India Consumer Electronics Extended Warranty Market Future Profits to Reach New Heights with Market Size Growth by 2031

According to the report published by Allied Market Research, the India consumer electronics extended warranty market was estimated at $305.42 billion in 2021 and is expected to hit $1,502.38 billion by 2031, registering a CAGR of 17.5% from 2022 to 2031.

The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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COVID-19 scenario-

1. The consumer electronics extended warranty market in India was negatively impacted by the rising economic uncertainty caused by the pandemic.

2. Due to factors such as job losses, pay cuts, and financial instability, consumers became more cautious in their spending. Consequently, the sales of consumer goods such as appliances, electronics, and durable goods decreased. However, the market has recovered from the pandemic's effects and is now back on track.

Consumer electronics extended warranty protection plan is a separate agreement purchased by consumers and is designed to provide additional protection for their products. An extended warranty, also known as service agreement or protection plan, provides coverage to increase the length of protection for consumer electronics. A consumer can purchase an electronic extended warranty to extend the manufacturer's warranty on an electronic device. Moreover, electronic equipment extended warranties frequently cover the same issues as the original manufacturer's warranty, such as flaws in the materials or workmanship. In addition, extended warranties can be purchased for a variety of electronic products, such as computers, cellphones, televisions, & household appliances, and are often provided by independent businesses or retailers.

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The India consumer electronics extended warranty market is analyzed across product type, distribution channel, and coverage type. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By product type, the mobile & tablets segment held the largest share in 2021, garnering around one-third of the India consumer electronics extended warranty market revenue, and is projected to maintain its dominance by 2031. The kitchen equipment segment, on the other hand, would showcase the fastest CAGR of 21.2% during the forecast period. The laptop & PCs, home entertainment devices, heating & cooling equipment, and others segments are also discussed in the report.

By distribution channel, the retailers segment contributed to nearly two-thirds of the India consumer electronics extended warranty market share in 2021, and is projected to rule the roost by 2031. The others segment, simultaneously, would display the fastest CAGR of 19.2% throughout the forecast period. The manufacturers segment is also discussed in the report.

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By coverage type, the standard protection plan segment accounted for the highest share in 2021, generating more than three-fifths of the India consumer electronics extended warranty market revenue. The accidental protection plan segment, simultaneously, would portray the fastest CAGR of 18.7% during the forecast period.

The key market players analyzed in the India consumer electronics extended warranty market report include Amazon.com, Inc., OnPoint Warranty, Flipkart, ACKO General Insurance Limited, Servify, Zopper, AXA, Onesitego, Securranty, and AmTrust Financial. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.

The retailer channel segment is expected to experience significant growth in the coming years, owing to the retailers offers extended warranties as an additional value-added service to customers, which can help to differentiate the offerings from competitors and increase customer loyalty. Extended warranties are frequently included in the financing options offered by many retailers for electronic devices as a measure to further safeguard the consumer's investment.

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