The U.S., Brazil & India extended warranty market size was valued at $26.88 billion in 2020, and is projected to reach $41.51 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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Extended warranty, also known as service agreement or protection plan, provides coverage to increase the length of protection for large purchases. It offers coverage for multiple types of products & brands, ranging from appliances to electronics, wearables, computer equipment, mobile products, and others. In addition, manufacturers tend to deal with limited product & brand set to provide extended warranty as the licensing & credentialing requirements largely differ from other insurance coverage.
By coverage type, the standard protection plan segment has acquired major extended warranty market share, as it provides an option to include additional coverage, either at the time of purchase or when the standard warranty is approaching its end date. Furthermore, these extended warranty plans are mainly suitable for an uncomplicated usage experience and longer life for their devices.
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Furthermore, extended warranty protection plan is a separate agreement purchased by consumers and is designed to provide additional protection for their products. However, consumers face several challenges while dealing with extended warranties. For instance, retailers that do not repair in the store, generally sell extended warranties, which are third-party policies. Therefore, though consumers buy the warranties from retailers, another company handles claim processes.
The U.S., Brazil & India extended warranty industry has experienced decline in revenue, owing to complete business shutdowns across the world. However, due to severe disruption in repair & returns services, key players in the market are extending warranties for their products to ensure effective delivery of on-going warranty services. Furthermore, the U.S., Brazil & India extended warranty market is expected to regain its position, owing to factors such as implementation of several strategies and supportive government regulations towards key players in the market.
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Key Findings of the Study
By coverage, the standard protection plan segment led the highest U.S., Brazil & India extended warranty market share, in terms of revenue in 2020.
On the basis of device type, the ACs segment is expected to exhibit the fastest U.S., Brazil & India extended warranty market growth rate during the forecast period.
Country wise, U.S. generated the highest revenue in 2020.
The key players operating in the U.S., Brazil & India extended warranty market analysis include ASSURANT INC., American International Group Inc., AmTrust Financial, Asurion, AXA, CARCHEX, CarShield LLC, Edel Assurance, GO WARRANTY & SERVICES LLP, and SquareTrade Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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