Extended Warranty: Emerging Trends and Opportunities

Prateek G

Extended Warranty: Emerging Trends and Opportunities

Rise in awareness for extended warranty and surge in penetration of laptops, tablets, and smartphones have boosted the growth of the global extended warranty market. However, declining sales of PCs hamper the market growth. On the contrary, expansion of products and services and untapped potential of emerging economics are expected to create lucrative opportunities for the market players in the coming years.

According to the report, the global extended warranty industry generated $120.79 billion in 2019, and is projected to reach $169.82 billion by 2027, growing at a CAGR of 7.4% from 2020 to 2027.

Covid-19 scenario:

The Covid-19 outbreak has severely affected the finance industry with lower incomes, production shutdowns, and staff shortage.
The inadequate digital maturity and pressure on existing infrastructure have affected the market.

The standard protection plan segment dominated the market

By coverage, the standard protection plan segment held the largest share in 2019, contributing to more than three-fifths of the global extended warranty market, as it largely covers mechanical & electrical breakdown and several other coverages, which are not covered by manufacturer's warranty. However, the accidental protection plan segment is projected to register the highest CAGR of 8.7% during the forecast period, due to rise in awareness toward security measures for ATM machines and implementation of advance technologies.

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The mobile devices & PCs segment to manifest highest CAGR through 2027

By application, the mobile devices & PCs segment is expected to register the highest CAGR of 8.7% during the forecast period, as these devices are designed as a portable and easy to use including tablets, e-readers, and smartphones, and desktop or laptop computer. However, the automobiles segment held the largest share in 2019, accounting for nearly two-fifths of the global extended warranty market, due to increase in sales of extended warranty at the time of purchase of vehicles.

North America held the lion's share

By region, the market across North America contributed the highest share in 2019, holding more than two-fifths of the market, owing to adoption for extended warranty insurance in the region. However, the global extended warranty market across Asia-Pacific is projected to register the highest CAGR of 10.2% during the study period, due to emerging economies, high costs of repairs, several offers & benefits, and better customer experience provided under extended warranties in the region.

Major market players

ASSURANT, INC.
AXA
American International Group, Inc.
Asurion
AmTrust Financial
CarShield, LLC
CARCHEX
Edel Assurance
Endurance Warranty Services, LLC
SquareTrade, Inc.

Prateek G

5 questions to ask before choosing a warranty management solution

NeuroWarranty 2022-08-29

In this article, We've explore five questions you can ask before choosing a warranty management solution. Is the warranty solution easy to use for customers? With the help of NeuroWarranty, registering for a warranty claim becomes much simpler. Traditional warranty management processes are manual and labour intensive, thus driving up costs. The software should be designed to automate the tedious aspects of a warranty process.

Auto Extended Warranty Quote

Concord Auto Protect 2022-03-04

Having an Extended Warranty Quote is like having a safety net. You know that any repair or maintenance covered under the terms of your plan. If you have questions about Auto Protection Plans, please give us a call. We provide the best warranty plan amongst all the Used Car Warranty Companies in the market right now. To get a custom one, you can visit our Concord Auto Protect Website.

Why a Skilled Attorney for Automotive Warranty Should Be Considered?

Allen Stewart 2023-01-20

A new car warranty is an agreement between the owner of a new or used car and the manufacturer. The warranty also covers repair work or replacement of car parts that exceed certain mileage marks or other triggering events. A warranty guarantees that no matter what, the manufacturer will cover your new or used car's market value. However, there are different warranty laws from state to state, so it is important to know your rights and ensure you understand what your vehicle warranty covers before purchasing a new car. A good attorney will have experience with warranty cases; this means they have seen many similar cases come through their office before.

Exploring Different Types Of Extended Car Warranty Coverage

Noble Quote 2023-08-29

In this comprehensive guide, we'll dive into the various types of extended car warranty coverage options available to you. Navigating Extended Car Warranty Options: Ensuring Confidence as Your Car AgesAs the miles add up and your car gets older, the risk of mechanical breakdowns increases. Let's explore the different types of extended warranty coverage available, so you can drive with confidence. Benefits of Extended Warranty:Extended warranty coverage provides peace of mind by protecting you from unexpected repair costs. Conclusion:Exploring the different types of extended car warranty coverage gives you the knowledge to make an informed decision.

What is Extended Car Warranty and It's Benefit?

John Davis 2022-02-23

One of these includes an extended guarantee, which is designed to prolong the warranty period of the original vehicle but is it worth the cost? This article will help you understand what an extended warranty is and give the best price for your money. But, customers must be aware when buying extended warranties because some dealers might confuse them about the advantages they can get. What are the potential advantages of an extended warranty? It is possible to obtain an extended warranty on second-hand motorbikes and cars.

Time for Brands to Efficiently Manage Warranties!

Abhishek Agrawal 2024-04-10

Enhanced Efficiency: With warranty management software, brands can eliminate manual paperwork and time-consuming processes. Real-Time Analytics: Warranty management software provides valuable insights into warranty performance. By analyzing warranty data, businesses can pinpoint the specific components or manufacturing processes that are leading to higher warranty claims. By analyzing warranty data, businesses can identify suppliers whose products or components consistently result in higher warranty claims. In conclusion, the time has come for brands to efficiently manage their warranties.

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