IMARC Group, a leading market research company, has recently releases report titled “Extended Warranty Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global extended warranty market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Table of Contents
Industry Overview of Extended Warranty
An extended warranty is a contractual agreement between the purchaser and the warranty provider that extends the coverage of the product beyond the standard warranty period. It comprises manufacturers extended warranties, which are offered by the original manufacturer of the product and are often an extension of the original warranty. It also consists of third-party extended warranties, which are purchased from independent warranty providers and can cover a broader range of issues, including accidental damage. It often includes convenient repair or replacement processes, providing in-home repairs, and minimizing the inconvenience of transporting a malfunctioning product to a service center. It also offers transferable coverage, where warranties are transferable to a new owner if the current owner decides to sell or gift the product, potentially increasing its resale value. It is availed by carefully reviewing the terms and conditions to understand what is included and excluded from the warranty. It can be purchased for various durations, ranging from a few months to several years. It provides financial security by covering repair or replacement costs that may otherwise be unexpected and expensive. It also enables individuals to use a product with confidence, knowing that potential issues are addressed even after the standard warranty expires. It can result in significant savings if the covered product requires repairs or replacement.
How Big Is the Extended Warranty Market?
The global extended warranty market size reached US$ 139.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 232.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032.
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What are the growth prospects and trends in the extended warranty industry?
At present, the increasing demand for personalized warranty plans that cater to their specific needs and usage patterns, driven by a desire for more value and relevance in warranty offerings, represents one of the crucial factors impelling the growth of the market. Brands are also adapting their product portfolios to offer modular and customizable extended warranty plans, which allow individuals to select coverage options that align with their individual requirements, fostering a sense of control and satisfaction. Besides this, the rising purchase of various electronic products like smart televisions (TVs), smartphones, tablets, laptops, washing machines, and refrigerators is contributing to the market growth.
In addition, as products are becoming more complex and integrated with cutting-edge technologies, individuals are recognizing the importance of comprehensive coverage that goes beyond basic manufacturer warranties. This is leading to the emergence of extended warranty plans that cover not only traditional mechanical failures but also include protection against software malfunctions, electronic components, and connectivity issues. Apart from this, the increasing integration of internet of things (IoT) devices and smart technology is driving the need for innovative warranty solutions as people seek assurances for the longevity and performance of their interconnected devices.
Additionally, as people are becoming more informed about the potential risks and costs associated with product breakdowns, they are becoming inclined towards investing in flexible warranty plans for added assurance. Moreover, the increasing employment of effective marketing strategies by warranty providers to emphasize the financial and practical advantages of extended coverage is bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
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: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Allianz Assistance (Allianz SE)
- American International Group Inc.
- AmTrust Financial
- Assurant Inc.
- Asurion LLC
- Axa S.A.
- Carchex
- CarShield LLC
- Chubb
- Edel Assurance LLP
- Endurance Warranty Services LLC
- SquareTrade Inc. (The Allstate Corporation)
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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