Portland, Aug. 24, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global extended warranty market generated $120.79 billion in 2019, and is estimated to reach $169.82 billion by 2027, registering a CAGR of 7.4% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Increase in awareness and rise in penetration of tablets, laptops, and smartphones drive the growth of the global extended warranty market. However, declining sales of personal computers restrains the market growth. Furthermore, offering of several value added services from insurers with extended warranty is expected to provide new opportunities for market player in the coming years.
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Covid-19 scenario:
- There has been a sharp decline in sales of automobiles and consumer electronics during the Covid-19 pandemic, which in turn, reduced the demand for extended warranty.
- Owing to lockdown, many service centres and insurance offices have been closed down. Many customers have been wary of extending or renewing their warranty periods.
The report offers a detailed segmentation of the global extended warranty market based on coverage, application, distribution channel, end-user, and region.
Based on coverage, the standard protection plan segment contributed to the largest share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the accidental protection plan segment is estimated to portray the highest CAGR of 8.7% during the forecast period.
Based on application, the automobiles segment accounted for the largest share in 2019, holding nearly two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the mobile devices & PCs segment is expected to register the highest CAGR of 8.7% from 2020 to 2027.
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Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 10.2% from 2020 to 2027.
Leading market players analyzed in the research include AXA, Assurant, Inc., Asurion, American International Group, Inc., CarShield, LLC, AmTrust Financial, Edel Assurance, Carchex, SquareTrade, Inc., and Endurance Warranty Services, LLC.
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