United States Extended Warranty Market to Worth US$ 81.3 Billion by 2028 | With a Striking 6.9% CAGR - IMARC Group

IMARC Group's report titled " United States Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ". The United States extended warranty market size reached US$ 55.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 81.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028. 

Factors Affecting the Growth of the United States Extended Warranty Industry:

• Increasing Sales of Consumer Electronics: 

The United States extended warranty market is significantly driven by the increasing demand for consumer electronics. As consumers invest in high-end and technologically advanced gadgets such as smartphones, laptops, tablets, and home appliances, the need for extended warranties grows. These warranties offer consumers peace of mind by providing protection beyond the manufacturer's standard warranty period. With the rapid pace of technological advancements, consumers are keen on safeguarding their investments against potential malfunctions or accidents. The extended warranty serves as a safety net, ensuring that repair or replacement costs are covered, thereby reducing unexpected out-of-pocket expenses.

• Expanding Automotive Sector: 

Another factor propelling the extended warranty market in the United States is the growth in the automotive sector. New car sales, along with the rising popularity of pre-owned vehicles, have led to an increased demand for extended warranties. These warranties offer extended coverage for vehicle repairs and maintenance beyond the original warranty period provided by the manufacturer. As vehicles become more complex with the integration of advanced technology, the cost of repairs and parts increases, making extended warranties more attractive to consumers. Extended warranties provide financial security against the high costs of automotive repairs, enhancing consumer confidence in their vehicle purchases.

• Growing Awareness of Protection Plans: 

The growing awareness of protection plans and extended warranties among consumers is a significant driver of the extended warranty market in the United States. Manufacturers, retailers, and service providers are actively promoting these plans, emphasizing the benefits of extended coverage. Consumers are becoming more informed about the potential costs of repairs and are increasingly inclined to invest in extended warranties as a cost-effective way to mitigate these expenses. Additionally, the ease of purchasing extended warranties online and the transparency in terms and conditions have contributed to the market's expansion. As consumers become more financially prudent, they see extended warranties as a valuable tool to manage unexpected expenses, fueling the growth of the market.

For an in-depth analysis, you can refer sample copy of the report:  https://www.imarcgroup.com/united-states-extended-warranty-market/requestsample

United States Extended Warranty Market Report Segmentation:

By Coverage: 

• Standard Protection Plan
• Accidental Protection Plan

The report has provided a detailed breakup and analysis of the market based on the coverage. This includes standard protection plan and accidental protection plan.

By Application: 

• Automobiles
• Consumer Electronics
• Home Appliances
• Mobile Devices and PCs
• Others

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes automobiles, consumer electronics, home appliances, mobile devices and pcs, and others.

By Distribution Channel: 

• Manufacturers
• Retailers
• Others

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes manufacturers, retailers, and others.

By End User: 

• Individuals
• Business

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes individuals and business.

By Region:

• Northeast
• Midwest
• South
• West

The report has also provided a comprehensive analysis of all the major regional markets, which include Northeast, Midwest, South, and West.

Ask Analyst for Sample Report:  https://www.imarcgroup.com/request?type=report&id=5975&flag=C

United States Extended Warranty Market Trends:

The industry is experiencing a digital transformation. Consumers can now easily purchase extended warranties online, compare different plans, and access digital copies of their warranty documents. This trend enhances convenience and transparency in the buying process. Besides, extended warranty providers are offering more tailored plans to meet the specific needs of consumers. This includes customizable coverage options, such as coverage for individual electronic devices or specific components of a vehicle. Personalization enhances the value of extended warranties for consumers.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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