According to a new report published by Allied Market Research, titled, "Extended Warranty Market," The extended warranty market was valued at $129.65 billion in 2022, and is estimated to reach $284.7 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.
Increased awareness of extended warranty policies among consumers has led to the development of extended warranty in the insurance market. In addition, surge in adoption of smartphones, computers, home appliances, and other products has increased the use of extended warranty coverage for the repair or replacement of parts of the expensive items, which in turn, propels the market growth.
However, the considerable decline in shipments of personal computers (PCs) worldwide, is one of the key factors restraining the growth of the extended warranty market. On the contrary, the expansion of complex and sophisticated product and service are fostering the demand for additional warranty coverage, which is likely to pave growth opportunities for the global market. In addition, the untapped potential of emerging economies is providing lucrative opportunities for the market growth during the forecast period.
The extended warranty market is segmented based on coverage, application, distribution channel, end user, and region. By coverage, the market is bifurcated into standard protection plan and accidental protection plan. By application, the market is divided into automobiles, consumer electronics, home appliances, mobile devices & PCs, and others. By distribution channel, the market is segregated into manufacturers, retailers, and others. By end user, the market is divided into business and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players profiled in the extended warranty market analysis are Assurant, Inc., American International Group, Inc., AXA, AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, Endurance Warranty Services, LLC, Edel Assurance, and SquareTrade, Inc. These players have adopted various strategies, including partnership, collaboration, product launch, and developments to increase their market penetration and strengthen their position in the industry.
Key benefits for stakeholders
- The study provides in-depth analysis of the extended warranty market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the extended warranty market size are provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the extended warranty market from 2023 to 2032 is provided to determine the market potential.
- Key market segments
By Coverage
- Standard Protection Plan
- Accidental Protection Plan
By Distribution Channel
- Manufacturers
- Retailers
- Others
By Application
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices & PCs
- Others
By End User
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key market players
- ASSURANT, INC.
- American International Group, Inc.
- AXA
- AmTrust Financial
- Asurion
- CARCHEX
- CarShield, LLC
- Endurance Warranty Services, LLC
- Edel Assurance
- SquareTrade, Inc.
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Key Market Segments
By Covergae
- Standard Protection Plan
- Accidental Protection Plan
By Distribution Channel
- Manufacturers
- Retailers
- Others
By Application
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
By End User
By Region
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players:
- Assurant, Inc.
- American International Group, Inc.
- Asurion
- CARCHEX
- Endurance Warranty Services, LLC
- Edel Assurance
- AXA
- AmTrust Financial
- CarShield
- SquareTrade, Inc.