Extended Warranty Market to Reach US$ 123.4 Million by 2023, with a CAGR of 6.6%

 

Extended Warranty Market 

A) Market Overview:
The extended warranty market is projected to reach a value of US$ 123.4 Million By 2023, with a compounded annual growth rate (CAGR) of 6.6% during the forecast period of 2022-2030. Extended warranties offer consumers additional protection for their purchased products, providing coverage beyond the manufacturer's warranty period. These warranties are becoming increasingly popular due to the advantages they offer, such as peace of mind, protection against unexpected repairs, and enhanced value for money. With the increasing complexity and high costs of consumer electronics and automotive repairs, the extended warranty market is witnessing significant growth, as consumers seek to safeguard their investments and mitigate potential financial risks.

B) Market Key Trends:
One key trend observed in the extended warranty market is the rising adoption of extended warranties for consumer electronics. With the rapid advancements in technology and the increasing dependence on electronic devices, the risk of breakdowns and malfunctions has also increased. Consumers are increasingly opting for extended warranties to protect their expensive electronic gadgets, including smartphones, laptops, and televisions, against unforeseen damages and repairs. The extended warranties provide coverage for repairs, replacement, and technical support, thereby providing peace of mind to consumers who are concerned about the reliability and longevity of their electronic devices. This trend is expected to drive the growth of the extended warranty market in the coming years.
Segment Analysis:

One of the dominant segments in the Extended Warranty Market is the automotive sector. With the increasing complexity and cost of automotive repairs and maintenance, the demand for extended warranties for vehicles has witnessed substantial growth. Consumers are increasingly opting for extended warranties to protect themselves from expensive repairs and to ensure peace of mind. The automotive segment dominates the extended warranty market due to several factors. Firstly, the high cost of automotive repairs and maintenance coupled with the increasing lifespan of vehicles encourage consumers to invest in extended warranty plans. Additionally, the growing popularity of high-tech and advanced vehicles that incorporate complex electronics and sophisticated systems further drives the demand for extended warranties in this segment. Moreover, the rising consumer awareness about the benefits of extended warranties and the availability of flexible and affordable plans also contribute to the dominance of the automotive segment in the extended warranty market.

Key Takeaways:

The global extended warranty market is projected to grow at a significant rate, showcasing a CAGR of 6.6% during the forecast period of 2022-2030. The market is expected to reach a size of US$ 123.4 million by 2023. Several factors contribute to this growth, including the increasing penetration of advanced consumer electronics, rising awareness about product maintenance and repair costs, and the expanding automotive industry.

In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the extended warranty market. The presence of major automotive manufacturers and technological advancements in the region drive the demand for extended warranties. Additionally, the high disposable income of consumers in North America further propels the market growth.

Key players operating in the extended warranty market include ASSURANT INC., American International Group, Inc., AXA, AmTrust Financial, Asurion, CARCHEX, CarShield LLC, Endurance Warranty Services LLC, Edel Assurance, SquareTrade, Inc., and others. These key players provide a wide range of extended warranty services, cater to various industries, and have established a strong market presence. They focus on strategic collaborations, product innovations, and expanding their geographical presence to maintain their competitive edge in the market.

Read More : https://www.dailyprbulletin.com/extended-warranty-market-growing-demand-for-product-protection-drives-market-growth/

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