United States Extended Warranty Market 2023-2028 | Industry Overview Size, Share, Report Analysis

How Big is the United States Extended Warranty Market?

The United States extended warranty market size reached US$ 55.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 81.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.

What is Extended Warranty?

An extended warranty is a supplemental agreement that prolongs the coverage of a standard warranty for a specific item. It is available for various products, including electronics, appliances, and vehicles. It can vary in their terms and conditions, but they commonly cover repair or replacement of the item in case of defects or malfunctions. It may also include additional benefits, such as coverage for accidental damage or components not covered by the original warranty. It offers consumers an extended period of protection beyond the initial warranty's expiration date. As consumers often consider purchasing extended warranty as a means of safeguarding their investments and minimizing unexpected repair costs, the demand for extended warranty is rising in the United States.

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United States Extended Warranty Market Trends and Drivers:

The rapid advancements in technology are leading to an increase in the purchase of high-end consumer electronics, such as smartphones, laptops, and smart home devices, in the United States. Consumers often seek extended warranties to protect their investments in these expensive gadgets. Besides this, the automotive industry plays a significant role in the extended warranty market. As vehicles become more complex with advanced electronics and systems, consumers are more inclined to opt for extended warranties to cover potential repair costs in the country. In addition, with a higher rate of homeownership, there is an increasing demand for extended warranties on household appliances like refrigerators, washing machines, and heating, ventilation, and air conditioning (HVAC) systems. These warranties provide assurance against unexpected breakdowns. Moreover, many retailers and e-commerce platforms in the United States offer extended warranties as part of their sales strategy. These partnerships make it convenient for consumers to purchase extended coverage at the point of sale (POS). Apart from this, products are becoming more intricate over time, making repairs and replacements more expensive. Extended warranties help consumers mitigate the financial burden of potential repairs, which is bolstering the growth of the market in the United States.

The report segmented the market on the basis of 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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Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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