Global Extended Warranty Market to Reach USD 239.0 Billion by 2033, Impelled by Growing Number of Value-Conscious Buyers

November 11, 2024

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According to the latest report by IMARC Group, titled "Extended Warranty Market Report by Coverage (Standard Protection Plan, Accidental Protection Plan), Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices and PCs, and Others), Distribution Channel (Manufacturers, Retailers, and Others), End User (Individuals, Business), and Region 2025-2033," the global extended warranty market size reached USD 147.1 Billion in 2024. An extended warranty is an additional warranty that is generally offered to consumers while purchasing high-value items, including automobiles, electronics, and electrical appliances. It is a service contract that can be claimed by the buyer to cover the repair and maintenance costs of a product. It is offered for an additional charge that covers problems related to the product’s electrical or mechanical parts. In recent years, extended warranty solutions have gained traction across the globe due to the rising adoption of premium smartphones and laptops among the masses, especially young working professionals.

Global Extended Warranty Market Trends:

The global market is primarily driven by the increasing awareness among the masses regarding extended warranty policies. This is further supported by the shifting preference toward a hassle-free post-sales experience and the growing number of value-conscious buyers. Along with this, the rising inclination for maintaining the safety of high-value products post expiry of sellers’ warranty period is providing a boost to the adoption of extended warranty policies among individuals. Moreover, several leading players are heavily investing in the deployment of innovative approaches, such as on-site services and free replacements, in an attempt to strengthen their market position, thereby catalyzing the market growth on the global level. Other factors, including rapid urbanization and digitization, the escalating demand for prolonged life and value of goods, and the inflating disposable income levels of the masses, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of USD 239.0 Billion by 2033, exhibiting a CAGR of 5.5% during 2025-2033.

Market Summary:

On the basis of the coverage, the market has been categorized into standard and accidental protection plan.
Based on the application, the market has been classified into automobiles, consumer electronics, home appliances, mobile devices and PCs and others.
On the basis of the distribution channel, the market has been segmented into manufacturers, retailers and others.
Based on the end-user, the market has been bifurcated into individuals and business.
On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Allianz Assistance (Allianz SE), American International Group Inc., AmTrust Financial, Assurant Inc., Asurion LLC, Axa S.A., Carchex, CarShield LLC, Chubb, Edel Assurance LLP, Endurance Warranty Services LLC, and SquareTrade Inc. (The Allstate Corporation).

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Coverage, Application, Distribution Channel, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Allianz Assistance (Allianz SE), American International Group Inc., AmTrust Financial, Assurant Inc., Asurion LLC, Axa S.A., Carchex, CarShield LLC, Chubb, Edel Assurance LLP, Endurance Warranty Services LLC, and SquareTrade Inc. (The Allstate Corporation)
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Extended Warranty Market to Reach USD 239.0 Billion by 2033, Impelled by Growing Number of Value-Conscious Buyers

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