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Extended Warranty Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:   

The global extended warranty market reached a value of US$ 121.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 182.3 Billion by 2027 exhibiting a CAGR of 6.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

An extended warranty, or a service contract, refers to a policy that extends the warranty period offered to consumers on new items. It generally covers the costs of repair or replacement of the product if the damage is caused due to manufacturing defects or poor quality. It is usually provided by manufacturers, retailers, or third-party service providers for automobiles, electronics, and electrical appliances. While these goods typically come with a one-year manufacturer’s warranty, an extended warranty can provide coverage against various product defects or normal wear and tear after the expiration of the initial warranty. In recent years, extended warranty solutions have gained traction due to their cost-effectiveness and additional protection, such as the mechanical and electronic breakdown of products that are not covered by the original warranty.

 

 
 

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Extended Warranty Market Trends:

Nowadays, extended warranty plans cover routine maintenance and accidental damages, including liquid spillage, thefts, or cracked screens. As a result, the rising concerns among consumers regarding the safety of their electronic devices after the original warranty has expired represent the primary factors driving the market growth. Besides this, the growing number of value-conscious customers and shifting consumer preferences toward a hassle-free post-sales experience are augmenting the demand for extended warranty solutions. Additionally, the surging sales of high-end vehicles and consumer electronics, such as smartphones, laptops, tablets, and wearables, are accelerating the product adoption rate. Furthermore, the leading players are offering value-added services, such as hassle-free replacements and on-site services, and digitizing extended warranty processes for faster claim settlements, which is catalyzing the market growth. Other factors, including the escalating demand for prolonged life and value of goods, inflating consumer disposable incomes and high repair and maintenance costs, are also creating a positive market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global extended warranty market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on coverage, application, distribution channel and end user.

Breakup by Coverage:

  • Standard Protection Plan
  • Accidental Protection Plan
     

Breakup by Application:

 

 
 

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  • Automobiles
  • Consumer Electronics
  • Home Appliances
  • Mobile Devices and PCs
  • Others
     

Breakup by Distribution Channel:

  • Manufacturers
  • Retailers
  • Others
     

Breakup by End User:

  • Individuals
  • Business
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, American International Group Inc, AmTrust Financial, Assurant Inc., Asurion LLC, Axa S.A., Carchex, CarShield LLC, Chubb Limited, Edel Assurance LLP, Endurance Warranty Services LLC, and SquareTrade Inc (The Allstate Corporation).

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Coverage, Application, Distribution Channel, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Allianz SE, American International Group Inc, AmTrust Financial, Assurant Inc., Asurion LLC, Axa S.A., Carchex, CarShield LLC, Chubb Limited, Edel Assurance LLP, Endurance Warranty Services LLC, and SquareTrade Inc (The Allstate Corporation).
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the global extended warranty market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global extended warranty market?
  • What are the key regional markets?
  • What is the breakup of the market based on the coverage?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the distribution channel?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global extended warranty market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Extended Warranty Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Coverage
    6.1    Standard Protection Plan
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Accidental Protection Plan
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Application
    7.1    Automobiles
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Consumer Electronics
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Home Appliances
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Mobile Devices and PCs
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Others
        7.5.1 Market Trends
        7.5.2 Market Forecast
8    Market Breakup by Distribution Channel
    8.1    Manufacturers
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Retailers
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Others
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by End User
    9.1    Individuals
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Business
        9.2.1 Market Trends
        9.2.2 Market Forecast
10    Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11    SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12    Value Chain Analysis
13    Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14    Price Analysis
15    Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Allianz SE
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
           15.3.1.3 Financials
           15.3.1.4 SWOT Analysis
        15.3.2    American International Group Inc
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
           15.3.2.3 Financials
           15.3.2.4 SWOT Analysis
        15.3.3    AmTrust Financial
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
           15.3.3.3 Financials
           15.3.3.4 SWOT Analysis
        15.3.4    Assurant Inc.
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
           15.3.4.3 Financials
           15.3.4.4 SWOT Analysis
        15.3.5    Asurion LLC
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
        15.3.6    Axa S.A.
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
           15.3.6.3 Financials
           15.3.6.4 SWOT Analysis
        15.3.7    Carchex
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
        15.3.8    CarShield LLC
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
        15.3.9    Chubb Limited
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
           15.3.9.3 Financials
           15.3.9.4 SWOT Analysis
        15.3.10    Edel Assurance LLP
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
        15.3.11    Endurance Warranty Services LLC
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
        15.3.12    SquareTrade Inc (The Allstate Corporation)
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Extended Warranty Market: Major Drivers and Challenges
Figure 2: Global: Extended Warranty Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Extended Warranty Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Extended Warranty Market: Breakup by Coverage (in %), 2021
Figure 5: Global: Extended Warranty Market: Breakup by Application (in %), 2021
Figure 6: Global: Extended Warranty Market: Breakup by Distribution Channel (in %), 2021
Figure 7: Global: Extended Warranty Market: Breakup by End User (in %), 2021
Figure 8: Global: Extended Warranty Market: Breakup by Region (in %), 2021
Figure 9: Global: Extended Warranty (Standard Protection Plan) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Extended Warranty (Standard Protection Plan) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Extended Warranty (Accidental Protection Plan) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Extended Warranty (Accidental Protection Plan) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Extended Warranty (Automobiles) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Extended Warranty (Automobiles) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Extended Warranty (Consumer Electronics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Extended Warranty (Consumer Electronics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Extended Warranty (Home Appliances) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Extended Warranty (Home Appliances) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Extended Warranty (Mobile Devices and PCs) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Extended Warranty (Mobile Devices and PCs) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Extended Warranty (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Extended Warranty (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Extended Warranty (Manufacturers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Extended Warranty (Manufacturers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Extended Warranty (Retailers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Extended Warranty (Retailers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Extended Warranty (Other Distribution Channels) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Extended Warranty (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: Extended Warranty (Individuals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: Extended Warranty (Individuals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Global: Extended Warranty (Business) Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Global: Extended Warranty (Business) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: North America: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: North America: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: United States: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: United States: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Canada: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Canada: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Asia-Pacific: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Asia-Pacific: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: China: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: China: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: Japan: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: Japan: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: India: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: India: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: South Korea: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: South Korea: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Australia: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Australia: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Indonesia: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Indonesia: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Others: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Others: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Europe: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Europe: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Germany: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Germany: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: France: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: France: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: United Kingdom: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: United Kingdom: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Italy: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Italy: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Spain: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Spain: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Russia: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Russia: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Others: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Others: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Latin America: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Latin America: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Brazil: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Brazil: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Mexico: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Mexico: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Others: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 78: Others: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 79: Middle East and Africa: Extended Warranty Market: Sales Value (in Million US$), 2016 & 2021
Figure 80: Middle East and Africa: Extended Warranty Market: Breakup by Country (in %), 2021
Figure 81: Middle East and Africa: Extended Warranty Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Global: Extended Warranty Industry: SWOT Analysis
Figure 83: Global: Extended Warranty Industry: Value Chain Analysis
Figure 84: Global: Extended Warranty Industry: Porter's Five Forces Analysis
Figure 85: Global: Extended Warranty Industry: Value Chain Analysis
Figure 86: Global: Extended Warranty Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Extended Warranty Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Extended Warranty Market Forecast: Breakup by Coverage (in Million US$), 2022-2027
Table 3: Global: Extended Warranty Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: Global: Extended Warranty Market Forecast: Breakup by Distribution Channel (in Million US$), 2022-2027
Table 5: Global: Extended Warranty Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 6: Global: Extended Warranty Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: Extended Warranty Market: Competitive Structure
Table 8: Global: Extended Warranty Market: Key Players


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