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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 (2016-2026); 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 2021-2026 at a CAGR of 7.03% to reach nearly USD 158 billion by 2026.

 

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.

 

Global Extended Warranty Market

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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: Industry Definition and 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.

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.

 

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 2020
Historical Period 2016-2020
Forecast Period 2021-2026
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, EMR’s 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.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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    Industry Opportunities and Challenges
8    Global Extended Warranty Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Extended Warranty Historical Market (2016-2020) 
    8.3    Global Extended Warranty Market Forecast (2021-2026)
    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 (2016-2020)
            8.4.1.3    Forecast Trend (2021-2026)
        8.4.2    Accidental Protection Plan
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2016-2020)
            8.4.2.3    Forecast Trend (2021-2026)
    8.5    Global Extended Warranty Market by Application
        8.5.1    Automobiles
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2016-2020)
            8.5.1.3    Forecast Trend (2021-2026)
        8.5.2    Consumer Electronics
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2016-2020)
            8.5.2.3    Forecast Trend (2021-2026)
        8.5.3    Home Appliances
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2016-2020)
            8.5.3.3    Forecast Trend (2021-2026)
        8.5.4    Mobile Devices and PCs
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2016-2020)
            8.5.4.3    Forecast Trend (2021-2026)
        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 (2016-2020)
            8.6.1.3    Forecast Trend (2021-2026)
        8.6.2    Retailers
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2016-2020)
            8.6.2.3    Forecast Trend (2021-2026)
        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 (2016-2020)
            8.7.1.3    Forecast Trend (2021-2026)
        8.7.2    Individuals
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2016-2020)
            8.7.2.3    Forecast Trend (2021-2026)
    8.8    Global Extended Warranty Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2016-2020)
        9.1.2    Forecast Trend (2021-2026)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2016-2020)
        9.2.2    Forecast Trend (2021-2026)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2016-2020)
        9.3.2    Forecast Trend (2021-2026)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2016-2020)
        9.4.2    Forecast Trend (2021-2026)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2016-2020)
        9.5.2    Forecast Trend (2021-2026)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    American International Group, Inc. 
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    AmTrust Financial
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Asurion
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    CARCHEX
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    CarShield, LLC
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Assurant, Inc.
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    Others
12    Industry Events and Developments


List of Figures and Tables

1.    Global Extended Warranty Market: Key Industry Highlights, 2016 and 2026
2.    Global Extended Warranty Historical Market: Breakup by Coverage (USD Billion), 2016-2020
3.    Global Extended Warranty Market Forecast: Breakup by Coverage (USD Billion), 2021-2026
4.    Global Extended Warranty Historical Market: Breakup by Application (USD Billion), 2016-2020
5.    Global Extended Warranty Market Forecast: Breakup by Application (USD Billion), 2021-2026
6.    Global Extended Warranty Historical Market: Breakup by Distribution Channel (USD Billion), 2016-2020
7.    Global Extended Warranty Market Forecast: Breakup by Distribution Channel (USD Billion), 2021-2026
8.    Global Extended Warranty Historical Market: Breakup by End User (USD Billion), 2016-2020
9.    Global Extended Warranty Market Forecast: Breakup by End User (USD Billion), 2021-2026
10.    Global Extended Warranty Historical Market: Breakup by Region (USD Billion), 2016-2020
11.    Global Extended Warranty Market Forecast: Breakup by Region (USD Billion), 2021-2026
12.    North America Extended Warranty Historical Market: Breakup by Country (USD Billion), 2016-2020
13.    North America Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2021-2026
14.    Europe Extended Warranty Historical Market: Breakup by Country (USD Billion), 2016-2020
15.    Europe Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2021-2026
16.    Asia Pacific Extended Warranty Historical Market: Breakup by Country (USD Billion), 2016-2020
17.    Asia Pacific Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2021-2026
18.    Latin America Extended Warranty Historical Market: Breakup by Country (USD Billion), 2016-2020
19.    Latin America Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2021-2026
20.    Middle East and Africa Extended Warranty Historical Market: Breakup by Country (USD Billion), 2016-2020
21.    Middle East and Africa Extended Warranty Market Forecast: Breakup by Country (USD Billion), 2021-2026
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 2021-2026 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 2021-2026, 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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