The Global Extended Warranty Market was valued at USD 126.79 Billion in 2021 and is expected to reach USD 256.82 Billion by 2030, growing at a CAGR of 7.30% during 2021-2030.
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Market Growth Factors:
The automotive sector is witnessing a surge in warranty services, a catalyst propelling market expansion. Despite meeting rigorous specifications and test criteria mandated by automotive OEMs, component failures in the field remain a challenge. Often, these failures occur due to inadequate representation of stress factors within OEM specifications or damage inflicted by other interconnected components, potentially sourced from different suppliers. Additionally, modifications made to vehicle environments by OEMs without supplier involvement can trigger failures.
In today’s interconnected landscape, smartphones and gadgets hold indispensable roles in daily life. As a consequence, safeguarding electronic products to prolong their lifespan has emerged as a crucial consumer demand. This burgeoning need is driving significant growth in value-added service offerings, particularly in the electronics industry within emerging economies.
Extended warranties, essentially service agreements extending the manufacturer’s warranty, have gained prominence. For instance, if a new smartphone comes with a one-year manufacturer’s warranty, purchasing an extended warranty plan can further extend coverage for another year. Service providers typically offer these extended warranties, giving customers the option to include additional coverage at the point of purchase or when the standard warranty nears expiration. These plans cater to users seeking a seamless experience and prolonged device lifespan.
Manufacturer warranties often exclude accidental damage to devices like smartphones, cameras, and laptops. Herein lies the significance of service providers’ ‘damage protection’ plans, shielding customers from incidental damage and averting potentially steep repair costs. Device screens and displays, susceptible to physical and liquid damage, entail repair expenses amounting to nearly 40 percent of the device price. The burgeoning reliance on smartphones is expected to escalate the repair services market at a faster pace than the underlying industry growth.
Emerging markets, especially, are poised for expansion in the smartphone protection market. There’s a growing demand and awareness of after-sales services, catalyzing a “right to repair” movement in Western nations. Initiatives in the United States and the European Union aim to facilitate access to replacement parts in local repair shops for up to a decade post-manufacture, encouraging self-repair and endorsing energy efficiency while curbing environmental waste. Service providers enrich lives by offering on-the-spot repairs and fostering long-term value through customer-centric commitments.
Key Market Segments:
- By Type
- By Application
- By End-User
- By Region
Major listed Vendors: Corporate Warranties India Pvt. Ltd, Chubb Limited, Advanced American Auto Warranty Services LLC, Allianz Global Assistance, Amtrust Financial Services, Inc., Assurant, Inc. (The Warranty Group, Inc.), SquareTrade, Inc., American International Group, Inc., Asurion LLC and other key Vendors.
By region:
- North America (US, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Spain, Russia, Rest of Europe,)
- Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (UAE, Saudi Arabia, Qatar, South Africa, and Rest of Middle East & Africa)
Competitive analysis:
The competitive analysis section of the Global Extended Warranty Market research report provides a detailed study of the competitive landscape within the market. It aims to identify and assess key market players, their strategies, and their impact on overall market dynamics. Each company’s profile provides insight into its business profile, product portfolio, geographic presence, and recent developments. This information helps stakeholders to gain a comprehensive understanding of market participants and their capabilities.
In addition, competitive analysis examines the market share held by each major player and assesses their position within the market. Assessing relative market strength considers factors such as revenue, market capitalization, and market share growth over time. By understanding the distribution of market shares, industry participants can identify key players and their market power.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Extended Warranty Market Size, Share, and COVID-19 Impact Analysis, By Type (Leisure, Business, Adventure, Family Travel, Other), By Destination (domestic, international), By Payment Plan (Installment plan, Deferred Payment Plan, Others), By Distribution Channel (Travel Agencies, Airlines, Hotels, tour operators, and other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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Global Extended Warranty Market research report aims to answer the following key questions:
- What are the main products/services offered in the market and how are they evolving to meet changing consumer demands?
- What are the key technological advances and innovations impacting the market and how will they affect the competitive landscape?
- What are the key distribution channels and marketing strategies market players employ to effectively reach their target audience?
- What are the price trends in the market, and how do prices change across different product segments and geographies?
- How will changing demographic patterns, such as age groups and income levels, affect consumer behaviour and market demand?
- What are the key cost factors and factors that influence the profitability of companies in the Global Extended Warranty Market?
- How will sustainability and environmental considerations affect consumer preferences and market growth in this sector?
- What are the investment opportunities and challenges for new entrants and investors looking to enter the market?
- How do government policies and regulations impact market dynamics and shape industry strategies?
- What are the current supply chain trends and challenges in the market, and how do they affect product availability and pricing?
- What are the levels of customer satisfaction and loyalty within the market, and how do market participants differentiate in terms of service quality?
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