The global extended warranty market size was US$ 121.8 billion in 2021. The global extended warranty market is expected to grow to US$ 261.9 billion by 2030, registering a compound annual growth rate (CAGR) of 7.6% during the study period from 2022 to 2030.
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An extended warranty covers repairs of a product beyond the manufacturer’s warranty. Similar to explicit warranties, extended warranties are subject to restrictions and conditions, and coverage may be revoked in the event of a violation by the buyer. The majority of the time, extended warranties are offered on expensive things like automobiles, electronics, and appliances.
Factors Influencing the Market
The rising awareness about the potential benefits of the extended warranty will primarily drive the growth of the extended warranty market during the analysis period. Moreover, the rising purchase of highly expensive consumer electronics and vehicles is expected to bring growth opportunities for the extended warranty market during the analysis period.
The cost-effectiveness of an extended warranty will drive the market forward. A significant sum, equivalent to about one-fifth of the unit price, is spent on the routine maintenance and repair of cellphones and household appliances. An extended warranty reduces the cost of maintenance, which will contribute to the market growth during the study period.
Furthermore, extended warranty options for these products are projected to keep dominating the market since they are always improving. Further, the constantly declining cost of extended warranty will escalate the market growth during the analysis period.
Competitors in the Market
ASSURANT, Inc.
American International Group, Inc.
AXA
AmTrust Financial
Asurion
CARCHEX
CarShield, LLC
Endurance Warranty Services, LLC
Edel Assurance
SquareTrade, Inc
Other Prominent Players
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The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Extended Warranty industry experienced notable growth in its workforce. Starting in January, employment within the Extended Warranty sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Extended Warranty output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Extended Warranty output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Extended Warranty market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Extended Warranty market.
Market Segmentation
The global extended warranty market segmentation focuses on Distribution Channel, Coverage, Application, End-Users, and Region.
By Distribution Channel
Manufacturers
Retailers
Others
By Coverage
Standard Protection Plan
Accidental Protection Plan
By Application
Automobiles
Consumer Electronics
Home Appliances
Mobile Devices and PCs
Others
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By End User
Individuals
Business
By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
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Table of Contents:
Chapter 1: Introduction to the Global Extended Warranty Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Extended Warranty Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Extended Warranty Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Extended Warranty Market Size (2023-2031)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Extended Warranty market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Extended Warranty market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Extended Warranty business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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