United States Extended Warranty Market is Set for Strong Growth and Reach Around US$ 81.3 Billion by 2028

IMARC Group's report titled " United States Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ". 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.

Factors Affecting the Growth of United States Extended Warranty Industry:

• Growth of Consumer Electronics and Appliances Sector:
The extended warranty market in the United States has witnessed significant growth, primarily driven by the increasing demand for consumer electronics and appliances. With the rapid advancement of technology and the ever-expanding range of electronic devices available to consumers, there is a growing need for protection plans that offer coverage beyond the warranty of the manufacturer. Consumers want peace of mind knowing that their expensive gadgets and appliances are safeguarded against unexpected breakdowns. As a result, many retailers and manufacturers have partnered with extended warranty providers to offer these plans as add-on options at the point of sale. The consumer electronics and appliances sector include products such as, smartphones, laptops, refrigerators, washing machines, and more. The high replacement and repair costs associated with these items make extended warranties an attractive choice for consumers, thereby contributing to the growth of this market segment.

• Expanding Automobile Industry:

The automotive industry has also played a pivotal role in driving the extended warranty market in the United States. Modern vehicles are equipped with advanced technologies and intricate components, making them more susceptible to mechanical failures and expensive repairs. This has led to a rise in the popularity of extended auto warranties. Consumers are increasingly opting for extended warranty coverage to protect their investment in vehicles and avoid unexpected repair expenses. Additionally, the rise of electric and hybrid vehicles has further amplified the need for extended warranties, as these vehicles come with unique and costly components that require specialized maintenance and repairs. As a result, automotive manufacturers and dealerships have capitalized on this trend by offering extended warranty packages to entice consumers and boost consumer loyalty.

• Growing Awareness About the Benefits of Extended Warranties:

Another significant factor driving the United States extended warranty market is the increasing awareness among consumers about the benefits of extended warranties and the availability of customizable coverage options. As consumers become more informed about their rights and the potential risks of product breakdowns, they are more inclined to invest in extended warranty plans. Additionally, extended warranty providers have responded to consumer demands by offering customizable plans that cater to specific needs and budgets. This customization allows consumers to tailor their coverage to match the value and vulnerability of their purchases, creating a sense of empowerment and value for money.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/united-states-extended-warranty-market

United States Extended Warranty Market Report Segmentation:

By Coverage:

• Standard Protection Plan
• Accidental Protection Plan

Standard protection plan dominates the market due to its broad appeal and comprehensive coverage, catering to a wide range of consumer needs.

By Application:

• Automobiles
• Consumer Electronics
• Home Appliances
• Mobile Devices and PCs
• Others

Automobiles hold maximum number of shares due to the high demand for coverage plans to protect consumers from unexpected repair costs associated with their vehicles.

By Distribution Channel:

• Manufacturers
• Retailers
• Others

Manufacturers represent the largest segment due to their direct involvement in offering warranty coverage for their products, ensuring customer satisfaction and enhancing brand reputation.

By End User:

• Individuals
• Business

Individuals dominate the market due to the widespread adoption of extended warranty plans by consumers seeking to protect their valuable purchases.

Regional Insights:

• Northeast
• Midwest
• South
• West

South's dominance in the United States extended warranty market is attributed to its population density and a higher demand for consumer goods, resulting in increased warranty purchases.

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5975&flag=C

United States Extended Warranty Market Trends:

The rapid growth of e-commerce and online retail has had a significant impact on the extended warranty market in the United States. With more consumers making purchases online, retailers have recognized the need to provide extended warranty options to boost consumer confidence and differentiate themselves from competitors. This trend is particularly evident in the sale of consumer electronics, appliances, and even automotive parts. Additionally, another driving force behind the extended warranty market is the increasing complexity of products and rising repair costs. As technology evolves, products are becoming more intricate and sophisticated, making repairs more challenging and expensive. For instance, smartphones now incorporate delicate components and high-resolution displays, making them costly to fix when damaged.

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

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