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:
- Consumer Electronics
- Home Appliances
- Mobile Devices and PCs
Breakup by Distribution Channel:
Breakup by End User:
Breakup by Region:
- North India
- West and Central India
- South India
- East India
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|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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