Extended Warranty Market Anticipated to Grow at Much Faster Rate in Upcoming Years 2023-2028
| 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 |
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
- Protection Plan
- Accidental Protection Plan
- Automobiles
- Consumer Electronics
- Home Appliances (TV)
- Mobile Devices PCs
- Others
- 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.
- 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.
- 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.
- 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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