Global Consumer Electronics Extended Warranty Service Market Overview:
Consumer Electronic Extended Warranty is a warranty that is extended to consumers in addition to the standard warranty on new items. The warranty administrator, the retailer, or the manufacturer may offer an extended warranty. Extended warranties are an additional cost that is calculated as a percentage of the item's retail price. Occasionally, some multi-year extended warranties state in writing that the consumer must still deal with the manufacturer in the event of a malfunction during the first year. Extended warranty providers have numerous opportunities, such as offering value-added services to customers and expanding product and service offerings through partnership execution. As a result, these factors are expected to provide profitable opportunities during the forecast period.
Growth Drivers
- Increasing Consumers Demand to Extend the Warranty Coverage Validity
- Rise in Penetration of White and Brown Goods
Roadblocks
- High Cost of Extended Warranty
Opportunities
- Growing B2B E-Commerce
- Rising Opportunities in Asia Pacific Regions
Challenges
- Growing Adoption of On-Demand Insurance is a Challenge for Extended Warranty Market
- Decline in Sales of PCs in Recent Years may hamper Consumer Electronic Extended Warranty Service
Competitive Landscape:
The demand for Consumer Electronics Extended Warranty Service is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes Chubb, Allstate, Asurion and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders such as Chubb, Allstate, Asurion and others demonstrate a market-defining vision of how Consumer Electronics Extended Warranty Service can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings.
Some of the key players profiled in the report are Chubb Limited (Switzerland), Allstate (United States), Allianz SE (Germany), Mapfre Group (Spain), American International Group (United States), AmTrust Financial Services (United States), Assurant Inc. (United States), Asurion (United States), AXA (France), SquareTrade Inc. (United States), HDFC ERGO General Insurance Company (India) and Corporate Warranties India Pvt. Ltd (India). Additionally, following companies can also be profiled that are part of our coverage like Go Warranty & Services LLP (India), Securranty (United States) and SquareTrade Inc. Analyst at AMA Research see United States Vendors to retain maximum share of Global Consumer Electronics Extended Warranty Service market by 2027. Considering Market by , the sub-segment i.e.
will boost the Consumer Electronics Extended Warranty Service market. Considering Market by Tenure, the sub-segment i.e. 1 Year will boost the Consumer Electronics Extended Warranty Service market. Considering Market by Extended Warranty Plans, the sub-segment i.e. Standard will boost the Consumer Electronics Extended Warranty Service market. Considering Market by Distribution Channel, the sub-segment i.e. Manufacturers will boost the Consumer Electronics Extended Warranty Service market. Considering Market by Device Protection Coverage, the sub-segment i.e. Mechanical Breakdown will boost the Consumer Electronics Extended Warranty Service market.
In July 2021 Allstate had announced the launch of Allstate Protection Plans Express. Allstate Protection Plans Express, by the Allstate brand, expands retailers' and manufacturers' ability to offer protection programmes across categories ranging from consumer electronics to major appliances and furniture. The solution combines Allstate Protection Plans' expertise with Falcon API, a sophisticated API solution that allows retailers to integrate award-winning protection plans into their offerings.
What Can be Explored with the Consumer Electronics Extended Warranty Service Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Consumer Electronics Extended Warranty Service Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Consumer Electronics Extended Warranty Service
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Consumer Electronics Extended Warranty Service market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Consumer Electronics Extended Warranty Service market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Electronic Products Manufactures, Retailers, Third Party Vendors and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.