Extended Warranty Market Size to Reach $284.7 Billion by 2032 with an 8.4% CAGR

Allied Market Research recently published a report, "Extended Warranty Market 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), By End User (Individuals, Business): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global extended warranty industry generated $122.89 billion in 2021, and is projected to reach $274.94 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031.

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The Standard Protection Plan Segment Had the Lion's Share in 2021

By coverage, the standard protection plan segment accounted for the major share in 2021, accounting for around three-fourths of the global extended warranty market. This is due to the fact that it mainly covers mechanical & electrical breakdowns and several other coverages, which do not come under the manufacturer's warranty. However, the accidental protection plan segment is anticipated to grow at the fastest CAGR of 12.6% throughout the forecast period. Implementation of advance technologies and growing awareness about the security measures for ATM machines drive the segment growth.

The Automobiles Segment to Lead the Trail By 2031

By application, the automobiles segment generated the major share in 2021, garnering more than one-third of the global extended warranty market, owing to surge in sales of extended warranty at the time of purchase of vehicles. The others segment, however, is projected to cite the fastest CAGR of 11.7% during the forecast period.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬, 𝐫𝐞𝐪𝐮𝐞𝐬𝐭 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧@ https://www.alliedmarketresearch.com/request-for-customization/5022?reqfor=covid        

North America Held the Major Share in 2021

By region, the market across North America accounted for the major share in 2021, contributing to nearly two-fifths of the global extended warranty market. On the other hand, the global extended warranty market across Asia-Pacific is expected to cite the fastest CAGR of 11.0% throughout the study period. This is owing to emerging economies, high costs of repairs, several offers & benefits, and better customer experience offered under extended warranties in the province.

Prominent Market Players

American International Group, Inc.

Asurion

CarShield, LLC.

SquareTrade, Inc.

Edel Assurance

AmTrust Financial

AXA

CARCHEX

Endurance Warranty Services, LLC

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/5022

COVID-19 Scenario:

With changing trends and buying behavior, companies are strategically focused on enhancing virtual shopping to provide an integrated physical experience during the pandemic situation.

Consumers are demanding extended warranty claim processes, multiple extended warranty coverage options, and self-service videos via online portals, which in turn had a sheer positive impact on the global extended warranty market.

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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