Global Extended Warranty Market Size To Reach USD 256.82 Billion By 2030 | CAGR 7.30%Category: Banking & Financial
The Global Extended Warranty Market was valued at USD 126.79 billion in 2021 and is expected to reach USD 256.82 billion by 2030, growing at a CAGR of 7.30% during 2021-2030. as per the latest research report by Spherical Insights & Consulting.
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Extended warranties are intended to cover mechanical failures, allowing you to avoid having to dip into your savings to cover the costs. If you have enough money to cover a major repair or are good with money, you may not need or want an extended warranty. Some extended warranties also include roadside assistance, rental car coverage while your car is in the shop, and locksmith services. If these benefits are important to you, make sure to ask the extended warranty representative or carefully read the policy to ensure they are included. Some extended warranties, including those listed, allow for monthly payments.
Browse key industry insights spread across 210 pages with 120 market data tables and figures & charts from the report Global Extended Warranty Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Accidental Protection Plan, and Protection Plan), By Application (Consumer Electronics, Automobiles, Home Appliances, and Others), By End-User (Individual, and Business), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 in detail along with the table of contents https://www.sphericalinsights.com/reports/extended-warranty-market
Certain factors, such as the expansion of warranty services in the automotive sector, are driving market growth. There are numerous scenarios in which a part may fail in the field despite meeting all specifications. It is not uncommon for automotive OEMs to provide detailed specifications and test criteria that a component must meet, only to discover later that the part is failing in the field because the OEM specifications provided do not adequately represent the stresses that the component will be subjected to. Failures can also be caused by damage or wear caused by a defect in one of the thousands of other components that comprise an automobile, in which case another supplier may be at fault. Failures may also occur as a result of changes made to the vehicle environment by the OEM without the involvement of the supplier in some cases.
In an increasingly connected world, smartphones and gadgets have become an indispensable part of daily life. This has resulted in the need to protect one's electronic products from damage and to extend the lifetime value of a device or a home appliance. This new consumer need has become a significant growth driver in the industry for value-added service offerings, alongside rising penetration in the electronics industry in emerging economies.
An 'extended warranty' is a service agreement that extends the manufacturer's warranty for a set period of time. Simply put, if the manufacturer's standard warranty on a new smartphone is one year, one can choose to extend this by another year by purchasing an extended warranty plan. Service providers offer extended warranties, and customers are frequently given the option to include the additional coverage, either at the time of purchase or when the standard warranty is about to expire. The plan may be useful for those who want a simple user experience and a longer device life.
Accidental or incidental damage to devices such as smartphones, cameras, and laptops is not covered by the manufacturer. Service providers' 'damage protection' plans shield customers from such issues, saving them thousands of dollars in repair costs. Each device's screen and display are delicate components that are always vulnerable to physical and liquid damage. Repair costs of such damage can cost up to 40 percent of the device price, and so more expensive the device the bigger will be the repair bill. As people become more reliant on smartphones, the market for repair services will grow at a faster rate than the underlying industry.
In emerging markets, the smartphone protection market is expected to grow. The increasing demand for and awareness of after-sales services has sparked a "right to repair" movement in Western countries. Both the United States and the European Union are enacting legislation to make replacement parts more readily available in local repair shops for up to ten years after manufacture, allowing for self-repair. The movement promotes energy efficiency and the reduction of environmental waste. Service providers improve people's lives by providing on-the-spot repairs and creating long-term value with their promises to customers.
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Increase in awareness for extended warranty for brown and white and brown goods benefits the extended warrant market. Due to the high cost of many devices, consumers frequently worry about the safety of their electronic products after the seller's guarantee has expired. Therefore, provision of extended warranty also helps in rebuilding customer loyalty and thus increased awareness for extended warranty is increasing the market growth. On the other hand, companies who offer extended warranties for consumer electronics have a lot of chances, such those to grow their product and service offerings and provide customers with value-added services. Thus, this demand for White and Brown Goods and brown goods proper the extended warranty market as consumer would want extra protection for their electronics goods.
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