As per the latest report by IMARC Group, titled " United States Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the United States extended warranty market size reached US$ 55.3 Billion in 2022. An extended warranty is a contractual agreement that provides coverage beyond the manufacturer's warranty period. They are typically offered by third-party providers or the manufacturers themselves. The extended warranty typically extends the duration of protection and offers additional benefits, repairs, or replacements for a specified period of time. While a manufacturer's warranty usually covers defects and malfunctions for a limited period, an extended warranty extends this coverage for an additional period, often up to several years. Extended warranties typically consist of several components, including coverage for parts and labor, technical support, and customer service. The coverage for parts and labor ensures that any necessary repairs or replacements are covered by the warranty provider, reducing the financial burden on the customer. Technical support allows customers to seek assistance in troubleshooting issues with their products, either through phone support or in-person assistance.
United States Extended Warranty Market Trends:
The United States extended warranty market is influenced by several factors, including the increasing complexity and cost of electronic devices and appliances. As products become more advanced and sophisticated, the potential repair and replacement costs rise significantly, making extended warranties an attractive option for consumers seeking long-term protection. Moreover, the growing consumer demand for seamless customer experiences has led to an increased emphasis on extended warranties, which is boosting the market growth. Furthermore, the significant growth in the e-commerce industry and the rising awareness among consumers about the benefits of extended warranties are creating a positive outlook for the market. Additionally, the rapid technological advancements and the need for specialized repair services are boosting the market growth. In line with this, the escalating influence of customer reviews and recommendations on extended warranty adoption and the surging adoption of high-value and high-priced electronic devices and appliances are providing a considerable thrust to the market growth. Apart from this, the availability of protection against accidental damage and product failure and the burgeoning complexity and cost of repairs due to advanced technology are influencing the market growth. Other factors, such as the availability of customizable warranty plans to suit individual needs and the increasing competition among warranty providers, are augmenting the market growth. Looking forward, the market value is projected to reach US$ 81.3 Billion by 2028, expanding at a CAGR of 6.9% during 2023-2028.
- By the coverage, the market is bifurcated into standard protection plan and accidental protection plan.
- Based on the application, the market is divided into automobiles, consumer electronics, home appliances, mobile devices and PCs, and others.
- On the basis of the distribution channel, the market is segregated into manufacturers, retailers, and others.
- Based on the end user, the market is bifurcated into individuals and business.
- On the basis of the region, the market has been categorized into northeast, midwest, south, and west.
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
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||Coverage, Application, Distribution Channel, End User, Region
||Northeast, Midwest, South, West
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