Extended Warranty Market to Reach $274.94 Billion, Globally, By 2031 at 8.6% CAGR: Allied Market Research

Increase in awareness about extended warranty and rise in penetration of laptops, tablets, and smartphones have driven the growth of the global extended warranty market.

PORTLAND, Ore., July 6, 2022 /PRNewswire/ -- Allied Market Research recently published a report, "Extended Warranty Market By Distribution Channel (Manufacturers, Retailers, Others), By Coverage (Standard Protection Plan, Accidental Protection Plan), By Application (Automobiles, Consumer Electronics, Home Appliances, Mobile Devices and PCs, Others), By End User (Individuals, Business): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global extended warranty industry generated $122.89 billion in 2021, and is projected to reach $274.94 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Increase in awareness about extended warranty and rise in penetration of laptops, tablets, and smartphones have driven the growth of the global extended warranty market. However, declining sales of PCs hamper the market growth. On the other hand, expansion of products and services and untapped potential of emerging economics are projected to pave the way for lucrative opportunities in the industry.

Download Sample Report (Get Full Insights in PDF - 312 Pages) @ https://www.alliedmarketresearch.com/request-sample/5022

COVID-19 Scenario:

• With changing trends and buying behavior, companies are strategically focused on enhancing virtual shopping to provide an integrated physical experience during the pandemic situation.
• Consumers are demanding extended warranty claim processes, multiple extended warranty coverage options, and self-service videos via online portals, which in turn had a sheer positive impact on the global extended warranty market.

The Standard Protection Plan Segment Had the Lion's Share in 2021

By coverage, the standard protection plan segment accounted for the major share in 2021, accounting for around three-fourths of the global extended warranty market. This is due to the fact that it mainly covers mechanical & electrical breakdowns and several other coverages, which do not come under the manufacturer's warranty. However, the accidental protection plan segment is anticipated to grow at the fastest CAGR of 12.6% throughout the forecast period. Implementation of advance technologies and growing awareness about the security measures for ATM machines drive the segment growth.

Get Detailed Analysis of COVID-19 Impact on Extended Warranty Market @ https://www.alliedmarketresearch.com/request-for-customization/5022?reqfor=covid          

The Automobiles Segment to Lead the Trail By 2031

By application, the automobiles segment generated the major share in 2021, garnering more than one-third of the global extended warranty market, owing to surge in sales of extended warranty at the time of purchase of vehicles. The others segment, however, is projected to cite the fastest CAGR of 11.7% during the forecast period.

North America Held the Major Share in 2021

By region, the market across North America accounted for the major share in 2021, contributing to nearly two-fifths of the global extended warranty market. On the other hand, the global extended warranty market across Asia-Pacific is expected to cite the fastest CAGR of 11.0% throughout the study period. This is owing to emerging economies, high costs of repairs, several offers & benefits, and better customer experience offered under extended warranties in the province.

Interested to Procure the Data? Inquire Here @ https://www.alliedmarketresearch.com/purchase-enquiry/5022

Prominent Market Players

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

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/avenueTrial 

Similar Reports:

Consumer Electronics Extended Warranty Market to Hit $198.99 Billion By 2030

Auto Extended Warranty Market Expected to Reach $60.82 Billion By 2030

U.S. Extended Warranty Market Projected to Garner $59.52 Billion By 2028

U.S., Brazil & India Extended Warranty Market to Reach $41.51 Billion By 2030

U.S. Auto Extended Warranty Market Estimated to Grow $24.48 Billion By 2030

Financial Guarantee Market Expected to Reach $71.93 Billion By 2030

Bank Guarantee Market Projected to Grow $41.48 Billion By 2030

Cryptocurrency Market Expected to Attain $4.94 Billion By 2030

Pre-Book Now with 10% Discount:

Gap Insurance Market: Global Opportunity Analysis and Industry Forecast 2022-2029

Performance Bank Guarantee Market: Global Opportunity Analysis and Industry Forecast 2022-2029

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.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. 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):  
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com 
Follow Us on LinkedIn and Twitter

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg