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Extended Warranty Market Size

Report ID: FBI 4925

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Published Date: Jul-2024

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Format : PDF, Excel

Market Outlook:

Extended Warranty Market surpassed USD 137.35 Billion in 2023 and is likely to exceed USD 300.78 Billion by end of the year 2032, observing around 9.1% CAGR between 2024 and 2032.

Base Year Value (2023)

USD 137.35 Billion

19-23 x.x %
24-32 x.x %

CAGR (2024-2032)

9.1%

19-23 x.x %
24-32 x.x %

Forecast Year Value (2032)

USD 300.78 Billion

19-23 x.x %
24-32 x.x %
Extended Warranty Market

Historical Data Period

2019-2023

Extended Warranty Market

Largest Region

North America

Extended Warranty Market

Forecast Period

2024-2032

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Market Dynamics:

Growth Drivers & Opportunity:

Increasing consumer demand for electronics and vehicles with advanced features is expected to drive growth in the extended warranty market. The rise in the purchase of high-priced gadgets and cars, coupled with the desire for extended protection, will contribute to the expansion of the market.

The growing trend of online shopping and the availability of extended warranty options at the time of purchase are likely to fuel market growth. Consumers are increasingly opting for extended warranties to protect their investments and ensure peace of mind, leading to a surge in demand for such services.

Industry

Report Scope

Report CoverageDetails
Segments CoveredCoverage, Application, End User, Distribution Channel
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledAssurant,, American International Group, AXA, AmTrust Financial Services, Asurion, CARCHEX, LLC, CarShield LLC, Endurance Warranty Services, Edel Assurance, LLC, SquareTrade

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Economic uncertainty and fluctuations in disposable income levels are significant restraints in the extended warranty market. Consumers may be hesitant to spend on extended warranties during periods of economic instability, which could hinder market growth.

Intense competition among extended warranty providers and the presence of unregulated players pose a challenge to market growth. The availability of numerous options and varying terms and conditions may confuse consumers and deter them from purchasing extended warranties.

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Extended Warranty Market Size & Share, By Coverage...

RD Code : 24