According to a recent report published by Allied Market Research, titled, “Canada Extended Warranty Market By Coverage, Distribution Channel, Application, and End User: Country Opportunity Analysis and Industry Forecast, 2022-2031”, the Canada extended warranty market was valued at $7,853.44 million in 2021, and is projected to reach $22,274.36 million by 2031, growing at a CAGR of 11.3% from 2022 to 2031.
A product warranty is a type of guarantee made by a manufacturer or other third party on the condition and lifespan of the products. It refers to the conditions and circumstances under which the product can be repaired or exchanged if it fails to work as claimed or intended. Extended warranties cover product failure after the original manufacturer’s warranty has expired, and are typically sold by third parties that are not affiliated to the original manufacturer.
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On the basis of end user, the individuals segment dominated the Canada extended warranty market trends in 2021. This is attributed to rise in adoption of extended warranty among individuals owing to increase in need among cellular phone users and PCs users toward insurance to protect their devices from virus.
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The Canada extended warranty industry has been moderately impacted by the COVID-19 outbreak. This is attributed to the changes in demands for extended warranty claims and restrictions for travelling across the country have led to decline in extended warranty premiums in Canada. Furthermore, consecutive lockdown, social distancing norms, and increase in number of COVID-19-positive cases decrease revenue to more than 50% in Canada owing to sharp decline in sales of consumer electronics, which in turn, reduced the demand for Canada extended warranty market.
Key Findings of the Study
- By application, the automobiles segment led the Canada extended warranty market size in 2021.
- By distribution channel, the manufacturers segment accounted for the highest Canada extended warranty market share in 2021.
- By end user, the individuals segment generated the highest revenue in 2021.
The key players profiled in the market are Assurant, Inc., American International Group, Inc., AutoPair Warranty Inc., AXA, Amtrust Financial, Asurion, Endurance Warranty Services, LLC, Ensurall, GuardTree Inc., and Toronto Appliances Service Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Top Impacting Factors
Surge in Awareness For Extended Warranty Coverage in Canada
Rise in Penetration of Laptops, Smartphones, and Tablets
Increase in incidents of accidental damage, phone thefts, virus infection, and device malfunction
Canada Extended Warranty Market Report Highlights
| Aspects | Details |
|---|---|
| By Coverage | Standard Protection PlanAccidental Protection Plan |
| By Distribution Channel | ManufacturersRetailersOthers |
| By Application | AutomobilesConsumer ElectronicsHome AppliancesMobile Devices & PCsOthers |
| By End User | IndividualsBusiness |
| Key Market Players | Assurant, Inc.American International Group, Inc.AutoPair Warranty Inc.AXAAmtrust FinancialAsurionEndurance Warranty Services, LLCEnsurallGuardTree Inc.Toronto Appliances Service Ltd. |
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