Extended Warranty Market 2023-2028 | Industry Size, Share, Growth, Report
How Big is the Extended Warranty Market ? IMARC Group’s latest report, titled “ Extended Warranty Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ”, the global extended warranty market size reached US$ 130.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 192.9 Billion by 2028 , exhibiting a growth rate (CAGR) of 6.4% during 2023-2028. What is Extended Warranty ? An extended warranty, often referred to as a service contract or protection plan, is an optional purchase that extends the warranty coverage of a product or service beyond the standard warranty offered by the manufacturer. It assists in safeguarding unexpected repair or replacement costs that may arise due to defects or malfunctions. It protects against unexpected repair or replacement costs, reducing financial stress. It can also extend the lifespan of a product by ensuring timely repairs and maintenance. It is c...