Increase in awareness about extended warranty and rise in penetration of laptops, tablets, and smartphones have driven the growth of the global extended warranty market.
PORTLAND, Ore., Jan. 24, 2022 /PRNewswire/ -- Allied Market Research recently published a report, "Extended Warranty Market by Coverage (Standard Protection Plan and Accidental Protection Plan), Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices & PCs, and Others), Distribution Channel (Manufacturers, Retailers, and Others), and End User (Business and Individuals): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global extended warranty industry generated $120.79 billion in 2019, and is projected to reach $169.82 billion by 2027, growing at a CAGR of 7.4% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in awareness about extended warranty and rise in penetration of laptops, tablets, and smartphones have driven the growth of the global extended warranty market. However, declining sales of PCs hamper the market growth. However, expansion of products and services and untapped potential of emerging economics are projected to pave the way for lucrative opportunities in the industry.
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- The outbreak of the pandemic affected the finance industry with lower incomes, production shutdowns, and staff shortage, especially during the initial phase, thereby impacting the global extended warranty market negatively.
- The pressure on the existing infrastructure hampered the growth yet more.
- However, the market is anticipated to recoup soon.
The standard protection plan segment had the lion's share in 2019-
Based on coverage, the standard protection plan segment accounted for the major share in 2019, accounting for more than three-fifths of the global extended warranty market. This is due to the fact that it mainly covers mechanical & electrical breakdown and several other coverages, which do not come under manufacturer's warranty. However, the accidental protection plan segment is anticipated to grow at the fastest CAGR of 8.7% throughout the forecast period. Implementation of advance technologies and growing awareness about the security measures for ATM machines drive the segment growth.
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The automobile segment to lead the trail by 2027-
Based on application, the automobiles segment generated the major share in 2019, garnering nearly two-fifths of the global extended warranty market, owing to surge in sales of extended warranty at the time of purchase of vehicles. The mobile devices & PCs segment, however, is projected to cite the fastest CAGR of 8.7% during the forecast period. This is because these devices are easy to use and are portable too.
North America held the major share in 2019-
By region, the market across North America accounted for the major share in 2019, contributing to more than two-fifths of the global extended warranty market, due to growing adoption of extended warranty insurance in the region. On the other hand, the global extended warranty market across Asia-Pacific is expected to cite the fastest CAGR of 10.2% throughout the study period. This is owing to emerging economies, high costs of repairs, several offers & benefits, and better customer experience offered under extended warranties in the province.
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Prominent market players-
- American International Group, Inc.
- CarShield, LLC.
- Edel Assurance
- SquareTrade, Inc.
- AmTrust Financial
- Endurance Warranty Services, LLC
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