Portland, OR, Dec. 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Canada extended warranty market generated $7.85 billion in 2021, and is estimated to reach $22.27 billion by 2031, witnessing a CAGR of 11.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $7.85 Billion |
| Market Size in 2031 | $22.2 Billion |
| CAGR | 11.3% |
| No. of Pages in Report | 109 |
| Segments covered | Coverage, Distribution Channel, Application, End User |
| Drivers | Rise in the adoption of smartphones, computers, home appliances, and other similar products |
| Increased awareness regarding the extended warranty policies among consumers | |
| Expansion of e-commerce in Canada | |
| Opportunities | Developing economies offer significant opportunities to insurers to expand their business by strengthening policies |
| Restraints | Unit shipment of personal computers (PC) have been on the decline and thus, the decline in sales of PCs have lowered the demand for extended warranty policies |
Covid-19 Scenario:
- The pandemic has a moderate impact on the Canada extended warranty market, as several countries imposed travel bans, policyholders were filing claims to demand further extension of extended warranty coverage, and there were changes in terms of policies in the Canadian market. All these factors led insurers to freeze sales of new coverage for extended warranty in the market.
- Although the COVID-19 outbreak negatively impacted the growth of the market, the industry recovered quickly. This is attributed to the increase in government support & initiatives toward the insurance industry and increase in purchasing power of customers to buy extended warranty in the country.
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The report offers a detailed segmentation of the Canada extended warranty market based on complete coverage, distribution channel, application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on coverage, the standard protection plan segment held more than three-fourths of the total market share in 2021, and is likely to maintain its leadership status during the forecast period. However, the accidental protection plan segment is expected to manifest the highest CAGR of 14.1% from 2022 to 2031.
By distribution channel, the manufacturers segment held the largest share in 2021, accounting for nearly three-fifths of the Canada extended warranty market, and would rule the roost through 2031. However, the others segment is estimated to witness the fastest CAGR of 14.4% during the forecast period. The report also analyzes the retailers segment.
Based on application, the automobiles segment held the largest share in 2021, accounting for more than one-third of the Canada extended warranty market, and would rule the roost through 2031. However, the others segment is estimated to witness the fastest CAGR of 14.8% during the forecast period. The report also analyses the consumer electronics, home appliances, and mobile devices & PCs segments.
Based on end user, the individuals segment held the largest share in 2021, accounting for nearly two-thirds of the Canada extended warranty market, and would maintain its dominance through 2031. However, the business segment is estimated to witness the fastest CAGR of 13.0% during the forecast period.
Leading players of the Canada extended warranty market analyzed in the research include Assurant, Inc., American International Group, Inc., AutoPair Warranty Inc., AXA, Amtrust Financial, Asurion, Endurance Warranty Services, LLC, Ensurall, GuardTree Inc., and Toronto Appliances Service Ltd.
The report analyzes these key players of the Canada extended warranty market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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