With 6.9% CAGR, United States Extended Warranty Market Growth to Surpass US$ 81.3 Billion till 2023-28

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 service contract that provides additional coverage for the repair and maintenance of products beyond the standard warranty offered by manufacturers. It can be easily customized according to the needs and preferences of individuals. It is commonly purchased by people to safeguard their investments in various items, such as electronics, appliances, automobiles, and homes. It often includes repairs for wear and tear, component failures, and even accidental damage. It also streamlines claims processes and provides access to authorized repair services, making it convenient for people to address issues with their products. It can be an attractive option for individuals looking for cost predictability as it can help mitigate the unexpected expenses associated with repairs or replacements. It provides protection against certain defects, malfunctions, or breakdowns that may occur after the warranty expires from the manufacturer end. It offers more comprehensive protection, unlike the standard warranty, which covers defects in materials for a limited period. It also provides a peace of mind to individuals by reducing the uncertainty associated with the lifespan and reliability of products. It allows companies to enhance their brand reputation and loyalty among individuals. Besides this, it is beneficial in offering an extra layer of protection and value to products. As it assists in mitigating the financial risk of unforeseen repairs or component failures and allows people to manage their finances more effectively while avoiding unexpected expenses, the demand for extended warranty is rising in the United States.

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United States Extended Warranty Market Trends and Drivers:

Presently, the escalating demand for electronics products, such as smartphones, laptops, wearables, and personal computers (PCs) among the masses, represents one of the major factors influencing the market positively in the United States. Additionally, the increasing awareness among the masses about the benefits of extended warranties is impelling the growth of the market. Apart from this, there is a rise in the demand for customized extended warranty plans among individuals. This, coupled with the growing adoption of extended warranties for vehicles among people, is offering a positive market outlook in the United States. Moreover, the increasing need for extended warranties due to rapid technological advancements and complexities in products that increase the chances of breakdowns and repairs is bolstering the growth of the market in the United States. In line with this, the rising focus on smart home technology is strengthening the market growth. Furthermore, the increasing awareness among individuals about the benefits of extended warranties, such as risk management, extended protection, and convenience, is providing lucrative growth opportunities to industry investors. In addition, rising preferences for hassle-free and convenient post-sales experience of a product, along with the inclusion of extended warranty coverage for energy-efficient appliances and eco-friendly products, are contributing to the market growth in the United States.

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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

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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This release was published on openPR.