The Global Extended Warranty Service market is expected to reach $169.82 billion by 2027, at a growing CAGR of 7.4%.
What is Extended Warranty Service?
Extended warranty, is also called service agreement or assurance plan, gives inclusions to expand the length of insurance for large buyers. It gave inclusion to different sorts of items and brands, going from machines to hardware, wearables, PC gear, mobile items, and others. In addition, manufactures tend to deal with limited product and brand set to give extended warranty as the permitting and credentialing requirements largely differ from other insurance coverages. Moreover, extended warranty protection plan is discrete arrangement purchase by shoppers and are intended to give extra insurance to their items. Still, retailers face different challenges while dealing with extended warranties, which are third- party policies. Therefore, consumer purchase the warranties from retailers, another organization handles claim processes.
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Ascend in immense infiltration of cell phones, PCs, home machines, and other such brown goods drive the extended warranty market development. These items generally have a heavy price tag related at the time of purchase. In this manner, to keep up with safety of their electronic items post expiry of vender’s warranty, customers largely buy extended warranties. This, at an outcome pushes the market development. Though, unit shipment for PC have been on the decrease universally and thus, the decrease in deals of PCs have brought down the interest for extended warranty policies.
The Global Extended Warranty Service market size was valued at $120.79 billion in 2019, and is expected to reach $169.82 billion by 2027, at a growing CAGR of more than 7%.
Market segmentation: Analysis
The Extended Warranty Service market is segmented by Type, application, and geographic region.
On the basis by type– Standard Protection Plan, and Accidental protection Plan.
In this segmentation, Standard Protection Plan is reported for the highest in 2019, from all.
On the basis by application– Laptops and PCs, Automobiles, consumer electronics, home appliances, and mobile devices.
Automobiles is likely as one of the most lucrative segments, to drive the growth in the market.
On the basis by region– North America, Europe, APAC, Latin America, and MEA.
In this segmentation, north America is predicted to occupied major share in the Extended Warranty Service Market.
Key players in the Extended Warranty Service Market are:
- Allianz Global Assistance
- American International Group, Inc.
- Amtrust Financial Services, Inc.
- Advanced American auto warranty Services LLC
- Corporate Warranties India Pvt. Ltd
Impact of Covid-19 on the Extended Warranty Service Market
Coronavirus pandemic modestly affects on the extended warranty market, owing to sharp decrease in deals of automobiles and shopper electronics. Though, as lockdown in a few regions has seriously affected development of shoppers and interruption of organizations around the world, clients are, hence, profiting offers of warranty extension for items bought from approved offline and online platforms. Thus, it has become one of the significant development factors for the extended warranty market.
In April, 2020, JAPUAR LAND ROVER LIMITED reported extension of warranty for its clients by two months or 3,200 Km for vehicles. In addition, the organisation has also provided due consideration to proprietors who extended warranties are expiring between march 23 and the finish of lockdown.
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