Dublin, Aug. 09, 2024 (GLOBE NEWSWIRE) -- The "Global Extended Warranty Market by Coverage Type (Accidental Protection Plan, Standard Protection Plan, Theft Protection Plan), Application (Automobiles, Consumer Electronics & Home Appliances, Mobile Devices & PCs), End-user - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Extended Warranty Market grew from USD 134.37 billion in 2023 to USD 144.04 billion in 2024. It is expected to continue growing at a CAGR of 7.65%, reaching USD 225.20 billion by 2030.
This market covers a wide array of products, ranging from consumer electronics to home appliances and automobiles. The scope of this market includes the provision of various extended warranty programs designed to offer consumers peace of mind, enhance product reliability, and reduce the potential costs associated with repairs or replacements after the manufacturer's warranty has expired.
Extended warranties are applicable across various industries, including consumer electronics, home appliances, automobiles, and heavy machinery. The rising cost of repairs and replacements, increasing consumer awareness about the benefits of added protection plans, and the growing prevalence of sophisticated and high-tech products are driving the growth of the market. Furthermore, the expansion of online retail platforms offering easy options for extended warranty purchases has also contributed significantly to market growth.
The complexity of warranty terms and the hassle associated with claims processing hampers the growth of the market. Incorporating blockchain for transparency and fraud prevention and exploring renewable and transferable warranty options to enhance customer loyalty are expected to create opportunities for market growth. Furthermore, innovation in seamless claims processing and integration with Internet of Things (IoT) devices for proactive maintenance and fault detection is expected to enhance service delivery and customer satisfaction, subsequently expanding the scope of the market.
Regional Insights
In the Americas, the extended warranty market is driven by high consumer purchasing power and a culture that values product protection plans. Canada and South American countries, including Brazil and Mexico, also show growing interest in extended warranties, fueled by increasing awareness and rising sales of electronics and appliances. Regulatory environments and customer service expectations vary, influencing warranty terms and coverage options.
The APAC region exhibits rapid growth in the extended warranty market due to booming economies, including China, India, Japan, and South Korea. This region benefits from expanding middle classes with disposable income to invest in costly electronics, vehicles, and appliances, driving the demand for extended warranties. The EMEA region presents a mixed picture, with mature markets in Western Europe and emerging markets in the Middle East and Africa.
European countries generally have stringent consumer protection laws, influencing the structure and offerings of extended warranties. The Middle East shows potential for extended warranties for luxury goods, whereas African countries, with growing consumer electronics sectors, are beginning to explore extended warranty services. The diversity of economic development, consumer preferences, and regulatory regimes across EMEA complicates the market and offers unique growth opportunities.
Recent Developments
GoMechanic Launches Extended Warranty Program 'Protect Plus'
GoMechanic unveiled its latest offering, GoMechanic Protect Plus, an advanced extended warranty program. This innovative initiative stands out by providing comprehensive coverage for all car parts, catering to vehicles up to 8 years old, and promises to significantly cut down on repair expenses, potentially saving customers up to INR 1 lakh.
Canon Launches New Extended Warranty Programme for Colorado M-series Roll-to-Roll Large Format Graphics Printers
Canon introduced its latest enhancement for the Colorado M-series of large format graphics printers: an Enriched Extended Warranty Programme. This newly unveiled plan offers Canon customers the opportunity to extend their warranty for an impressive duration of up to five years, ensuring comprehensive coverage beyond the standard two-year warranty.
British Warranty Service Provider Domestic & General Announced Acquiring After Inc., An Expansion Of Its Recent Entrance to the U.S. Extended Warranty Market.
Domestic & General Group, the provider of appliance warranty subscription services in the United Kingdom, acquired After Inc., a leading authority in warranty analytics, marketing, and after-sale services based in the United States. This service ensured the repair or replacement of consumer hard drives and the crucial recovery of the contained data, redefining the extended warranty's value proposition.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 196 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $144.04 Billion |
| Forecasted Market Value (USD) by 2030 | $225.2 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
Market Dynamics
Market Segmentation Analysis
- Coverage Type: Growing usage of accidental protection plans to ensure that unforeseen accidents can be repaired
- End-User: Rising potential of extended warranty across enterprises to mitigate the financial risk associated with the repair of high-value assets
Market Drivers
- Increasing complexity of consumer and commercial electronics
- Preference for subscription services backed by extended warranties
Market Restraints
- Limited coverage provided by extended warranties
Market Opportunities
- Provision of enhanced warranty offerings with new features
- Emerging integration of extended warranty with e-commerce platforms
Market Challenges
- Complex claims processing of extended warranties
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- AAA Warranty Services
- Allianz Group
- Allstate Insurance Company
- American Home Shield Corporation
- American International Group
- AmTrust Financial
- Assurant, Inc.
- Asurion, LLC
- AXA PARTNERS
- Bajaj Finserv Ltd.
- CARCHEX, LLC
- CarShield, LLC
- Chubb Group Holdings Inc.
- Corporate Warranties (India) Pvt Ltd.
- Edel Assurance LLP
- Endurance Warranty Services
- Fortegra
- GoWarranty & Services LLP
- Onsite Electro Services Private Limited.
- Synology Inc.
Market Segmentation & Coverage
Coverage Type
- Accidental Protection Plan
- Standard Protection Plan
- Theft Protection Plan
Application
- Automobiles
- Consumer Electronics & Home Appliances
- Mobile Devices & PCs
End-user
- Enterprises
- Personal
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/aazmw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
