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市場調查報告書
商品編碼
1467934
2024-2032 年按覆蓋範圍、應用、配銷通路、最終用戶和地區分類的延長保固市場報告Extended Warranty Market Report by Coverage, Application, Distribution Channel, End User, and Region 2024-2032 |
IMARC Group年,全球延長保固市場規模達到1,391億美元。針對不可預見的缺陷或故障的財務保護需求不斷成長,高價值商品的銷量不斷成長,以及電子產品、電器和汽車等消費品的複雜性不斷增加,是推動市場發展的一些主要因素。
延長保固是製造商或零售商提供的服務契約,提供超出標準保固期的額外保障。它旨在保護消費者免受初始保固期滿後可能出現的意外維修費用和缺陷的影響。它通常會延長承保期限或擴大所提供的服務範圍。它允許客戶根據條款修理或更換他們的產品,而無需在延長保固期內產生額外費用。除此之外,它還有助於提供額外的保護,例如產品的機械和電子故障。
目前,全球個人對延長保固期以維護平板電腦、智慧型手機、筆記型電腦和個人電腦 (PC) 等電子設備安全的需求日益成長,這推動了市場的成長。除此之外,汽車製造商擴大利用延長保固來維持品牌忠誠度並留住現有客戶,這正在加強市場成長。此外,個人對無憂、便利的產品售後體驗的日益偏好正在推動市場成長。除此之外,提高客戶對其權利的認知正在促進市場的成長。此外,主要參與者正在提供增值服務,例如無憂更換和現場服務,以及數位化保固流程以加快索賠解決速度,這提供了積極的市場前景。
產品複雜度不斷上升
電子產品、電器和汽車等消費性產品日益複雜,推動了市場的成長。先進的軟體、複雜的組件和整合系統正在成為這些產品的組成部分,這使得它們更容易出現技術問題和故障。這些現代產品的複雜性也使得它們的維修成本高。因此,消費者擴大選擇延長保固期,以減輕與潛在維修相關的財務風險。除此之外,製造商和零售商透過向客戶提供延長的保固範圍,向客戶保證他們將在標準保固期之外獲得全面的支援和保護。
針對不可預見的缺陷或故障的財務保護需求不斷增加
消費者在進行大量購買時迅速尋求安心和安心。購買高價值產品,例如昂貴的智慧型手機、優質筆記型電腦或豪華汽車,可能是一筆巨額投資。對意外故障或維修費用的擔憂可能會阻止潛在買家進行此類購買。延長保固作為安全網,讓消費者對自己的購買決定充滿信心。這些保固針對不可預見的缺陷或故障提供財務保護,同時確保客戶不會承擔昂貴的維修費用。延長保固讓客戶高枕無憂,有助於改變他們的購買行為並提高他們的滿意度。
高價值商品的銷售量不斷成長
由於可支配收入的增加和消費者偏好的變化,對高價值物品的需求增加。優質智慧型手機、高階筆記型電腦、豪華汽車和其他高價值商品越來越受到全球消費者的歡迎。然而,這些奢侈品通常價格昂貴,這使得客戶對標準保固期滿後潛在的維修費用保持警惕。因此,消費者選擇延長保固期,以承擔高價值產品瑕疵和故障的成本。此外,隨著消費者尋求財務保護和安心,這些昂貴的購買擴大採用延長保固範圍,這對市場產生了積極影響。
The global extended warranty market size reached US$ 139.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 232.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032. The growing demand for financial protection against unforeseen defects or malfunctions, rising sales of high-value items, and increasing complexities in consumer products, such as electronics, appliances, and automotive vehicles, are some of the major factors propelling the market.
An extended warranty is a service contract offered by a manufacturer or retailer that provides additional coverage beyond the standard warranty period. It is designed to protect consumers from unexpected repair costs and defects that may arise after the initial warranty expires. It generally extends the duration of coverage or expands the range of services provided. It allows customers to have their products repaired or replaced, depending on the terms, without incurring additional expenses during the extended warranty period. Besides this, it aids in providing additional protection, such as mechanical and electronic failures of products.
At present, the increasing demand for extended warranties to maintain safety for electronic devices, such as tablets, smartphones, laptops, and personal computers (PCs), among individuals across the globe is contributing to the growth of the market. Besides this, the growing utilization of extended warranties by car manufacturers to maintain brand loyalty and retain existing customers is strengthening the market growth. Moreover, the rising preference for hassle-free and convenient post-sales experience of a product among individuals is propelling the market growth. Apart from this, increasing customer awareness about their rights is bolstering the growth of the market. Furthermore, key players are providing value-added services, such as hassle-free replacements and on-site services, and digitizing warranty processes for faster claim settlements, which is offering a positive market outlook.
Rising product complexities
The rising complexities in consumer products, such as electronics, appliances, and automotive vehicles, are contributing to the growth of the market. Advanced software, intricate components, and integrated systems are becoming integral parts of these products, which makes them more prone to technical issues and failures. The intricate nature of these modern products also makes them costly to repair. Consequently, consumers are increasingly opting for extended warranties to mitigate the financial risks associated with potential repairs. Besides this, manufacturers and retailers reassure customers that they will receive comprehensive support and protection beyond the standard warranty period by offering extended warranty coverage to them.
Increasing demand for financial protection against unforeseen defects or malfunctions
Consumers are rapidly seeking reassurance and peace of mind when making significant purchases. Buying high-value products, such as expensive smartphones, premium laptops, or luxury automobiles, can be a substantial investment. The fear of unexpected breakdowns or repair costs can deter potential buyers from making such purchases. Extended warranties act as a safety net and provide consumers with confidence in their buying decisions. These warranties offer financial protection against unforeseen defects or malfunctions while ensuring that customers will not be burdened with expensive repair bills. Extended warranties provide peace of mind to customers that assist in changing their purchasing behavior and enhance their satisfaction.
Growing sales of high-value items
There is a rise in the demand for high-value items due to increasing disposable incomes and changing consumer preferences. Premium smartphones, high-end laptops, luxury vehicles, and other high-value items are becoming more popular among consumers across the globe. However, these luxury products often come with a hefty price tag, which makes customers wary of potential repair costs after the standard warranty expires. Consequently, consumers are opting for extended warranties that can bear the cost of defects and malfunctions in high-value products. Furthermore, the increasing adoption of extended warranty coverage for these costly purchases, as consumers are seeking financial protection and peace of mind, is positively influencing the market.
IMARC Group provides an analysis of the key trends in each segment of the global extended warranty market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on coverage, application, distribution channel and end user.
Standard Protection Plan
Accidental Protection Plan
Standard protection plan represents the largest market segment
The report has provided a detailed breakup and analysis of the market based on the coverage. This includes standard protection plan and accidental protection plan. According to the report, standard protection plan represented the largest segment.
The standard protection plan is the basic level of extended warranty coverage offered for most products. It typically extends the warranty period beyond the original warranty by manufacturers and provides protection against defects and malfunctions for an additional period. The coverage under the standard protection plan often includes parts and labor costs for repairs and ensures that consumers are safeguarded from unexpected repair expenses. In line with this, it offers basic coverage for a reasonable price and may not encompass all potential issues.
Automobiles
Consumer Electronics
Home Appliances
Mobile Devices and PCs
Others
Automobiles account for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the application. This includes automobiles, consumer electronics, home appliances, mobile devices and PCs, and others. According to the report, automobiles represented the largest segment.
The automobile extended warranties are specifically tailored to provide coverage for vehicles and their components and ensure protection against potential mechanical and electrical failures. There are usually two primary categories of extended warranties for automobiles, such as new vehicle extended warranty and used vehicle extended warranty. In addition, the new vehicle extended warranty is offered for brand-new vehicles purchased from dealerships. On the other hand, the used vehicle extended warranty is designed for pre-owned vehicles and offers similar coverage to new vehicle extended warranties.
Manufacturers
Retailers
Others
Manufacturers hold the biggest market share
The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes manufacturers, retailers, and others. According to the report, manufacturers represented the largest segment.
Many product manufacturers offer extended warranty programs directly to consumers at the point of sale (POS). This distribution channel allows manufacturers to leverage their brand reputation and customer trust to promote this warranty coverage. By offering extended warranties, manufacturers can enhance customer loyalty and satisfaction, as customers perceive the manufacturer to gain insight about the product and its components. Additionally, these warranty programs are typically designed to complement the standard warranty by manufacturers and may include additional benefits, such as priority service, dedicated support, and coverage for specific components not covered under the standard warranty.
Individuals
Business
Individuals dominate the market share
The report has provided a detailed breakup and analysis of the market based on the end user. This includes individuals and business. According to the report, individuals represented the largest segment.
Individuals represent a substantial end-user segment in the market. These consumers are private individuals who purchase various products, such as electronics, appliances, automobiles, and other valuable items for personal use. When making such purchases, individuals often have the option to buy extended warranty coverage to safeguard their investments and protect themselves against unforeseen repair costs. In addition, extended warranties offer individuals peace of mind by providing financial coverage. The decision to opt for extended warranties is influenced by factors, such as the value of the product, the perceived reliability of the brand, and the willingness to secure long-term protection for their purchases.
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
North America exhibits a clear dominance, accounting for the largest extended warranty market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
North America held the biggest market share due to the presence of major manufacturers and retailers. Additionally, the rising awareness among individuals about their rights is strengthening the growth of the market in the region. Besides this, the increasing demand for high-value products among the masses is offering a positive market outlook. In line with this, the rising adoption of technologically advanced consumer electronics is supporting the growth of the market in the North America region.
Key players are expanding their coverage options to include a broader range of products and industries. This includes offering extended warranties for not only electronics and appliances but also for emerging sectors like smart home devices, renewable energy systems, and electric vehicles (EVs). In addition, companies are offering customizable extended warranty plans to cater to individual customer requirements. Consumers can choose from different levels of coverage, durations, and add-on services based on their specific needs and budgets. Apart from this, major manufacturers are investing in user-friendly websites and digital platforms to streamline the purchasing process, which allows consumers to easily compare plans, access information, and make online purchases conveniently.
Allianz Assistance (Allianz SE)
American International Group Inc.
AmTrust Financial
Assurant Inc.
Asurion LLC
Axa S.A.
Carchex
CarShield LLC
Chubb
Edel Assurance LLP
Endurance Warranty Services LLC
SquareTrade Inc. (The Allstate Corporation)
In February 2023, Assurant Inc, partnered with Okinawa Autotech, one of India's electric scooters brands, to offer an Extended Warranty Program (EWP) across its entire range of electric vehicles.
In 2021, Allianz X invested into Mobility Trader Holding GmbH, the parent company of heycar, an international digital platform for quality used car sales. This investment makes available core motor insurance products and extend to a variety of add-on features, such as roadside assistance and warranty.
In May 2022, Asurion announced that it is offering the Asurion Tech Unlimited protection and support plan to Amazon shoppers, providing those who enroll the ability to have one protection plan for all eligible devices purchased from Amazon in the past and into the future. It combines tech protection coverage for all the eligible tech bought from Amazon, such as laptops, TVs, desktop computers, gaming consoles, cameras, and so much more are covered as long as the subscription is active.