Extended Warranty Market Anticipated to Grow at Much Faster Rate in Upcoming Years 2023-2028
Published Via 11Press : HTF Market Intelligence’s latest survey on Global Extended Warranty Market research is being done to provide an efficient evaluation of obscure Extended Warranty products. Due to a significant economic slump and the current situation in the extended warranty industry, businesses are uncertain about their future prospects, according to the study, which spans the historical data from 2018 to 2022 and is anticipated until 2028*. Some are the key & emerging players that are part of the coverage and profiled in the study are Chubb Limited Allianz Global Assistance Amtrust Financial Services, Inc. Assurant, Inc. (The Warranty Group, Inc.) AllStates (SquareTrade, Inc.) American International Group, Inc. Asurion LLC
Definition
Extended warranties are designed to protect consumers from having to spend their savings to cover mechanical breakdowns. If consumers are able to afford a significant repair, they might not require or desire an extended warranty. Roadside help, coverage for rental cars while the car is in the shop, and locksmith services are additional extras offered by certain extended warranties. Payable in monthly installments are some extended warranties, such as those mentioned. The expansion of warranty services in the automotive industry is just one of the elements boosting market expansion. Even though a part meets all standards, there are several situations in which it could fail in the field. It is not unusual for automotive OEMs to provide thorough specifications and test requirements for a component, only to learn later that the component is failing in use the stresses to which the component would be subjected are not correctly reflected by the OEM specifications that have been provided. Failures may also result from wear or damage brought on by a flaw in one of the tens of thousands of additional parts that make up an automobile, in which case a different supplier may be at fault. Failures can also happen from modifications made to the vehicle’s surroundings by the OEM, often without the supplier’s input.
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Report Highlights
| Attributes | Details |
| Study Time | 2018 to 2028 |
| Base Year | 2022 |
| Current Value (2022) | USD 128,903.16 Million |
| Unit | (Million USD) Value |
| Dominating Application | Automobiles |
| Dominating Application % Share | 38.65% |
| Major Companies | Chubb Limited Allianz Global Assistance Amtrust Financial Services, Inc. Assurant, Inc. (The Warranty Group, Inc.) AllStates (SquareTrade, Inc.) American International Group, Inc. Asurion LLC |
According to HTF Market Intelligence, In the years leading up to 2028, the market for an extended warranty is anticipated to grow at a rate of 5.63%. Automobile warranties are greatly desired by buyers of both new and used automobiles, which is the main factor driving this increase. Manufacturers include warranties in their prices as a way of making a deal with the customer because no car owner wants to be responsible for expensive maintenance costs when something unexpectedly goes wrong with their vehicle. Unfortunately, auto warranties do not endure indefinitely. Only three to four years, or 36,000 to 50,000 miles, whichever comes first, are allowed under manufacturer warranties, beyond which the consumer is left on their own just as the car starts to age. White goods are often a household and various typical duties and objectives are served by kitchen appliances, such as washing clothes, heating, and cooling, cleaning, and the hospitality industry, other common daily uses include cooking, food preservation, and many other applications used widely in daily life. In the post-liberalization economic context, brown items are signs of a shifting consumer environment. Computers, smartphones, televisions, and laptops are the main products that make up the brown goods market. Urbanization, rising disposable income, and an increase in the need for human comfort have all contributed to the need for White and Brown Goods. The environment is hastening the growth of the need for white goods including fans, coolers, and air conditioners.
Extended Warranty Market Key players
- Chubb Limited Allianz Global Assistance Amtrust Financial Services Inc.
- Assurant Inc. (The Warranty Group Inc.)
- AllStates (SquareTrade Inc.)
- American International Group Inc.
- Asurion LLC
Extended Warranty Market Key Business Segments
By Type
- Protection Plan
- Accidental Protection Plan
By Application
- Automobiles
- Consumer Electronics
- Home Appliances (TV)
- Mobile Devices PCs
- Others
Influencing Trend:
- Blockchain is a powerful technology that has recently emerged as another key enabler of digital transformation. In particular as a cryptocurrency enabler, blockchain is currently having an impact on both the public internet and organizational communities for decentralized information exchanges.
- The three major issues facing the sector today are still being faced by warranty providers: preventing false claims, identifying fake goods, and establishing the state of coverage. Businesses are getting more complicated, with more vendors, distant manufacturing sites, new channels of distribution, and innovative business strategies, which only makes the situation worse. The cost of warranty processing and administration is increasing, which is not surprising.
Market Drivers:
- Buyers of new and used cars alike place a high value on auto warranties. Because no automobile owner wants to be responsible for high maintenance costs when anything unexpectedly goes wrong with their vehicle, manufacturers negotiate warranties into the price of their products. Unfortunately, auto warranties do not endure indefinitely.
- Only three to four years, or 36,000 to 50,000 miles, whichever comes first, are allowed under manufacturer warranties, beyond which the consumer is left on their own just as the car starts to age. Because of this, consumers have come up with ways to buy extended warranties, which extend a car’s coverage past the original factory guarantee for a predetermined time or a predetermined amount of miles, whichever comes first.
- White goods are often a household and various typical duties and objectives are served by kitchen appliances, such as washing clothes, heating, and cooling, cleaning, and the hospitality industry, other common daily uses include cooking, food preservation, and many other things.
Challenges:
- For major auto repairs and part replacements for their vehicle, an optional policy is a car service contract, commonly referred to as an extended auto warranty. Although they might overlap, Purchase this cover now whenever you want, and it typically starts after the manufacturer’s warranty expires.
- The extended warranty covers more items for a longer length of time than a normal warranty. Depending on the vendor, extended warranties may extend protection for seven years or beyond, although a factory warranty may only last up to three years. All of these are more expensive than the typical standard warranty. Included and excluded coverage are the two main categories of extended warranties.
Opportunities:
- Since it has been around for about three decades, electronic commerce has changed the ways in which people buy and sell goods.
- The nature, timing, and technology of both business-to-business (B2B) and business-to-consumer (B2C) e-commerce are changing as a result of their constant growth. This has an impact on consumer behavior in developed economies throughout the world as well as pricing, product availability, inventory holding, and transportation patterns.
- In recent years, e-commerce has developed into a significant component of the world’s retail system. Since the advent of the internet, the retail landscape, like many other industries, has undergone significant change. As a result of the ongoing digitalization of modern life, consumers from almost every nation now enjoy the benefits of online transactions.
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In Light of This Difficult Setting, A Study on Extended Warranty
— The current state and essential features of the extended warranty market. HTF Market Intelligence analysts organized and conducted surveys of the Extended Warranty business players to put an end to this. The resulting snapshot provides a platform for comprehending why and how the sector is likely to change.
— The direction and expansion of the extended warranty industry. Financial analysis, polls, and industry consultants are used to reach conclusions. How can each company in this large group of rivals manage the Extended Warranty Market’s rising competitive landscape and implement a business strategy to retain and strengthen their position so that they can take advantage of the new addressable opportunity?
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