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North America holds a significant share of the extended warranty industry owing to the rising disposable income. This is increasing consumer electronics ownership, hence surging the demand for extended warranty and aiding the market growth. The United States has one of the largest car ownerships in the world, which is consequently boosting the market for extended warranty. Moreover, the incorporation of various other services in extended warranty by the leading companies is increasing its demand, therefore propelling the market growth. The rising demand for premium products, which are expensive to maintain and repair, is surging the use of extended warranties, consequently augmenting the industry growth. Apart from this, the Asia Pacific region is also witnessing robust growth owing to the rising awareness regarding consumer electronics. The emergence of small and medium-sized enterprises is increasing the demand for extended warranty for business, which is invigorating the market growth in the region, therefore contributing significantly to the overall industry growth.
Assurant, Inc. (NYSE: AIZ), one of the leading players in the industry, announced its partnership with The London Electric Vehicle Company (LEV) to provide extended warranty solutions for their commercial electric vehicles in January 2021. The proposition, LEVC One, would cover LEVC electric TX black cabs and VN5 electric van models. The proposition closely resembles the Original Equipment Manufacturer Original (OEM) initial offering and would manage the day-to-day claim management by offering its customer service to vehicle owners and allowing LEVC to focus on its core business activity. LEVC One includes a standard warranty for five years and 150,000 miles for the vehicle, eight years and 150,000 miles for the battery, and extended warranty of six years. Such partnerships are not only expanding the footprint of the company but also aiding the market growth for extended warranty.
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The major players in the global market for extended warranty are American International Group, Inc., AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, and Assurant, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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