Consumer Electronics Extended Warranty Market to Grow at a CAGR of 19.3% to Reach USD 198.99 Billion by 2030

Consumer Electronics Extended Warranty Market

NEW CASTLE, DELAWARE, UNITED STATES, December 13, 2023 /EINPresswire.com/ — Consumer electronics extended warranty protection plan is a separate agreement purchase by consumers and are designed to provide additional protection for their products. Extended warranty, also known as service agreement or protection plan, provides coverage to increase the length of protection for consumer electronics. It provides coverage for multiple types of products & brands, ranging from appliances to electronics, wearables, computer equipment, mobile products, and others.

According to the report published by Allied Market Research, the global consumer electronics extended warranty market was estimated at $48.65 billion in 2020 and is expected to hit $198.99 billion by 2030, registering a CAGR of 15.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

Increase in awareness for extended warranty and growth in sale of televisions, refrigerators, and washing machines boosts the global consumer electronics extended warranty market growth. On the other hand, decline in sales of PCs restrains the growth to some extent. However, expansion of products and services is expected to create lucrative opportunities in the industry.

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COVID-19 Scenario:

Due to lower income level of individuals and disrupted business operations during the pandemic, customers were mainly availing offers of warranty extension for products purchased from authorized offline and online platforms, which in turn impacted the global consumer electronics extended warranty market positively.

This trend is quite likely to persist post pandemic as well.

The global consumer electronics extended warranty market is analyzed across product type, distribution channel, coverage type, and region. Based on product type, the mobiles & tablets segment accounted for nearly one-third of the total market share in 2020, and is expected to rule the roost by 2030. The kitchen equipment segment, however, would garner the fastest CAGR of 18.0% throughout the forecast period.

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Based on distribution channel, the retailers segment contributed to around two-thirds of the total market revenue in 2020, and is projected to lead the trail by 2030. The same segment would also exhibit the fastest CAGR of 14.9% during the forecast period. Based on region, the market across North America held the major share in 2020, garnering around three-fifths of the global market. Asia-Pacific, on the other hand, would manifest the fastest CAGR of 19.1% throughout the forecast period.

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The key market players analyzed in the global consumer electronics extended warranty market report include AmTrust Financial, ASSURANT INC., Go Warranty & Services LLP, OneAssist Consumer Solutions Pvt. Ltd., Amazon.com Inc., OnPoint Warranty, Asurion, AXA, and Securranty. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

Key Benefits For Stakeholders

The study provides in-depth analysis of the global consumer electronics extended warranty market share along with current trends and future estimations to illustrate the imminent investment pockets.

Information about key drivers, restrains, and opportunities and their impact analysis on the global consumer electronics extended warranty market size are provided in the report.

Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the consumer electronics extended warranty market.

An extensive analysis of the key segments of the industry helps to understand the consumer electronics extended warranty market trends.

The quantitative analysis of the global consumer electronics extended warranty market forecast from 2021 to 2030 is provided to determine the market potential.

Consumer Electronics Extended Warranty Market Report Highlights

AspectsDetailsBy Product Type

Laptops & PCs
Mobiles & Tablets
Home Entertainment Devices
Heating & Cooling equipment
Kitchen equipment
Refrigerators
Kitchen Appliances
Others

By Distribution Channel

Manufacturers
Retailers
Others

By Coverage Type

Standard Protection Plan
Accidental Protection Plan

By Region

North America (U.S., Canada)
Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” 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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.

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Allied Market Research
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