Increase in awareness about extended warranty and rise in penetration of laptops, tablets, and smartphones have driven the growth of the global extended warranty market.
PORTLAND, Ore., July 6, 2022 /PRNewswire/ -- 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 warrantyindustry 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.
Drivers, Restraints, and Opportunities
Increase in awareness about extended warranty and rise in penetration of laptops, tablets, and smartphones have driven the growth of the global extended warranty market. However, declining sales of PCs hamper the market growth. On the other hand, expansion of products and services and untapped potential of emerging economics are projected to pave the way for lucrative opportunities in the industry.
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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.
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.
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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.
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.
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Prominent Market Players
- American International Group, Inc.
- Asurion
- CarShield, LLC.
- SquareTrade, Inc.
- Edel Assurance
- AmTrust Financial
- AXA
- CARCHEX
- Endurance Warranty Services, LLC
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