United States Extended Warranty Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “United States extended warranty market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the United States extended warranty market trends, size, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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.
An extended warranty, commonly known as a service contract, offers enhanced protection for products beyond the standard manufacturer’s warranty. This includes manufacturer extended warranties, retailer extended warranties with more adaptable terms, and third-party extended warranties from independent companies. These warranties shield consumers from unexpected repair expenses after the manufacturer’s warranty has lapsed, providing coverage for repairs and maintenance for a defined period following the initial warranty’s expiration. Additionally, due to its application in safeguarding a wide range of products such as automobiles, electronics, and household appliances, the demand for extended warranties is on the rise in the United States.
United States Extended Warranty Market Trends and Drivers:
Currently, the expanding intricacy and expense associated with modern electronics and appliances stand as pivotal factors driving market growth in the United States. Furthermore, the increasing prevalence of digital platforms is enhancing the accessibility and customization of extended warranties, further fueling market expansion. Moreover, the growing inclusion of extended warranties in the sales strategies of both manufacturers and retailers is fostering a positive market outlook in the United States. In addition to these factors, the escalating adoption of various electronic devices like smartphones, laptops, and tablets for web access and long-distance communication is providing robust support for market growth. Additionally, the surging popularity of e-commerce platforms that offer enhanced shopping experiences to consumers is also contributing to the market’s upward trajectory in the United States.
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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