According to a report published by Next Move Strategy Consulting, 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
Driving Market Growth: Warranty Services and Device Protection
The automotive industry is evolving, with the expansion of warranty services playing a pivotal role. While components often meet specifications, real-world stresses can lead to unexpected failures. Automotive OEMs, in their pursuit of excellence, sometimes provide insufficient specifications and test criteria, resulting in field failures. These failures can also be attributed to defects in other vehicle components, leading to multiple suppliers sharing responsibility. Furthermore, changes made by OEMs to the vehicle environment can cause unforeseen issues, often without supplier involvement.
In our increasingly interconnected world, smartphones and gadgets have become integral to daily life. This has created a growing need to safeguard electronic products and extend their longevity. This emerging consumer demand is a driving force behind value-added service offerings in the electronics industry, particularly in emerging economies.
Extended Warranty: Protecting Your Investments
Extended warranties are a simple solution to ensure peace of mind for your valuable electronics. These service agreements extend the manufacturer’s warranty, allowing you to protect your investment for an extended period. Imagine extending your new smartphone’s standard one-year warranty by another year with ease. Service providers offer extended warranties, giving customers the option to add this coverage at the time of purchase or just before the standard warranty expires. It’s the perfect choice for those seeking a hassle-free experience and a longer device lifespan.
Shielding Your Devices: Damage Protection Plans
Manufacturers typically don’t cover accidental or incidental damage to devices like smartphones, cameras, and laptops. But worry not; service providers have you covered with their ‘damage protection’ plans. These plans shield you from the financial burden of repair costs caused by physical or liquid damage. For instance, repairing a damaged screen or display can cost up to 40 percent of the device’s price, making these plans a smart investment. As our reliance on smartphones grows, the repair services market is set to outpace the broader industry.
In summary, the expansion of warranty services in the automotive sector and the increasing need for device protection in the electronics industry are shaping our consumer landscape. Extended warranties and damage protection plans offer simple solutions to safeguard your investments and ensure your devices stand the test of time.
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Increase in awareness for extended warranty for brown and white and brown goods benefits the extended warrant market. Due to the high cost of many devices, consumers frequently worry about the safety of their electronic products after the seller’s guarantee has expired. Therefore, provision of extended warranty also helps in rebuilding customer loyalty and thus increased awareness for extended warranty is increasing the market growth. On the other hand, companies who offer extended warranties for consumer electronics have a lot of chances, such those to grow their product and service offerings and provide customers with value-added services. Thus, this demand for White and Brown Goods and brown goods proper the extended warranty market as consumer would want extra protection for their electronics goods.
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