India Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

India Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6404
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Market Overview:

The India extended warranty market is expected to exhibit a CAGR of 11.65% during 2023-2028. 

An extended warranty refers to a policy that extends beyond the manufacturer's guarantee to cover the repair and maintenance of a product. It is offered by original equipment manufacturers (OEMs), retailers, and third-party vendors for service-related claims, such as maintenance, repair, or replacement. An extended warranty provides enhanced protection against the failure of parts, increases product life, reduces the financial burden of repairs, and enhances customer satisfaction. It also offers coverage against various product defects or normal wear and tears after the expiration of the initial warranty. As a result, an extended warranty is generally offered on high-value items, automobiles, consumer electronics, mobile devices, and personal computers (PCs).

India Extended Warranty Market Trends:

The rapid proliferation of electronic devices, such as smartphones, laptops, tablets, and wearables, is creating a positive outlook for the market in India. An extended warranty maintains product safety and provides protection by covering routine maintenance and accidental damage, such as liquid spillage, theft, or cracked screen. In line with this, rising concerns among consumers regarding the safety of their electronic devices are favoring the market growth. Furthermore, increasing post-sale management startups in the country that are providing centralized platforms to households and micro, small, and medium-sized enterprises (MSMEs) to purchase an extended warranty, receive warranty notification, and access one-touch customer services is acting as another growth-inducing factor. Additionally, the integration of artificial intelligence (AI)-driven data and insight to provide personalized and unique risk cover, proactive loss prevention, and warranty-as-a-service (WaaS) model is providing an impetus to the market growth. Moreover, the increasing demand for extended warranty in the automotive industry to maintain vehicle value, extend product life, and cover labor costs, complex part replacements, and repair is positively influencing the market growth. Other factors, including increasing awareness regarding the benefits of an extended warranty, rapid digitization for faster claim settlements, rising expenditure capacities of consumers, and increasing costs of repair and maintenance, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India extended warranty market report, along with forecasts at the country and regional level from 2023-2028. 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:

  • 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:

  • North India
  • West and Central India
  • South India
  • East India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Million
Segment Coverage Coverage, Application, Distribution Channel, End User, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2299
Five User License: US$ 3399
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

We expect the India extended warranty market to exhibit a CAGR of 11.65% during 2023-2028.

The rising consumer preferences toward a hassle-free post-sales experience, along with the growing demand for extended warranty, as it offers value-added services, such as hassle-free replacements and on-site services, are primarily driving the India extended warranty market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of extended warranty claims among the individuals via online portals, due to the changing consumer inclination from conventional brick-and-mortar platforms towards e-commerce channels.

Based on the coverage, the India extended warranty market has been divided into standard protection plan and accidental protection plan, where standard protection plan currently exhibits a clear dominance in the market.

Based on the application, the India extended warranty market can be categorized into automobiles, consumer electronics, home appliances, mobile devices and PCs, and others. Currently, automobiles account for the majority of the total market share.

Based on the distribution channel, the India extended warranty market has been segregated into manufacturers, retailers, and others. Among these, manufacturers exhibit a clear dominance in the market.

Based on the end user, the India extended warranty market can be bifurcated into individuals and business. Currently, individuals hold the largest market share.

On a regional level, the market has been classified into North India, West and Central India, South India, and East India.

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India Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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