Extended Warranty Market - 2022 by Manufacturers, Regions, Size, Share, Forecast to 2028 | by Assurant Inc, (U.S.) American International Group Inc, (U.S.) AXA (France) AmTrust Financial Services (U.S.) Asurion (U.S.) CARCHEX

New Jersey, United States - Analysis of Extended Warranty Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The Extended Warranty Market is anticipated to increase at a Compound Annual Growth Rate (CAGR) of 9.77% from 2022 to 2030, reaching USD 294.7 billion. If the damage is the result of a manufacturing flaw or poor quality, it often covers the cost of repairing or replacing the product. Manufacturers or retailers often offer it for electrical, electronic, and automotive equipment. Although these goods often come with a one-year warranty, extended warranties can offer further protection against a variety of product flaws after the original warranty has run out.

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Due to their affordability and features that provide additional protections, such as coverage for mechanical and electronic failures of devices not covered by the original guarantee, extended warranty services have grown over the past few years. Regular maintenance and unintentional harm, such as liquid spills, theft, or broken screens, are covered by the extended warranty. Therefore, the primary factor driving market expansion is customers' increased worry over the safety of their electronic equipment after the original warranty has expired. Demand for extended warranty services is also rising as a result of an increase in consumers who are price sensitive and a shift in consumer preferences toward a convenient after-product sales experience.

Increased awareness of extended warranties - As the advantages of extended warranties on the internet or through brand stores become more widely known, people are choosing to do so. Depending on the package the consumer selects, it can last up to three to five years beginning after the manufacturer's warranty ends. Consumers can extend their coverage against unnecessary repair charges beyond the initial warranty period for a nominal fee.
increasing demand for warranty extensions to save maintenance costs - Consumers who care about price are driving up post-sale service standards for businesses by demanding longer product lives and comfortable after-sales experiences.

Segment Analysis:

Product adoption is also being fueled by robust sales of luxury cars and consumer devices like smartphones, tablets, laptops, and wearables. Leading businesses are also driving up the market by offering value-added services like easy replacement and door-to-door service while using digitised technology for extended warranty claims & resolution. Inflation of consumer disposable income, rising demand to increase the life and value of items, and high repair and maintenance expenses are some other drivers driving market expansion.

As a result, businesses are providing extended warranty options in an effort to keep customers, which has had a substantial positive impact on the market's expansion. Extended warranties are becoming more popular among consumers as a worry-free option because they can prevent unanticipated financial losses caused by high repair expenses. Additionally, other advantages like on-site service and simple replacement provided by various businesses are promoting the expansion of the extended warranty industry. Increasing use of electronics in homes The rising cost of routine smartphone and home appliance maintenance and repair can reach astronomical heights of almost a quarter of the original unit cost. To avoid unpleasant financial surprises, people choose extended warranties on electronic items, which is fueling the market's expansion.

Increasing use of electronic gadgets in emerging nations - Increasing employment prospects, technological development, and market digitization are all factors contributing to this trend. As a result, there is a rising demand for these popular and often used technological products. As a result, the pace of development and digitization is accelerating globally, which is good for the global market.

Boom in the automotive industry - The transportation and automotive industries have seen consistent growth over the last few years. The demand for warranty extensions will rise quickly along with the significant rise in auto sales. While the automotive industry is anticipated to do well during the projection period, the market for extended warranties will also do well.

Regional Analysis:

Among all regions, Asia-Pacific is the market leader for extended warranties due to the accessibility of cutting-edge technologies and processes that enable the manufacture of sophisticated and modern equipment. The global extended warranty industry has a number of drawbacks in addition to these benefits, such as expensive equipment manufacture and delivery expenses. Many potential businesses are searching for solutions to this issue in order to make the manufacturing and distribution of electrical gadgets profitable.

Consumers in Europe and North America are already well aware of the advantages of extended warranties and purchase them with every product. As a result, it is anticipated that growth in these regions will be constant and that the CAGR will also be among the slower climbers.

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Competitive Analysis:

Assurant, Inc. (U.S.) American International Group Inc. (U.S.) AXA (France) AmTrust Financial Services (U.S.) Asurion (U.S.) CARCHEX, LLC (U.S.) CarShield LLC (U.S.) Endurance Warranty Services (U.S.) Edel Assurance, LLC (India) SquareTrade Inc. (U.S.)

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