United States Extended Warranty Market to Expand at a CAGR of 7.18% Over 2022-2027 | IMARC Group

PRESS RELEASE

Published March 9, 2023

The latest report published by IMARC Group, titled “United States Extended Warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.

Market Overview:

The United States extended warranty market is expected to exhibit a CAGR of 7.18% during 2022-2027. An extended warranty, also referred to as a service contract, is a policy that stretches the guaranteed duration of a durable consumer good beyond the offer provided by the manufacturer. It is offered by third-party service providers and retailers for electronic appliances and automobiles. An extended warranty compensates for the cost of replacing or repairing the product if it is damaged, owing to a manufacturing defect or improper installation. It keeps the product running smoothly and hassle-free while saving money. An extended warranty also ensures technical assistance and complete guidance from the skilled staff of the service provider to repair the product.

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Market Trends:

The escalating demand for ample guarantees among the masses for the protection of electrical and mechanical expenses, such as tire replacement and oil changes, is primarily driving the United States extended warranty market. Besides this, the elevating requirement for these services as they provide additional revenue to resellers and product manufacturers and the increasing consumer preferences for a hassle-free post-sales experience are further augmenting the market growth. Moreover, the growing popularity of extended warranties as they cover routine maintenance and accidental damages, such as thefts, liquid spillage, or cracked screens, and the rising concerns among consumers about the safety of electronic devices are also catalyzing the market across the United States. Apart from this, the emerging trend of hassle-free replacements and on-site services for faster claim settlements is expected to bolster the United States extended warranty market in the coming years.

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United States Extended Warranty Market Report Scope
Report Coverage	Details
Growth Rate	CAGR of 7.18% from 2022 to 2027
Base year for estimation	2021
Historical data	2016-2021
Forecast period	2022-2027
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors and trends
Segments covered	Coverage, Application, Distribution Channel, End User and Region
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization preview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Key Market Segmentation:

The report has segmented the United States extended warranty market based on coverage, application, distribution channel, end user and region.

Breakup by Coverage:

• Standard Protection Plan

• Accidental Protection Plan

Breakup by Application:

• Automobiles

• Consumer Electronics

• Home Appliances

• Mobile Devices and PCs

• Others

Breakup by Distribution Channel:

• Manufacturers

• Retailers

• Others

Breakup by End User:

• Individuals

• Business

Breakup by Region:

• Northeast

• Midwest

• South

• West

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Note: We are updating our reports, if you want the report with the latest primary and secondary data (2023-2028) including industry trends, market size and competitive landscape, etc. click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours.

Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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