Extended Warranty Market to Reach $286.4 billion, Globally, by 2032 at 8.4% CAGR: Allied Market Research
Wilmington, Delaware, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Extended Warranty Market by Sales Type (Point of Sale and After Sale), Coverage (Standard Protection Plan and Accidental Protection Plan), Distribution Channel (Manufacturers, Retailers, and Others), Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices and PCs, and Others) and End Users (Individuals and Business): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the "extended warranty market" was valued at $129.7 billion in 2022, and is projected to reach $286.4 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.
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The extended warranty market is expected to witness notable growth owing to a surge in awareness for extended guarantees for cars, a rise in penetration of laptops, smartphones, and tablets, and rising product complexities. Moreover, the expansion of products and services, electrical vehicles and car warranties, and the untapped potential of emerging economies are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the decline in sales of PCs limits the growth of the extended warranty market.
The retailers segment held the highest market share in 2023.
By distribution channel, the retailers segment dominated the market in 2023, This was driven by the strong presence of large retail chains, e-commerce platforms, and electronics stores, which increasingly bundled extended warranties with the sale of high-value consumer goods like electronics, appliances, and automobiles. However, the others segment is expected to witness the largest of CAGR of 9.9%, This growth is driven by several factors, including the increasing demand for product protection, the rising costs of repairs and replacements, and the expansion of independent insurance providers in offering specialized services.
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The automobiles segment held the highest market share in 2023.
By application, the automobiles segment accounted for the largest share in 2023. This dominance can be attributed to several factors, including the rising costs of vehicle repairs and replacements due to the increasing complexity of modern automobiles. With advancements in technology, such as electric vehicles and autonomous driving systems, the demand for extended warranties has surged as consumers seek protection against expensive repairs for high-tech components. However, the mobile devices and PCs segment is expected to witness the largest CAGR of 8.7%. The rapid pace of technological advancements and shorter product life cycles make extended warranties for mobile devices and PCs an appealing choice for consumers who want to safeguard their investments.
Regional Insights: The North America region held the highest market share in 2023.
By region, the extended warranty market was dominated by North America in 2023. This dominance is attributed to the fact that in places such as the U.S. and Canada, the extended warranty has become a more feasible alternative for helping organizations create electronic production. Moreover, companies are increasingly expanding their extended warranty business to the North American region, resulting in market growth.
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Players: -
- Endurance Warranty Services Llc
- Assurant Inc.
- Cover Genius
- Guardsman
- Carchex
- Axiom Connected
- Fortegra
- Asurion
- American International Group Inc.
- Extend
Key Industry Developments
- In July 2024, iA Financial Group raised a $10 million investment in Canadian business Clutch Technologies Inc. ("Clutch"), which specializes in online sales of pre-owned vehicles. Clutch customers are currently able to purchase iA Financial Group extended warranty and guaranteed asset protection products.
- In August 2024, UK-based Evolution Warranties acquired Autogroup (TAG) Warranties, a move that is set to combine the strengths of both companies in the warranty sector. The acquisition of TAG by Evolution Warranties is expected to leverage the combined expertise and resources of both entities to better serve their customers.
- In May 2021, Extend raised $260 million in a funding round led by SoftBank Group Corp's (9984.T), opening a new tab Vision Fund 2 that valued the company at over $1 billion. Extend allows companies to add a button to their online markets that gives customers the option to pay extra to protect their purchases.
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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:
By Sales Type
- Point of Sale
- After Sale
By Coverage
- Standard Protection Plan
- Accidental Protection Plan
By Distribution Channel
- Manufacturers
- Retailers
- Others
By Application
- Automobiles
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
- Others
By 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, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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