Wilmington, Delaware, April 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Extended Warranty Market by Coverage (Standard Protection Plan, Accidental Protection Plan), Distribution Channel (Manufacturers, Retailers, Others), Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices and PCs, Others), End-users (Individuals, Business), and Sales Type (Point of Sale, After Sale): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "extended warranty market" was valued at $129.7 billion in 2022, and is estimated to reach $286.4 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.
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Drivers, Restraints, and Opportunities-
The extended warranty market is expected to witness notable growth owing to surge in awareness for extended warranty and the rise in penetration of laptops, and smartphones. Moreover, the expansion of the products and services and the untapped potential of emerging economics of extended warranty are expected to provide lucrative opportunities for the growth of the market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $129.7 billion |
| Market Size in 2032 | $286.4 billion |
| CAGR | 8.4% |
| No. of Pages in Report | 373 |
| Segments Covered | Coverage, Distribution channel, Application, End users, Sales type, Region |
| Drivers | Surge in awareness for extended warranty. The rise in penetration of laptops, smartphones, and tablets. Increase in product complexities. |
| Opportunities | Expansion of products and services The untapped potential of emerging economics |
| Restraints | Decline in sales of PCs |
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The standard protection plan segment to rule the market
By coverage, the standard protection plan segment dominated the extended warranty market share in 2022 and is expected to remain dominant during the forecast period, owing to the rise in need for manufacturers to assure product quality and reliability, growing compliance with industry standards and regulations, and the increase in the need for risk mitigation & liability management. However, the accidental protection plan segment is expected to witness the highest growth of 15.6% in the upcoming years, owing to an increase in accidental damages to consumer durable goods, along with the rise in the availability of affordable accidental plans.
The manufacturer segment to dominate by 2032
By distribution channel, the manufacturer segment accounted for nearly one-third of the global extended warranty market share in 2022 and is expected to rule the boost by 2032, owing to manufacturers providing extended warranties to dealers, which helps in expanding coverage beyond OEMs warranty, which boosts the market growth. Furthermore, extended warranty plans can serve as an additional source of revenue for manufacturers. However, the retailer segment is expected to witness the highest growth of 10.0%, owing to purchase extended warranty services from retailers which drives the market growth. In addition, retailers provide claim handling and administrative services to their customers, which accelerates the growth of retailers in the extended warranty market.
The automobiles segment to dominate by 2032
By application, the automobiles segment accounted for nearly one-fifth of the extended warranty market share in 2022 and is expected to rule the roost by 2032, owing to car manufacturers and their dealers using extended warranties to acquire new customers and retain existing customers and to maintain brand loyalty for their product offerings. However, the home appliances segment would also display the fastest CAGR of 10.9% throughout the forecast period, owing to the consumer electronics providers largely offer extended warranties, as it helps in improving customer retention and loyalty with low-cost marketing plans.
The individual segment to dominate by 2032
By end user, the individual segment accounted for nearly half of the global extended warranty market share in 2022 and is expected to rule the roost by 2032, owing to rise in demand for customized plans and several benefits & schemes provided under extended warranty to individual consumer. Furthermore, damage caused by theft, unauthorized repair, burglary & accidents caused due earthquakes, storms, malicious damage, and battery leakage are largely covered under extended warranty for personal users. However, the business segment would also display the fastest CAGR of 9.5% throughout the forecast period, owing to the businesses extended warranties for heavy motor vehicles represent the largest coverage for other manufacturers. Furthermore, extended warranties under commercial sectors usually last for multiple years and buyers generally purchase them separately, which fuels the market growth.
The after-sale segment to dominate by 2032
By sale type, the after-sale segment accounted for nearly half of the global extended warranty market share in 2022 and is expected to rule the roost by 2032, owing to smart appliance equipped with IoT sensors can detect abnormalities in its functioning and alert both the customer and the service provider in real-time, allowing for timely intervention and maintenance. This proactive approach not only enhances the reliability and longevity of products but also improves customer satisfaction by minimizing downtime and inconvenience. However, the point-of-sale segment would also display the fastest CAGR of 8.9% throughout the forecast period, owing to the POS systems increasingly becoming omnichannel with seamless connection online, and offline sales channels to provide a cohesive purchasing experience for customers. This integration allows retailers to offer extended warranties across various touchpoints, enhancing accessibility and convenience.
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North America garnered the major share in 2022
Region-wise, the extended warranty market was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to an increase in penetration of electronic production and the significant presence of extended warranty providers. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the proliferation of complex and expensive consumer electronics and appliances, coupled with a surge in the per capita income of individuals in this region.
Leading Market Players-
- Axiom Connected
- Consumer Priority Services (CPS)
- Likewize
- Assurant, Inc.
- American International Group Inc.
- Asurion
- Carchex
- Endurance Warranty Services, LLC
- Edel Assurance
- Amtrust Financial
- Carshield
- Squaretrade, Inc.
- Servify
- Safeware Inc.
- Cover Genius
- Fortegra
- Extend
- Onpoint Warranty Solutions, LLC
- Protectall USA, LLC
- Guardsman
- Mulberry
- Centricity
- Worth Ave. Group
- Axa
The report analyzes these key players in the global 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, developments, and product portfolios of every market player.
Key Benefits for Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the extended warranty market analysis from 2022 to 2032 to identify the prevailing extended warranty market opportunity.
- The extended warranty market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the extended warranty market segmentation assists to determine the prevailing extended warranty market outlook.
- Major countries in each region are mapped according to their revenue contribution to the global extended warranty market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global extended warranty market trends, key players, market segments, application areas, and market growth strategies.
Extended Warranty Market Key Segments:
Sales Type
- Point of Sale
- After Sale
Coverage
- Standard Protection Plan
- Accidental Protection Plan
Distribution Channel
- Manufacturers
- Retailers
- Others
Application
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
End-users
- Individuals
- Business
By Region
- North America (U.S., Canada)
- Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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