Extended Warranty Market to Grow $169.82 Billion, Globally, by 2027 at 7.4% CAGR, Says Allied Market Research

Rise in awareness for extended warranty and surge in penetration of laptops, tablets, and smartphones have boosted the growth of the global extended warranty market

News provided by

Allied Market Research

Aug 03, 2020, 09:00 ET

PORTLAND, Ore., Aug. 3, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Extended Warranty Market by Coverage (Standard Protection Plan and Accidental Protection Plan), Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices & PCs, and Others), Distribution Channel (Manufacturers, Retailers, and Others), and End User (Business and Individuals): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global extended warranty industry generated $120.79 billion in 2019, and is projected to reach $169.82 billion by 2027, growing at a CAGR of 7.4% from 2020 to 2027.

Drivers, restraints, and opportunities

Rise in awareness for extended warranty and surge in penetration of laptops, tablets, and smartphones have boosted the growth of the global extended warranty market. However, declining sales of PCs hamper the market growth. On the contrary, expansion of products and services and untapped potential of emerging economics are expected to create lucrative opportunities for the market players in the coming years.

Download Full 282 Pages PDF Brochure: https://www.alliedmarketresearch.com/request-sample/5022

Covid-19 scenario:

The Covid-19 outbreak has severely affected the finance industry with lower incomes, production shutdowns, and staff shortage.
The inadequate digital maturity and pressure on existing infrastructure have affected the market.

The standard protection plan segment dominated the market

By coverage, the standard protection plan segment held the largest share in 2019, contributing to more than three-fifths of the global extended warranty market, as it largely covers mechanical & electrical breakdown and several other coverages, which are not covered by manufacturer's warranty. However, the accidental protection plan segment is projected to register the highest CAGR of 8.7% during the forecast period, due to rise in awareness toward security measures for ATM machines and implementation of advance technologies.

Future Impact Analysis: https://www.alliedmarketresearch.com/request-for-customization/5022?reqfor=covid

The mobile devices & PCs segment to manifest highest CAGR through 2027

By application, the mobile devices & PCs segment is expected to register the highest CAGR of 8.7% during the forecast period, as these devices are designed as a portable and easy to use including tablets, e-readers, and smartphones, and desktop or laptop computer. However, the automobiles segment held the largest share in 2019, accounting for nearly two-fifths of the global extended warranty market, due to increase in sales of extended warranty at the time of purchase of vehicles.

North America held the lion's share

By region, the market across North America contributed the highest share in 2019, holding more than two-fifths of the market, owing to adoption for extended warranty insurance in the region. However, the global extended warranty market across Asia-Pacific is projected to register the highest CAGR of 10.2% during the study period, due to emerging economies, high costs of repairs, several offers & benefits, and better customer experience provided under extended warranties in the region.

For More Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/5022

Major market players

ASSURANT, INC.
AXA
American International Group, Inc.
Asurion
AmTrust Financial
CarShield, LLC
CARCHEX
Edel Assurance
Endurance Warranty Services, LLC
SquareTrade, Inc.

Access AVENUE - A Subscription-Based Library (Premium on-demand, subscription-based pricing model) @ https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:
https://www.alliedmarketresearch.com/avenue/trial/starter

Global Health Insurance Market Expected to Reach $4,475 Billion by 2026

Gift Cards Market Expected to Reach $1,922.87 Billion by 2027

Travel Insurance Market Expected to Reach $39.3 Billion By 2027

Employment Screening Services Market Expected to Reach $7.64 Billion by 2026

Prepaid Card Market Expected to Reach $5.51 Trillion by 2027

Pre-Book Now with 10% Discount:

P2P Payment Market - Global Opportunity Analysis and Industry Forecast, 2020-2027

Remote deposit capture Market - Global Opportunity Analysis and Industry Forecast, 2020-2027

Robo-advisory Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):

1-800-792-5285, 1-503-894-6022, 1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn and Twitter

SOURCE Allied Market Research