Report Ocean has recently published a research study on the global extended warranty market. The report, titled “Global Extended Warranty Market Size study, by Coverage (Standard Protection Plan, Accidental Protection Plan), by Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices & PCs, Others), by Distribution Channel (Manufacturers, Retailers, Others), by End-User (Business, Individuals) and Regional Forecasts 2020-2027,” offers a detailed assessment of this market, including individual analyses of each of its segments.
The overall valuation of the global extended warranty market was approximately US$121 bn in 2019. Researchers expect the market to rise at a CAGR of more than 7.4% over the forecast period from 2020 to 2027.
The worldwide market for extended warranty is driven substantially by the rising awareness about the benefits of extended warranty. Since extended warranty offers additional device protection on several electrical and mechanical components, generally not enclosed by producers’ warranty and eliminates routine maintenance, such as normal maintenance, wear and tear of the goods, re-gassing, and the impairment by accidental damage, characteristically, its demand is increasing considerably among consumers across the world. A rise in penetration of smartphones and other electronic devices and enforcement of new policies in support of extended warranty are projected to boost this market in the near future. However, the high cost of extended warranty than the standard warranty may limit the growth of this market in the years to come, reports the market study.
The research report also offers a geographical assessment of the global market for extended warranty. As per the study, the global market reports its presence across North America, Europe, Latin America, Asia Pacific, and the Rest of the World. Among these North America has acquired the leading position, thanks to the high awareness level pertaining to benefits of warranty among consumers. In addition to this, the presence of key market players in the US will continue to propel the growth of this regional market over the next few years. Another regional market that is registering a significant progress is Asia Pacific. The market is likely to report the highest growth rate over the period of forecast. The increasing number of smartphone and laptop users in this region and the improvement in the manufacturing sector in emerging economies are aiding the Asia Pacific extended warranty market, states the research report.
Impact of Covid 19 on Global Extended Warranty Market
The global extended warranty market has not been directly impacted by the Covid 19 pandemic. However, with decline in purchasing rate, caused by economic disturbance, the market also reported a decrease. Nonetheless, over time as economies reopen, the market will gain its pace again.
- North America has acquired the leading position, thanks to the high awareness level pertaining to benefits of warranty among consumers.
- Another regional market that is registering a significant progress is Asia Pacific.
The global extended warranty market is classified into:
- Standard Protection Plan
- Accidental Protection Plan
- Consumer Electronics
- Home Appliances
- Mobile Devices & PCs
By Distribution Channel
By End User
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Assurant Inc.
- American International Group Inc.
- AXA SA
- AmTrust Financial
- CarShield LLC
- Endurance Warranty Services LLC
- Edel Assurance
- SquareTrade Inc.
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