Also known as a service contract, extended warranties are available for some products and services in addition to the standard warranty.
Based on the product type, the Extended Warranty is primarily split into Protection Plan, Accidental Protection Plan, etc. Protection Plan refers to the standard protection plan. Protection Plan generally protects against normal wear and tear and product defects — things like a part failing because it’s a lemon or due to heat, humidity, or dust. In 2019, Protection Plan accounted for a share of 74.68% in the global Extended Warranty market. And this product segment is poised to reach 128855.8 Million US$ by 2026 from 88420.6 Million US$ in 2020. Accidental Protection Plan usually includes everything in a standard plan but also protects your product against damage sustained in an accident. The additional coverage of the Accidental Protection Plan is more expensive than the standard plan.
Based on the application of extended warranty, the extended warranty market has been segmented into several key segments, automotive, electronics and appliances, and mobile devices. In the extended warranty market, consumer electronics holds a significant share in terms of application and is expected to reach 53.76% of revenue by 2026, growing at a CAGR of 7.61% during 2020 and 2026.
Get the complete sample, please click:https://www.globalmarketmonitor.com/reports/652586-extended-warranty-market-report.html
Extended Warranty Services Industry Market Analysis
Over a period of time, the industry has been in a mature stage. The market continues to expand as products continue to be upgraded products continue to be upgraded as well as technological and economic developments. The extended warranty is primarily a highly competitive market. The top three companies are Asurion, American International Group, and Assurant Group. Asurion, LLC provides wireless handset insurance services. The Company offers replacement of lost, stolen, damaged, and malfunctioning devices, as well as roadside assistance programs, technical support, mobile security devices, and electronics protection. Asurion serves customers worldwide. American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance, and retirement services. Assurant, Inc. provides housing and lifestyle solutions that supports, protects, and connects major consumer purchases. The Company offers mobile device solutions, extended service contracts, and vehicle protection, as well as pre-funded funeral, renters, and lender-placed homeowners insurance. Assurant serves customers worldwide.
According to our research, the extended warranty market generated a total revenue of USD 92736.4 million in 2015. It grows to USD 120,750 million in 2019. A series of functions have been calculated and derived using scientific models for the last 5 years of data. The global extended warranty market size will reach USD 182.9 million by 2026 from USD 120.7 million in 2019, at a CAGR of 7.03% during the forecast period. The Asia Pacific market will play an important role in driving the global market, especially thanks to the rapid growth in China, India, and Southeast Asian countries. North America has had a non-negligible market position over the past few years and is expected to remain stable in the future, especially in the U.S. Changes in the U.S. will have a significant impact on the development of extended warranty services worldwide, with a market share of 38.39% in 2015 and 37.77% in 2019, a decrease of 0.62%. in 2019, Europe will have the second highest market share at 36.05%.
Growing economies, increasing downstream demand and technological innovation advances in these areas will boost the extended warranty market. Growing market demand as the European economy grows is playing a positive role in the expansion of the extended warranty market. Higher product quality and more affordable products will be among the future growth opportunities for this market. At the same time, competition is likely to become more intense in new regions. This could be a factor that hinders the growth of the market. In its current form, with rapid and unpredictable global changes, the future of the extended warranty services industry will be full of more variables and will require close monitoring of market developments.
Extended Warranty Services Industry Business Environment Analysis
With rising prices and penetration of cars and smartphones, laptops and household appliances, consumer awareness of extended warranties is increasing and more consumers need extended warranty services, expanding the demand for extended warranties thus driving the market.
Emerging countries are adopting enhanced policies to support the development of extended warranties in their regions, while demand for automotive and electronic equipment is growing, and not only that the extended warranty market for used cars is also growing. These are a growth opportunity for the warranty market.
But the price of extended warranties and laptop sales restrain the growth of the extended warranty market. The coverage of extended warranties varies by price, and the broader the coverage, the more expensive the extended warranty. 2019 global PC shipments total 261.2 million units, with PC shipments falling by approximately 9% in the first quarter of 2020. The decline in PC sales will affect the demand for extended warranties. In addition to this, the lack of uniform laws regulating extended warranty products, different regulatory laws in different regions, and the COVID-19 pandemic have had a negative impact on the extended warranty market.
Get the complete sample, please click: https://www.globalmarketmonitor.com/reports/652586-extended-warranty-market-report.html
We provide more professional and intelligent market reports to complement your business decisions.
Chinese