The global extended warranty market revenue was around US$ 129.7 billion in 2022 and is estimated to reach US$ 268 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.4% during the forecast period from 2023 to 2031.
Extended warranty refers to a period offered to consumers on new items. It usually covers the price of repairing or replacing the product if the damage is owing to a poor quality or manufacturing defect. It is generally offered by manufacturers, or retailers for electronics, automotive, and electrical equipment.
Market Driving Factors
An increase in awareness of the extended warranty is estimated to boost the market growth. The extended warranty offers consumers an additional layer of protection against unexpected repair prices that may arise from product defects or accidental injury. This is likely to increase the awareness of extended warranties. As a result, customers are often concerned about the security of their services post-expiry of the seller’s warranty, which creates the requirement for warranty/insurance claims.
The surging demand for extended product life and comfortable after-sales experience by cost-sensitive customers is assisting in raising the quality of post-sales service for firms. As a result, firms are providing extended warranty solutions to retain customers, which are contributing to boosting market growth.
The significant reduction in personal computer (PCs) shipments globally is estimated to hinder the market.
Regional Analysis
Asia-Pacific dominated the market in terms of revenue and is expected to maintain its dominance. This can be majorly attributed to the proliferation of complicated and costly customer electronics and appliances, coupled with an increase in the per capita income of people in this region.
North America is estimated to dominate the market in terms of the growth rate. This is primarily due to the surge in penetration of electronic production and the substantial existence of extended warranty providers.
Segmentation Insights
Coverage Insight
The standard protection plan segment dominates the market in terms of the largest shares. This is mainly owing to the standard protection plan offering coverage for an additional two to three years of coverage against product loss. Furthermore, these extended warranty plans are primarily appropriate for customers looking for an uncomplicated use experience and longer life for their devices.
The accidental protection plan segment is estimated to dominate the market in terms of the highest growth rate. This is generally due to the surge in accidental injuries to customer-durable products, along with an increase in the availability of inexpensive accidental plans.
Distribution Channel Insight
The manufacturer segment dominates the market in terms of the highest share. This is mainly due to the manufacturers offering aftermarket products and extended warranties by protecting distinct parts or certain kinds of defects. Moreover, under the manufacturer distribution channel, extended warranties protect the repair of customer-durable products, price of replacement, and other such faults caused by a manufacturing defect or inadequate workmanship.
The retailer segment is estimated to dominate the market in terms of the highest rate. This is because they partner with third-party warranty providers or collaborate with manufacturers to offer extended warranty plans as optional add-ons at the time of product buy. As a result, customers seek to buy extended warranty services from retailers, which in turn, propel the market growth.
End User Insight
The individual segment dominates the market in terms of the largest shares. This is primarily due to the increase in demand for customized plans and various advantages & schemes offered under extended warranty to individual consumers driving the market growth.
Prominent Companies
Segmentation Outline
The global extended warranty market segmentation focuses on the Coverage, Distribution Channel, Application, End User, and Region.
By Coverage
By Distribution Channel
By Application
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL EXTENDED WARRANTY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: EXTENDED WARRANTY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL EXTENDED WARRANTY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL EXTENDED WARRANTY MARKET, BY COVERAGE
5.1 OVERVIEW
5.2 STANDARD PROTECTION PLAN
5.3 ACCIDENTAL PROTECTION PLAN
6 GLOBAL EXTENDED WARRANTY MARKET, BY DISTRIBUTION CHANNEL
6.1 OVERVIEW
6.2 MANUFACTURERS
6.3 RETAILERS
6.4 OTHERS
7 GLOBAL EXTENDED WARRANTY MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 AUTOMOBILES
7.3 CONSUMER ELECTRONICS
7.4 HOME APPLIANCES
7.5 MOBILE DEVICES AND PCS
7.6 OTHERS
8 GLOBAL EXTENDED WARRANTY MARKET, BY END USER
8.1 OVERVIEW
8.2 INDIVIDUALS
8.3 BUSINESS
9 GLOBAL EXTENDED WARRANTY MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL EXTENDED WARRANTY MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 AXA
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 CARSHIELD
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 ASSURANT INC.
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 AMTRUST FINANCIAL
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 AMERICAN INTERNATIONAL GROUP INC.
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 CARCHEX
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 ASURION
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 ENDURANCE WARRANTY SERVICES LLC
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 SQUARETRADE INC.
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 EDEL ASSURANCE
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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