Extended Warranty Market to grow at whopping CAGR of 5.63% during 2023-2028

Extended Warranty Market

A New business Strategy report released by HTF MI with title Global Extended Warranty Market Study Forecast till 2028.

PUNE, MAHARASHTRA, INDIA, March 6, 2023 /EINPresswire.com/ — According to HTF Market Intelligence, the Global Extended Warranty market to witness a CAGR of 5.63% during forecast period of 2023-2028. The market is segmented by Global Extended Warranty Market Breakdown by Application (Automobiles, Consumer Electronics, Home Appliances (TV), Mobile Devices, PCs, Others) by Type (Protection Plan, Accidental Protection Plan) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Extended Warranty market size is estimated to increase by USD 50193.9 Billion at a CAGR of 5.63% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 128903.2 Billion.

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An extended warranty is a type of service contract or insurance policy that provides additional coverage for a product beyond the standard warranty provided by the manufacturer. It typically extends the coverage period and may provide additional benefits, such as repair or replacement services.

Extended Warranty market – Key Segment Analysis

The market share growth by the Protection Plan segment will be significant during the forecast period. The segment is driven by the Increasing consumers demand to extend the warranty coverage validity.

Extended Warranty market – Competition Analysis

The global Extended Warranty market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are 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 – Geographical Outlook

North America will provide maximum growth opportunities in Extended Warranty market. According to our research, the region will account for 34.24% of the global market growth during the forecast period. The market in North America is driven by High Consumer Awareness.

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What key data is demonstrated in this Extended Warranty market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Extended Warranty market between 2023 and 2028

• Precise estimation of the size of the Extended Warranty market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behaviour

• Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa; further broken down by major country within region.

• Thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Extended Warranty market players

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FIVE FORCES & PESTLE ANALYSIS:

In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.

• Political (Political policy and stability as well as trade, fiscal, and taxation policies)

• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)

• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)

• Technological (Changes in digital or mobile technology, automation, research, and development)

• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)

• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)

Geographically, the following regions together with the listed national/local markets are fully investigated:

• APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)

• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)

• North America (U.S., Canada, and Mexico)

• South America (Brazil, Chile, Argentina, Rest of South America)

• MEA (Saudi Arabia, UAE, South Africa)

Thanks for reading this article; HTF MI also offers Custom Research services providing focused, comprehensive, and tailored research according to clientele objectives. Thanks for reading this article; you can also get individual chapter-wise sections or region-wise reports like Balkan, China-based, Japanese, German, North American, Europe, or Southeast Asia.

Criag Francis
HTF Market Intelligence Consulting Pvt Ltd
+1 434-322-0091
[email protected]
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