Extended Warranty Market Size To Grow by US$ 182.3 Billion by 2027 | Globally, At CAGR of 6.70%
IMARC Group has recently released a new research study titled, “Extended Warranty Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the extended warranty market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global extended warranty market size reached a value of US$ 121.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 182.3 Billion by 2027 exhibiting a CAGR of 6.70% during 2022-2027.
Extended Warranty Definition:
An extended warranty provides consumers with an optional form of protection on the purchase of high-value goods, such as cars, electronics, and appliances. It works as a service agreement that the buyer can utilize to cover any product repairs or maintenance costs. It comes at an extra charge and offers coverage for any electrical or mechanical issues that may arise with the item. Currently, extended warranty is gaining immense traction across the globe due to the widespread use of premium smartphones and laptops, particularly among young working professionals.
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Extended Warranty Market Trends and Drivers:
The global extended warranty market is primarily driven by rising concerns among consumers regarding the safety of their electronics after the initial warranty period has ended. Moreover, extended warranty plans offer coverage for routine maintenance and unforeseen damage, such as liquid spills, theft, or cracked screens.
In line with this, the escalating demand for extended warranty solutions due to rising value-conscious customers and their preference for a smooth post-sale experience has catalyzed the market growth. Additionally, the increasing sales of high-end vehicles and consumer electronics, including smartphones, laptops, tablets, and wearables, have accelerated product adoption rates.
Other factors, including rising demand for long-lasting and more valuable goods, high repair costs, and inflating consumer disposable incomes, are also anticipated to drive the market further.
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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.
Extended Warranty Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the extended warranty market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
List of Major Key Players:
- Allianz SE
- American International Group Inc
- AmTrust Financial
- Assurant Inc.
- Asurion LLC
- Axa S.A.
- Carchex
- CarShield LLC
- Chubb Limited
- Edel Assurance LLP
- Endurance Warranty Services LLC
- SquareTrade Inc (The Allstate Corporation)
The report has segmented the market on the basis of region, 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:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• 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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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