Press release
Extended Warranty Market Size, Share, Growth Report and Forecast 2024-2032
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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