The global extended warranty market is estimated to be valued at US$ 123.4 Million In 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Extended warranty refers to a service contract offered to consumers to extend the coverage period of a product beyond the manufacturer's warranty. It provides additional protection against repairs and replacement costs, ensuring peace of mind for consumers. These warranties are gaining traction due to the increasing sales of consumer electronics, automobiles, and appliances, as well as the rising demand for after-sales services. Extended warranties offer several benefits such as coverage for accidental damage, technical support, and easy claim settlement, which drive their popularity among consumers.
Market Dynamics:
The extended warranty market is driven by two key factors. Firstly, the continuous growth in the consumer electronics market is resulting in a higher number of product purchases, which in turn increases the demand for extended warranty services. Secondly, the rising complexity and cost of repairs and replacements for electronic devices and appliances are driving consumers to opt for extended warranties. These warranties provide financial protection and peace of mind to customers, reducing the risk of hefty repair bills. Additionally, advancements in technology and the increasing consumer awareness about the benefits of extended warranties are further contributing to market growth. Overall, the extended warranty market is expected to witness significant growth in the coming years.
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