Extended warranty or service contract is an insurance policy that replicates and extends the warranty period of consumer durable goods by a specified period. It covers the cost of replacement, repair, breaking down of the product, and undertakes other coverage as per terms specified in extended warranty plans. Moreover, extended warranty can be offered by retailers, manufacturers, and other warranty administrators. As it is a prolonged warranty offered to consumers, in addition to standard warranty on new items, extended warranties cost extra based on percentage of the item's retail price.
Increase in awareness for extended warranty for brown goods such as laptops, smartphones, and tablets drive the market growth. Owing to the fact that many products have a costly price tag associated with them, consumers are often worried about safety of their electronic products post expiry of seller’s warranty. Therefore, provision of extended warranty also helps in rebuilding customer loyalty and thus increased awareness for extended warranty propels the market growth. However, owing to decline in sales of PCs since last few years, the coverage of extended warranty policy for PC units has reduced, which is therefore hampering the market growth.
On the contrary, extended warranty providers have numerous opportunities. These include offering value added services to their customers and expanding product & service offerings by executing partnerships. In addition, developing economy like India offer significant opportunities for insurers to expand their business by strengthening policies to support the development of extended warranty in the country. Furthermore, increase in purchases of consumer electronics, home appliances, and wearable devices in emerging economies is also expected to provide lucrative opportunities during the forecast period.
The U.S., Brazil & India extended warranty market is segmented into coverage, application, distribution channel, end user, and country. In terms of coverage, it is bifurcated into standard protection plan and accidental protection plan. By application, it is segmented into laptops & PCs, mobiles & tablets, TVs, ACs, washing machines, refrigerators, kitchen appliances, and others. By end user, it is bifurcated into business and individuals. Country-wise, the market is analyzed across U.S., Brazil, and India.
The report analyses top U.S., Brazil & India extended warranty companies operating in the market such as ASSURANT, INC., American International Group, Inc., AmTrust Financial, Asurion, AXA, CARCHEX, CarShield, LLC, Edel Assurance, GO WARRANTY & SERVICES LLP, and SquareTrade, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the U.S., Brazil & India extended warranty industry.
Increase in awareness for extended warranty for brown goods such as laptops, smartphones, and tablets drive the market growth. Owing to the fact that many products have a costly price tag associated with them, consumers are often worried about safety of their electronic products post expiry of seller’s warranty. Therefore, provision of extended warranty also helps in rebuilding customer loyalty and thus increased awareness for extended warranty propels the market growth. However, owing to decline in sales of PCs since last few years, the coverage of extended warranty policy for PC units has reduced, which is therefore hampering the market growth.
On the contrary, extended warranty providers have numerous opportunities. These include offering value added services to their customers and expanding product & service offerings by executing partnerships. In addition, developing economy like India offer significant opportunities for insurers to expand their business by strengthening policies to support the development of extended warranty in the country. Furthermore, increase in purchases of consumer electronics, home appliances, and wearable devices in emerging economies is also expected to provide lucrative opportunities during the forecast period.
The U.S., Brazil & India extended warranty market is segmented into coverage, application, distribution channel, end user, and country. In terms of coverage, it is bifurcated into standard protection plan and accidental protection plan. By application, it is segmented into laptops & PCs, mobiles & tablets, TVs, ACs, washing machines, refrigerators, kitchen appliances, and others. By end user, it is bifurcated into business and individuals. Country-wise, the market is analyzed across U.S., Brazil, and India.
The report analyses top U.S., Brazil & India extended warranty companies operating in the market such as ASSURANT, INC., American International Group, Inc., AmTrust Financial, Asurion, AXA, CARCHEX, CarShield, LLC, Edel Assurance, GO WARRANTY & SERVICES LLP, and SquareTrade, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the U.S., Brazil & India extended warranty industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global U.S., Brazil & India extended warranty market along with the current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global U.S., Brazil & India extended warranty market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global U.S., Brazil & India extended warranty market from 2021 to 2030 is provided to determine the market potential.
U.S., Brazil & India Extended Warranty Market Key Segments
By Coverage
- Standard Protection Plan
- Accidental Protection Plan
By Distribution Channel
- Manufacturers
- Retailers
- Others
By End User
- Business
- Individuals
By Device Type
- Laptops & PCs
- Mobiles & Tablets
- TVs
- ACs
- Washing Machines
- Refrigerators
- Kitchen Appliances
- Others
By Country
- U.S.
- Brazil
- India
KEY MARKET Players
- ASSURANT INC.
- American International Group Inc.
- AmTrust Financial
- Asurion
- AXA
- CARCHEX
- CarShield, LLC
- Edel Assurance
- GO WARRANTY & SERVICES LLP
- SquareTrade Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: EXTENDED WARRANTY MARKET, BY COVERAGE TYPE
CHAPTER 5: EXTENDED WARRANTY MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: EXTENDED WARRANTY MARKET, BY END USER
CHAPTER 7: EXTENDED WARRANTY MARKET, BY DEVICE TYPE
CHAPTER 8: EXTENDED WARRANTY MARKET, BY COUNTRY
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- ASSURANT INC.
- American International Group Inc.
- AmTrust Financial
- Asurion
- AXA
- CARCHEX
- CarShield LLC
- Edel Assurance
- GO WARRANTY & SERVICES LLP
- SquareTrade Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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