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India Extended Warranty Market to Grow at 11.65% During 2023-2028, Impelled by Growing Consumer Awareness

Published on Nov 22, 2022

According to the latest report by IMARC Group, titled "India Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India extended warranty market is expected to grow at a CAGR of 11.65% during 2023-2028. An extended warranty is a type of insurance that extends the warranty period of products beyond what is offered by the manufacturer. It is a service contract that is generally offered to consumers during the purchase of expensive or high-value goods, such as consumer electronics and automobiles. This policy is mainly provided by original equipment manufacturers (OEMs) or third-party vendors to give an additional warranty in order to provide long-term durability on the purchased products. It is offered for an additional charge to cover unintentional damage and repair cost related to the electrical or mechanical parts.

India Extended Warranty Market Trends:

The market in India is primarily driven by the rising consumer awareness regarding extended warranty policies. In line with this, the increasing manufacturing and selling of high-end and premium smartphones, along with the growing preference for maintaining the safety of the item post expiry of sellers’ warranty period, is creating a positive market outlook. Due to the penetration of high-speed internet connectivity across the country, numerous leading players are selling extended warranty policies using virtual platforms in order to strengthen their market position, which is significantly supporting the market. In addition to this, the rising spending by key players in the deployment of innovative approaches, such as free replacements and on-site services, is gaining widespread prominence among individuals. The market is further driven by continual technological advancements, including the advent of the warranty-as-a-service (WaaS) model. Other factors, including rapid digitization, inflating disposable income levels of the masses and the escalating demand for prolonged life and value of goods, are also positively influencing the market across India.

Market Summary:

  • On the basis of the coverage, the market has been segmented into standard and accidental protection plans.
  • Based on the application, the market has been segregated into automobiles, consumer electronics, home appliances, mobile devices and PCs and others.
  • On the basis of the distribution channel, the market has been categorized into manufacturers, retailers and others.
  • Based on the end-user, the market has been classified into individuals and business.
  • On the basis of the region, 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.

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