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
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Key Benefits For Stakeholders
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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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