Portland,OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global consumer electronics extended warranty market was estimated at $48.65 billion in 2020 and is expected to hit $198.99 billion by 2030, registering a CAGR of 15.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Increase in awareness for extended warranty and growth in sale of televisions, refrigerators, and washing machines boosts the global consumer electronics extended warranty market growth. On the other hand, decline in sales of PCs restrains the growth to some extent. However, expansion of products and services is expected to create lucrative opportunities in the industry.
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COVID-19 Scenario:
- Due to lower income level of individuals and disrupted business operations during the pandemic, customers were mainly availing offers of warranty extension for products purchased from authorized offline and online platforms, which in turn impacted the global consumer electronics extended warranty market positively.
- This trend is quite likely to persist post pandemic as well.
The global consumer electronics extended warranty market is analyzed across product type, distribution channel, coverage type, and region. Based on product type, the mobiles & tablets segment accounted for nearly one-third of the total market share in 2020, and is expected to rule the roost by 2030. The kitchen equipment segment, however, would garner the fastest CAGR of 18.0% throughout the forecast period.
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Based on distribution channel, the retailers segment contributed to around two-thirds of the total market revenue in 2020, and is projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 14.9% during the forecast period. Based on region, the market across North America held the major share in 2020, garnering around three-fifths of the global market. Asia-Pacific, on the other hand, would manifest the fastest CAGR of 19.1% throughout the forecast period.
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The key market players analyzed in the global consumer electronics extended warranty market report include AmTrust Financial, ASSURANT INC., Go Warranty & Services LLP, OneAssist Consumer Solutions Pvt. Ltd., Amazon.com Inc., OnPoint Warranty, Asurion, AXA, and Securranty. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
