their vehicles are in good mechanical condition and to help them prevent expensive repair bills. Its vehicle protection plans are completely transferable and increase the resale value of its users’ vehicles.

CarShield, LLC

CarShield LLC aims to provide the best vehicle service contracts for all customers at very affordable prices. In order to provide its customers with the finest coverage and extended auto warranties, the company shops the motor vehicle service contract market.

Assurant, Inc.

Assurant, Inc. is a leading global business services company that protects, supports, and connects major consumer purchases. The company introduces new ideas to the marketplace that turn insights into a competitive advantage. The company provides risk management services, products, and solutions. Assurant aids consumers by exceeding their expectations with complete, flexible, fully supported service solutions as well as extended warranties.

Also Read@ https://www.expertmarketresearch.com/pressrelease/global-extended-warranty-market