New York, May 23, 2023 (GLOBE NEWSWIRE) -- According to a report published by Next Move Strategy Consulting, the global Extended Warranty Market generated USD 130.9 billion in 2022, and is projected to reach USD 252.4 billion by 2030, at a CAGR of 8.8% from 2023 to 2030.
The research offers a detailed analysis of the drivers, restraints, and opportunities of the market to understand the changing market dynamics. Moreover, the research provides an extensive analysis of major segments and their sub-segments to identify the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 300 pages, accompanied by 200 tables and 210 figures, the report aims to become a source of guidance for market players, investors, and startups to determine the strategies for the next few years and achieve sustainable growth.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2022 | USD 130.9 Billion |
| Market Size in 2030 | USD 252.4 Billion |
| CAGR | 8.8% |
| No. of Pages | 300 |
| Tables | 200 |
| Figures | 210 |
| Segments Covered | Distribution Channel, Coverage Type, Application, End User and Region |
| Drivers | Increasing repair costs of electronics has influenced consumers to adopt extended warranty services |
| Growth of e-commerce aiding the adoption of extended warranty services | |
| Opportunities | Integration of AI in warranty services |
The report identifies driving factors, restraining factors, and opportunities in the market. The rise of e-commerce platforms has made it easier for consumers to access a wide variety of products from anywhere and at any time, which has led to an increase in consumer demand for Extended Warranty.
The extended warranty market has witnessed significant growth, driven by factors such as increasing repair costs of electronics, which have prompted consumers to turn towards extended warranty services. With electronics becoming more complex and expensive to repair, consumers are recognizing the value of protecting their investments through extended warranties. Moreover, the growth of e-commerce has played a vital role in facilitating the adoption of extended warranty services. The convenience and accessibility of online shopping platforms have made it easier for consumers to explore and purchase extended warranty options for their electronic purchases. As a result, the combination of rising repair costs and the convenience of e-commerce has propelled the extended warranty market forward, offering consumers peace of mind and added protection for their valuable electronics.
Identifying the opportunities that leading players can take leverage to increase their market share, Next Move Strategy Consulting’s Lead Analyst for BFSI, “introduction of AI technology in warranty services, will enhance efficiency, accuracy, and customer experience through automated claim processing, predictive maintenance, and personalized warranty solutions.”
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Based on region, North America is accounted for the highest share in 2022, and is expected to remain dominant throughout the forecast period. This is attributed to the increasing demand for warranty coverage for consumer electronics such as smartphones, laptops and home appliances. Due to the persistent escalation in product prices, consumers are progressively opting for extended warranties as a means of safeguarding themselves against exorbitant repair expenses.
The United States is the largest market for extended warranties in North America, followed by Canada. The growth in the region is also driven by the increasing adoption of connected devices and the Internet of Things (IoT) technology in various end-use industries such as automotive, healthcare, and consumer electronics. Such technological advances have increased the sophistication of consumer electronics and it has significantly increased the repair cost, in turn driving the growth of the market. Moreover, the market is also being driven by the increasing adoption of extended warranty services by manufacturers and retailers to retain customers and increase revenue. In addition. the North America extended warranty market is highly competitive, with a large number of players operating in the market which is further driving the growth of the market. Key players in the market include Assurant, Inc., Square Trade, Inc., Warrantech Corporation, and AIG Warranty.
On the other hand, Asia Pacific is estimated to witness substantial growth during the forecast period, which primarily driven by factors such as the rapid growth of the e-commerce industry and rising awareness about warranty benefits. The thriving e-commerce sector has facilitated convenient online purchase options for consumer electronics, thereby increasing the demand for extended warranties as consumers seek to protect their online purchases and ensure a seamless post-sales experience. The convenience, accessibility, and wide product range offered by e-commerce platforms contribute to the rising popularity of extended warranties in the region.
The study analyzes each region and its countries by segments and their sub-segments to outline the steps to be taken to consolidate their presence in the Extended Warranty market. Furthermore, this analysis helps determine the fastest-growing segments and the highest revenue-generating segments to take the next step accordingly.
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The report offers an extensive analysis of the competitive landscape of the global Extended Warranty market. Some of the major market players in the market are American International Group Inc., Assurant Inc., Allstate Corporation, HDFC Ergo, AXA XL, Asurion, Amtrust Financial Services, Allianz Partners SAS., Endurance Warranty Services, and Zurich Insurance Group among Others
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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports that help multinational companies triumph over their competition and increase their industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining, and data analytics.
We have been servicing over 1000 customers globally, including 90% of Fortune 500 companies over a decade. Our analysts constantly track various high-growth markets and identify hidden opportunities in each sector or industry. We provide one of the industry’s best-quality syndicate as well as custom research reports across ten different industry verticals. We are committed to delivering high-quality research solutions per your business needs. Our industry-standard delivery solutions range from pre-consultation to after-sales services, provide an excellent client experience and ensure the right strategic decision-making for businesses.
