United States Extended Warranty Market Overview 2023-2028
The United States extended warranty market size reached US$ 55.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 81.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.
The growing demand for extended warranties due to the rising adoption of numerous electronic devices, such as smartphones, laptops, tablets, and wearables, among the masses in the United States is offering a positive market outlook. In line with this, extended warranties offer an attractive solution by providing coverage beyond the warranty from manufacturers, ensuring the reduced risk of unexpected repair or replacement costs. Moreover, there is a rise in complexities in electronic devices that can lead to higher repair costs. Furthermore, extended warranties offer a sense of security to people, which is propelling the market growth.
The increasing demand for health and wellness products, such as fitness equipment and medical devices, is contributing to the growth of the market. Fitness equipment, ranging from treadmills to stationary bikes, often comes with intricate mechanical components that can wear down over time. Medical devices, including mobility aids and therapeutic machines, are critical for health management and require consistent functionality. Extended warranties offer assurance against unexpected breakdowns and repair costs, ensuring that individuals can continue their fitness routines or manage health conditions without interruption, which is bolstering the growth of the market.
The growing demand for extended warranties due to the rising number of vehicles in the country is positively influencing the market. Apart from this, modern automobiles are equipped with advanced technology, intricate mechanical components, and integrated systems, making them susceptible to potential breakdowns and costly repairs. This complexity encourages people to seek extended warranty coverage, especially for used vehicles, as it provides financial security against unexpected mechanical failures. Furthermore, individuals are preferring extended warranties to reduce the fear of costly repairs, which is bolstering the growth of the market.
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United States Extended Warranty Market Trends and Drivers:
Extended warranty providers are focusing on delivering enhanced service experiences to end users. They are making their terms and conditions more transparent and accessible to people. In line with this, they are offering simplified claims processes to attract a larger audience, which is contributing to the growth of the market.
Innovations, such as telematics and the Internet of Things (IoT) enable advanced monitoring and diagnostics of products. This encourages the development of more tailored and precise extended warranty offerings, appealing to individuals looking for highly personalized coverage.
The report segmented the market on the basis of coverage, application, distribution channel and end user.
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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- 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 can provide it to you as a part of the customization.
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