According to the report by Expert Market Research (EMR), the global extended warranty market is projected to grow at a CAGR of 7% between 2024 and 2032. Aided by the increasing demand for high-value consumer goods and the need for prolonged protection, the market is expected to grow significantly by 2032.
Extended warranties, often referred to as service contracts or protection plans, provide additional coverage beyond the standard warranty offered by manufacturers. These warranties cover the cost of repair or replacement of products due to mechanical failures or defects after the original warranty expires. With the escalating prices of consumer goods and the growing complexity of technology, extended warranties are becoming increasingly popular among consumers seeking peace of mind and financial protection against potential costly repairs.
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One of the primary drivers of the global extended warranty market growth is the burgeoning electronics industry. The rapid advancement and adoption of high-tech consumer electronics, such as smartphones, laptops, and smart home devices, have led to a heightened demand for extended warranties. Consumers are more inclined to invest in extended warranties to protect their high-value electronics from technical issues and accidental damage.
The automotive sector also plays a crucial role in propelling the extended warranty market demand. With the rising costs of vehicles and the increasing complexity of automotive technology, consumers are seeking extended warranties to cover expensive repairs and maintenance. This trend is particularly evident in the luxury car segment, where extended warranties are often a crucial factor in the purchasing decision.
Additionally, the home appliances sector contributes significantly to the extended warranty market size. The reliance on essential home appliances like refrigerators, washing machines, and air conditioners has made extended warranties a valuable addition for consumers. These warranties assure the uninterrupted functioning of appliances by covering costs related to repair or replacement.
A key trend observed in the extended warranty market is the integration of technology in service offerings. Companies are leveraging digital platforms and artificial intelligence to streamline warranty management, making it more convenient and user-friendly for customers. Online platforms for purchasing and managing warranties are gaining popularity, providing customers with easy access to services and claims processing.
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Extended Warranty Market Segmentation
The market can be divided based on coverage, application, distribution channel, end user, and region.
Market Breakup by Coverage
- Standard Protection Plan
- Accidental Protection Plan
Market Breakup by Application
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
Market Breakup by Distribution Channel
- Manufacturers
- Retailers
- Others
Market Breakup by End User
- Business
- Individuals
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global extended warranty market. Some of the major players explored in the report by Expert Market Research are as follows:
- American International Group, Inc.
- AmTrust Financial
- Asurion
- CARCHEX
- CarShield, LLC
- Assurant, Inc.
- Others
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