Research Nester’s recent market research analysis on “Extended Warranty Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitor’s analysis and a detailed overview of the global extended warranty market in terms of market segmentation by application, distribution channel, coverage, and end-user.

Rising Demands for Cost-Effective Protective Services to Promote Global Market Share of Extended Warranty Market

The rising awareness of customers on the benefits of extended warranties has created a surging demand for customized extended warranty services. The shrinking life cycle of consumer electronics and growing maintenance costs of automobiles prompt a conscious consumer base to adopt extended warranty solutions. Extended warranties can increase consumer retention rates and create greater trust in a brand. Owing to the positive customer retention impact of extended warranty programs, more original manufacturers are providing additional warranties beyond the manufacturer's warranty.

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Additionally, the large-scale penetration of consumer electronics in day-to-day life has prompted investments in robust protection plans. The growing frequency of updates in various consumer electronics goods can be detrimental to the life cycles of high-value goods and consumers require the peace of mind of an extended warranty covering maintenance and repair costs to increase the lifecycle of their product investments. For instance, in June 2024, Targus, a renowned third-party docking station and laptop bag brand, announced an industry-first five-year warranty with reduced pricing on selected universal docking stations.

Growth Drivers:

Rising sales of automobiles globally
Rapid surge in e-commerce platforms
Challenges:

The increased costs associated with extended warranties can dissuade consumers from adopting extended warranty programs. Owing to the high costs of certain warranty programs, consumer investment in a product can increase which can speed up adoption of extended warranties. Additionally, a lack of awareness of the benefits of extended warranty programs can negatively affect the market’s growth.

By application, the market is segmented into automobiles, consumer electronics, mobile devices & PCs, home appliances, and others. The automobiles segment registered the largest revenue share in 2024 and is projected to increase its share by 2037 expanding at a profitable CAGR. The segment’s growth is attributed to growing sales of automobiles via online and offline channels, allowing distributors to offer extended warranty services as add-ons.

By region, North America is positioned to register the largest market share in 2024. The favorable purchasing power parity in the U.S. and Canada bolsters sales of high-value goods in the region. The increasing purchases of high-value goods boost demands for extended warranty services to cover repair and maintenance costs of premium products. For instance, in September 2024, EV warranty startup Amber announced the expansion of AmberCare for Tesla vehicles to 47 states due to its partnership with Lexington National Insurance Corporation.

This report also provides the existing competitive scenario of some of the key players of the market i.e., Endurance Warranty Services, Everything Breaks, Carchex, Autopom, Toco Warranty, Omega Auto Care, Car Shield, Assurant Inc., Asurion, Securranty, OnPoint Warranty, and others.

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