Assurance Extended Warranty – Extended Warranty Market Report by Coverage (Standard Protection Plan, Accident Protection Plan), Application (Automotive, Consumer Electronics, Home Appliances, Mobile Devices and PCs and Others), Distribution Channel (Manufacturers, Retailers and Others), End Users (Indv) , Business), and region 2024-2032
Market Overview: The global warranty market size is expected to reach US$139.1 billion in 2023. IMARC Group forecasts the market to reach US$232.8 billion by 2032, showing a CAGR of 5.8% over 2024-2032. Growing demand for financial protection against unexpected errors or damages, increasing sales of high-value goods and increasing complexity of consumer products such as electronics, appliances and automobiles are some of the major factors driving the market.
Assurance Extended Warranty
An extended warranty is a service agreement from a manufacturer or retailer that offers additional coverage beyond the standard warranty period. It is designed to protect consumers from unexpected repair costs and damages that occur after the initial warranty expires. It usually extends the coverage period or expands the range of services provided. Allow customers to repair or replace products according to their requirements, at no extra cost during the extended warranty period. In addition, it helps in providing more protection against mechanical and electronic failures of the products.
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Currently, increasing demand for extended warranties to maintain the security of electronic devices such as tablets, smartphones, laptops and personal computers (PCs) among people across the globe is driving the market growth. Apart from that, the use of extended warranty by car manufacturers to maintain brand loyalty and keep existing customers will boost the market growth. Moreover, the growing preference for a seamless after-sales experience and the convenience of interpersonal products will drive the market growth. Apart from this, increasing customer awareness about their rights will boost market growth. In addition, key players are offering value-added services such as digitizing the warranty process for hassle-free replacement and on-site service and quick claims settlement, offering a positive market outlook.
Increasing complexity of consumer products such as electronics, appliances and automobiles are contributing to the growth of the market. Sophisticated software, complex components and embedded systems are becoming integral parts of these products, making them more prone to technical problems and failures. The complex nature of these modern products make them expensive to repair. Consequently, consumers are increasingly opting for extended warranties to reduce the financial risk associated with potential repairs. Apart from that, manufacturers and retailers provide their customers with extended warranty coverage to ensure full support and protection beyond the standard warranty period.
Consumers want quick reassurance and peace of mind when making important purchases. Buying valuable products such as expensive smartphones, premium laptops or luxury automobiles can be a significant investment. Fear of unexpected breakdowns or repair costs can deter potential buyers from such purchases. Extended warranties act as a safety net and give consumers confidence in their purchasing decisions. These warranties provide financial protection against unexpected faults or defects, while ensuring that customers are not saddled with expensive repair bills. Extended warranties give customers peace of mind, which helps change their buying behavior and increase their satisfaction.
Demand for high-value goods has increased due to rising disposable incomes and changing consumer preferences. Premium smartphones, high-end laptops, luxury cars and other valuable items are becoming increasingly popular among consumers worldwide. However, these luxury products often come with a hefty price tag, making customers wary of potential repair costs after the standard warranty expires. Consequently, consumers are choosing to extend the warranty that can pay the price of damage and damage to valuable products. Moreover, the adoption of extended warranty coverage for these expensive purchases has a positive impact on the market as consumers seek financial protection and peace of mind.
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Note: The information in the table above contains duplicate data and is shown here for representative purposes only. Please contact us for current market size and trends.
IMARC Group provides analysis of key trends in each segment of the Global Extended Warranty Market report, as well as forecasts at global, regional and country levels from 2024-2032. Our report categorizes the market on the basis of coverage, application, distribution channel and end user.
The report provides a detailed breakdown and analysis of the market based on coverage. This includes a standard coverage plan and an accident coverage plan. According to the report, standard coverage plans represent the largest segment.
A standard coverage plan is the basic level of extended warranty coverage offered for most products. It usually extends the warranty period beyond the original manufacturer’s warranty and provides protection against damage and defects for an additional period. Coverage under a standard coverage plan often includes parts and labor costs for repairs and ensures that consumers are protected against unexpected repair costs. Accordingly, it offers basic coverage at a reasonable price and may not cover all potential issues.
Extended Warranty For Prolonged Solar Products Assurance
The report provides a detailed breakdown and analysis of the market based on application. This includes automobiles, consumer electronics, home appliances, mobile devices and computers, among others. According to the report, automobiles represent the largest segment.
Extended automotive warranties are specifically designed to provide coverage for vehicles and components and ensure protection against potential mechanical and electrical failures. There are generally two basic categories of extended car warranty such as new car extended warranty and used car extended warranty. In addition, new cars purchased from dealers offer an extended new car warranty. On the other hand, a used car extended warranty is designed for pre-owned vehicles and offers the same coverage as a new car extended warranty.
The report provided a detailed segmentation and analysis of the market based on distribution channel. This includes manufacturers, retailers and others. According to the report, manufacturers represent the largest segment.
Many product manufacturers offer extended warranty programs directly to consumers at the point of sale (POS). This distribution channel allows manufacturers to increase their brand reputation and customer trust to promote this warranty coverage. By offering extended warranties, manufacturers can build customer loyalty and satisfaction, as customers see the manufacturer gain insight into the product and its components. In addition, these warranty programs are generally designed to supplement the manufacturer’s standard warranty and may include additional benefits such as priority service, dedicated support and coverage for certain parts not covered by the standard warranty.
Extended Warranty Market Size, Share & Forecast 2024 2032
The report provided detailed segmentation and analysis of the market based on end user. This includes people and businesses. According to the report, individuals represent the largest segment.
People represent a significant end-user segment of the market. These consumers are private individuals who purchase various products such as electronics, appliances, automobiles and other valuables for personal use. When making these purchases, people often have the option of purchasing extended warranty coverage to protect their investment and protect themselves from unexpected repair costs. In addition, extended warranties give people peace of mind by providing financial protection. The decision to opt for extended warranties is influenced by factors such as product value, perceived brand reliability, and willingness to seek long-term protection for purchases.
The report also provides a comprehensive analysis of all major regional markets, including North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and the Middle East and Africa. According to the report, North America holds the largest market share.
North America holds the largest market share due to the presence of major manufacturers and retailers. In addition, the growing awareness among people about their rights is boosting the market growth in this region. Apart from this, increasing demand among the public for high-value products will provide a positive market outlook. Consequently, increasing adoption of technologically advanced consumer electronics is fueling market growth in the North American region.
Stellantis Launches Attractive New 10 Year Extended
Key players are expanding their coverage options to include a wider range of products and industries. This includes offering extended warranties not only for electronics and appliances but also for emerging sectors such as smart home appliances, renewable energy systems and electric vehicles (EVs). In addition, companies offer customizable extended warranty plans to meet individual customer needs. Consumers can choose from different levels of coverage, duration and additional services based on their specific needs and budget. In addition, major manufacturers are investing in user-friendly websites and digital platforms to streamline the purchasing process, allowing consumers to easily compare plans, find information and make purchases online easily.
The report provides a comprehensive analysis of the competitive landscape of the market. Detailed profiles of all major companies are also provided. Some of the key players in the market are:
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea,
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