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, registering a CAGR of 11.3% from 2022 to 2031.
An extended warranty is a sort of warranty that extends beyond the manufacturer’s guarantee to cover the repair and maintenance of a product. It’s more of a service contract than a warranty because it is an optional coverage for service-related claims acquired by the buyer.
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The rise of the Canada extended warranty market is fueled by increased adoption of smartphones, computers, home appliances, and other similar products. These items usually come with a hefty price tag at the time of purchase. Therefore, to maintain safety of their electronic products post expiry of sellers’ warranty, consumers largely purchase extended warranties.
Competitive Analysis
The report analyzes the profiles of key players operating in the Canada extended warranty market such as 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 Canada extended warranty market.
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
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Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Canada extended warranty market forecast from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities of Canada extended warranty market overview.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Canada extended warranty market segmentation assists in determining the prevailing Canada extended warranty market opportunity.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as Canada extended warranty market trends, key players, market segments, application areas, and market growth strategies.
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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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