According to the latest report by IMARC Group, titled " India Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the India extended warranty market is expected to exhibit a CAGR of 11.65% during the forecast period (2023-2028). An extended warranty, also known as a service contract, is a policy that extends the warranty period of a product beyond its original coverage period. It provides additional protection to the buyer if the product develops a fault or stops working within a particular time frame. It is generally offered on electronics, vehicles, electrical, and kitchen appliances. It is provided by original equipment manufacturers (OEMs), retailers, and third-party vendors for service-related claims, such as maintenance, labor, repair, and replacement. It also offers coverage against different product defects or normal wear and tear after the expiration of the initial warranty.
India Extended Warranty Market Trends:
There is an increase in the sales of electronic devices, such as smartphones, laptops, tablets, and wearables, on account of rapid urbanization and inflating income levels. This, coupled with the rising concerns among consumers about the safety of their electronic devices, represents one of the major factors driving the demand for the extended warranty in India. Moreover, the growing preference for luxury vehicles is catalyzing the need for extended warranty plans among consumers in the country. In addition, key players operating in India are offering value-added services, including hassle-free replacements and on-site services, and digitizing extended warranty processes, for faster claim settlements. They are also focusing on providing coverage for routine maintenance and accidental damages like liquid spillage, thefts, or cracked screens. Apart from this, the increasing awareness about the benefits of extended warranty plans, such as enhancing protection against the failure of parts, increasing product life, reducing the financial burden of repairs, and improving customer satisfaction, is creating a positive outlook for the market in the country.
- On the basis of the coverage, standard protection plan represents the biggest segment, followed by the accidental protection plan.
- Based on the application, the market has been classified into automobiles, consumer electronics, home appliances, mobile devices and PCs, and others. Presently, automobiles hold the largest market share.
- On the basis of the distribution channel, the market has been categorized into manufacturers, retailers and others. Manufacturers currently account for the biggest market share.
- Based on the end user, the market has been bifurcated into individuals and business. Presently, individuals dominate the market.
- Region wise, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Coverage, Application, Distribution Channel, End User, Region
||North India, West and Central India, South India, East India
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