New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Extended Warranty Market by Distribution Channel, by Coverage Type, by Application, and by End User – Global Opportunity Analysis and Industry Forecast, 2023–2030" - https://www.reportlinker.com/p06478988/?utm_source=GNW
Moreover, the growth of the e-commerce sector 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.
However, factors such as the need for more trust in service providers in underdeveloped countries, the absence of infrastructure and resources to support extended warranties, and cultural and societal factors restrain the market growth. On the contrary, artificial intelligence (AI)-based systems equipped with fraud detection capabilities are expected to create market opportunities in the upcoming years.
Segment Overview
The global extended warranty industry is segmented on the basis of distribution channel, coverage type, application, end user, and geography.
Based on distribution channel, the market is divided into manufacturers, retailers, and others.
Based on coverage type, the market is classified into standard protection plan and accidental protection plan.
On the basis of application, the market is categorized into automobiles, consumer electronics, home appliances, mobile devices & PCs, and others.
Based on end user, the market is bifurcated into individuals and businesses.
Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).
The North America market is projected to hold the dominant share by 2030
North America 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 to safeguard themselves against exorbitant repair expenses.
The U. S. is the largest market for extended warranties in North America, followed by Canada. The growth in the region is 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 significantly surged the repair costs, thereby driving the growth of the market. Moreover, the market is driven by the increasing offering 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 the presence of many major players in the market. Key players in the market include Assurant, Inc., Asurion, Square Trade, Inc., Warrantech Corporation, and AIG Warranty. For instance, in May 2022, Asurion announced its new extended protection plan called Tech Unlimited on Amazon. It combines technology protection coverage with expert support for all the eligible technological products bought from Amazon, excluding mobile phones.
Key Market Players
The key players in the extended warranty market include:
• American International Group, Inc.
• Assurant, Inc.
• Allstate Corporation
• HDFC Ergo
• AXA XL
• Asurion
• AmTrust Financial Services
• Allianz Partners SAS.
• Endurance Warranty Services
• Zurich Insurance Group
Recent Developments
February 2023
AmTrust Financial Services, Inc. expanded its international extended warranty and protection business in South Korea. This expansion is part of the company’s strategic objective to grow its established warranty and protection offerings in sizable and high-potential markets in Asia-Pacific.
February 2023
Assurant, Inc. partnered with electric scooter brand Okinawa Autotech to introduce an extended warranty initiative in India. The warranty scheme will cover the warranty for key powertrain components, such as traction motors, controllers, DC-DC converters, and chargers.
December 2022,
Allianz announced that the company aims to launch its digital platform, Allianz Direct, in France by the end of 2023. Allianz Direct is a digital platform that provides insurance products directly to consumers online. The platform aims to simplify the insurance process and make it more accessible to customers.
KEY BENEFITS
• The extended warranty market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises an extensive analysis of the extended warranty market trends, including the current and future trends for depicting the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the extended warranty market is provided in the report.
• The competitive analysis of the market players along with their market share in the extended warranty market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Read the full report: https://www.reportlinker.com/p06478988/?utm_source=GNW
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