The United States extended warranty market size reached US$ 55.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 81.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.
An extended warranty, also known as a service contract, is a policy that extends the warranty duration of a durable consumer good beyond the offer provided by the manufacturer. It is provided by retailers and third-party service providers for automobiles and electronic appliances. It compensates for the cost of replacing or repairing the product if it is damaged due to a manufacturing defect or improper installation. In addition, it helps keep the product running smoothly and hassle-free while saving money. It also ensures complete guidance and technical assistance from the skilled staff of the service provider to repair the product.
United States Extended Warranty Market Trends:
The growing demand for extended warranties among the masses for the protection of electrical and mechanical expenses, such as oil changes and tire replacement, represents one of the key factors driving the market in the United States. In addition, there is a rise in the demand for extended warranties in the country as they provide additional revenue to product manufacturers, resellers, and service providers. This, along with increasing consumer preferences for a hassle-free post-sales experience, is propelling the growth of the market. Besides this, there is an increase in the demand for extended warranties as they cover routine maintenance and accidental damages, such as liquid spillage, thefts, or cracked screens. This, coupled with the growing concerns among consumers about the safety of electronic devices after the expiration of the original warranty, is catalyzing the demand for extended warranties in the US. Moreover, key market players are offering hassle-free replacements, on-site services, and digitizing extended warranty processes for faster claim settlements, which is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the United States extended warranty market report, along with forecasts at the country and regional levels 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:
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
||Northeast, Midwest, South, West
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
|Post-Sale Analyst Support
||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 United States 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 United States 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 United States extended warranty market and who are the key players?
- What is the degree of competition in the industry?