Global Extended Warranty Market to Grow at a CAGR of 7% During 2024-2032, Aided by Increasing Ownership of Consumer Electronics

North America holds a significant share of the extended warranty industry owing to the rising disposable income. This is increasing consumer electronics ownership, hence surging the demand for extended warranty and aiding the market growth. The United States has one of the largest car ownerships in the world, which is consequently boosting the market for extended warranty. Moreover, the incorporation of various other services in extended warranty by the leading companies is increasing its demand, therefore propelling the market growth. The rising demand for premium products, which are expensive to maintain and repair, is surging the use of extended warranties, consequently augmenting the industry growth. Apart from this, the Asia Pacific region is also witnessing robust growth owing to the rising awareness regarding consumer electronics. The emergence of small and medium-sized enterprises is increasing the demand for extended warranty for business, which is invigorating the market growth in the region, therefore contributing significantly to the overall industry growth.

Assurant, Inc. (NYSE: AIZ), one of the leading players in the industry, announced its partnership with The London Electric Vehicle Company (LEV) to provide extended warranty solutions for their commercial electric vehicles in January 2021. The proposition, LEVC One, would cover LEVC electric TX black cabs and VN5 electric van models. The proposition closely resembles the Original Equipment Manufacturer Original (OEM) initial offering and would manage the day-to-day claim management by offering its customer service to vehicle owners and allowing LEVC to focus on its core business activity. LEVC One includes a standard warranty for five years and 150,000 miles for the vehicle, eight years and 150,000 miles for the battery, and extended warranty of six years. Such partnerships are not only expanding the footprint of the company but also aiding the market growth for extended warranty.

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Market Analysis by Coverage, Application, Distribution Channel, End User, and Region:

• The market, on the basis of coverage, can be divided into standard protection plan and accidental protection plan.
• Based on application, the industry can be divided into automobiles, consumer electronics, home appliances, and mobile devices and PCs, among others.
• The distribution channels for extended warranty include manufacturers and retailers, among others.
• On the basis of end users, the market can be bifurcated into business and individuals. 
• The regional markets for extended warranty include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing cost of maintenance and repair of consumer electronics and automobiles is aiding the market growth.
• The market is being driven by the rising demand to expand product life and minimise the cost of repairs by value-conscious consumers.
• The introduction of various innovative extended warranty solutions with additional benefits is propelling the market growth.
• The digitisation of extended warranty solutions to enhance consumer services is augmenting the growth of extended warranty.

Key Offerings of the Report:

• The EMR report gives an overview of the global extended warranty market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the coverages, applications, distribution channels, end users, and regions of extended warranty.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for extended warranty are American International Group, Inc., AmTrust Financial, Asurion, CARCHEX, CarShield, LLC, and Assurant, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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