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Global Extended Warranty Market: By Coverage: Standard Protection Plan, Accidental Protection Plan; By Application: Automobiles, Consumer Electronics, Others; By Distribution Channel; By End User; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Extended Warranty Market Outlook
The global extended warranty market attained a value of about USD 105 billion in 2020. The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 7.03% to reach nearly USD 158 billion by 2026.
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Expensive Maintenance and Repair of Consumer Electronics Boosting the Market for Extended Warranty
As expensive consumer electronics and vehicles are becoming a crucial part of one’s lifestyle, the market for extended warranty is flourishing. The increasing requirement of regular maintenance and repair of smartphones and home appliances can cost a hefty amount of nearly one-fifth of the unit price. This is why consumers are opting for an extended warranty on electronic products to prevent unexpected finances, which is propelling the market growth. In addition, the transferability of extended warranty provided by the leading companies so that the product is covered after being transferred to other owners is also augmenting the industry growth. Moreover, various automotive companies are offering innovative extended warranty solutions to increase their sales and mitigate losses due to the COVID-19 pandemic. This is further invigorating the growth of the extended warranty industry.
The rising demand to extend the product life and get stress-free post-sales experience by value-conscious consumers is increasing the quality of after services offered by many companies. Therefore, companies are providing extended warranty solutions to enhance consumer loyalty, which is significantly contributing to the market growth. As extended warranty can prevent unpredictable financial loss owing to the high costs of repair, it is increasingly adopted by consumers to avoid anxiety. Moreover, additional benefits such as on-site services and hassle-free replacements offered by various companies are augmenting the market growth for extended warranty.
Extended Warranty: Market Segmentation
An extended warranty, variously known as a service contract, is a prolonged warranty that covers the cost of maintenance and repair of a product. It can be offered by manufacturers, retailers, or a third-party service. Extended warranties are generally provided for automobiles and consumer electronics and cover the electronic and mechanical breakdown of the product.
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The major coverages of extended warranty are:
- Standard Protection Plan
- Accidental Protection Plan
The market can be broadly categorised on the basis of its applications into:
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
Based on distribution channels, the market is divided into:
- Manufacturers
- Retailers
- Others
On the basis of end user, the market is bifurcated into:
- Business
- Individuals
The EMR report looks into the regional markets of extended warranty like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Improvement of After-Sale Services Through Digitisation to Bolster the Growth of the Extended Warranty Industry
The leading companies are digitising extended warranty processes for consumers to file claims for their products with just a click. This eliminates the use of receipts while generating faster and more efficient responses. The rising demand for technical assistance with an extended warranty is leading companies to provide product installation and remote diagnosis in consumer electronics. This is improving extended warranty services, therefore invigorating the industry growth. Furthermore, the introduction of extended warranty solutions, which offer tech refresh options to allow consumers to exchange their electronic devices for the latest model, is increasing the demand for extended warranty, therefore accelerating the market growth.
The integration of artificial intelligence and machine learning to handle queries and claims by chats, phones, and online forms is increasing the demand for extended warranty among businesses and individuals. This is augmenting the market growth. The increasing attempts by manufacturers to prioritise customer services while offering an extended warranty through various initiatives are expected to propel the market growth. The manufacturers are offering transparency of duration and coverage of extended warranty programs to build customer loyalty. This is increasing the demand for extended warranty, hence invigorating the market growth. Moreover, the personalisation of extended warranty with details relevant to consumers’ products is anticipated to fuel the industry growth.
Key Industry Players in the Global Extended Warranty Market
The report presents a detailed analysis of the following key players in the global extended warranty market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- American International Group, Inc.
- AmTrust Financial
- Asurion
- CARCHEX
- CarShield, LLC
- Assurant, Inc.
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Coverage, Application, Distribution Channel, End User, Region |
| 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 | Business, Individuals |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | American International Group, Inc., AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, Assurant, Inc., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Extended Warranty Market Analysis
8.1 Key Industry Highlights
8.2 Global Extended Warranty Historical Market (2018-2022)
8.3 Global Extended Warranty Market Forecast (2023-2028)
8.4 Global Extended Warranty Market by Coverage
8.4.1 Standard Protection Plan
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Accidental Protection Plan
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Extended Warranty Market by Application
8.5.1 Automobiles
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Consumer Electronics
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Home Appliances
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Mobile Devices and PCs
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Others
8.6 Global Extended Warranty Market by Distribution Channel
8.6.1 Manufacturers
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Retailers
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Others
8.7 Global Extended Warranty Market by End User
8.7.1 Business
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Individuals
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.8 Global Extended Warranty Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
9 North America Extended Warranty Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Extended Warranty Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Extended Warranty Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Extended Warranty Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Extended Warranty Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 American International Group, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 AmTrust Financial
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Asurion
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 CARCHEX
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 CarShield, LLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Assurant, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Extended Warranty Market: Key Industry Highlights, 2018 and 2028
2. Global Extended Warranty Historical Market: Breakup by Coverage (USD Billion), 2018-2022
3. Global Extended Warranty Market Forecast: Breakup by Coverage (USD Billion), 2023-2028
4. Global Extended Warranty Historical Market: Breakup by Application (USD Billion), 2018-2022
5. Global Extended Warranty Market Forecast: Breakup by Application (USD Billion), 2023-2028
6. Global Extended Warranty Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2022
7. Global Extended Warranty Market Forecast: Breakup by Distribution Channel (USD Billion), 2023-2028
8. Global Extended Warranty Historical Market: Breakup by End User (USD Billion), 2018-2022
9. Global Extended Warranty Market Forecast: Breakup by End User (USD Billion), 2023-2028
10. Global Extended Warranty Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Extended Warranty Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Extended Warranty Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Extended Warranty Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Extended Warranty Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Extended Warranty Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Extended Warranty Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global Extended Warranty Market Structure
Key Questions Answered in the Report
In 2020, the global extended warranty market attained a value of nearly USD 105 billion.
The market is projected to grow at a CAGR of 7.03% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 158 billion by 2026.
The market is being driven by the expensive maintenance and repair of various products, the rising demand to extend the life and value of products, and innovative extended warranties offered by various companies.
The industry is expected to be driven by the digitisation of extended warranty solution, improvements in after-sales services to build consumer loyalty, and the introduction of tech refresh options in extended warranty solutions.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different coverages of extended warranty are standard protection plan and accidental protection plan.
The major applications of extended warranty in the industry are automobiles, consumer electronics, home appliances, and mobile devices and PCs, among others.
The significant distribution channels in the market are manufacturers, and retailers, among others.
The major end users of extended warranty are business and individuals.
The major players in the industry are American International Group, Inc., AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, and Assurant, Inc., among others.
Analyst Review
The global extended warranty market attained a value of nearly USD 105 billion in 2020, driven by the increasing cost of repair and maintenance services. Aided by the rapid digitisation of extended warranty solutions, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 7.03%. The market is projected to reach about USD 158 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its coverages, the extended warranty industry can be segmented into standard protection plan and accidental protection plan. By applications, the market is categorised into automobiles, consumer electronics, home appliances, and mobile devices and PCs, among others. On the basis of distribution channels, the industry is divided into manufacturers and retailers, among others. Based on end users, the market is bifurcated into business and individuals. The major regional markets for extended warranty are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include American International Group, Inc., AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, and Assurant, Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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