Press release
United States Extended Warranty Market Size is Growing at a CAGR of 7.18% During the Forecast Period, 2022-2027
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What are the growth prospects of the United States extended warranty industry?
The United States extended warranty market is expected to exhibit a CAGR of 7.18% during 2022-2027.
Industry Definition and Application:
An extended warranty, also referred to as a service contract, is a policy that stretches the guaranteed duration of a durable consumer good beyond the offer provided by the manufacturer. It is offered by third-party service providers and retailers for electronic appliances and automobiles. An extended warranty compensates for the cost of replacing or repairing the product if it is damaged, owing to a manufacturing defect or improper installation. It keeps the product running smoothly and hassle-free while saving money. An extended warranty also ensures technical assistance and complete guidance from the skilled staff of the service provider to repair the product.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major drivers for the United States extended warranty market?
The escalating demand for ample guarantees among the masses for the protection of electrical and mechanical expenses, such as tire replacement and oil changes, is primarily driving the United States extended warranty market. Besides this, the elevating requirement for these services as they provide additional revenue to resellers and product manufacturers and the increasing consumer preferences for a hassle-free post-sales experience are further augmenting the market growth.
Moreover, the growing popularity of extended warranties as they cover routine maintenance and accidental damages, such as thefts, liquid spillage, or cracked screens, and the rising concerns among consumers about the safety of electronic devices are also catalyzing the market across the United States. Apart from this, the emerging trend of hassle-free replacements and on-site services for faster claim settlements is expected to bolster the United States extended warranty market in the coming years.
Key Market Segmentation:
The report has segmented the market on the basis of region, coverage, application, distribution channel and end user.
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:
• Individuals
• Business
Breakup by Region:
• Northeast
• Midwest
• South
• West
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