Increase in the use of smart computing devices such as laptops, smartphones, and home appliances boosts the U.S., Brazil & India Extended Warranty market growth. Based on region, the U.S. held the highest share in 2020, contributing more than 90% of the total share, and is expected to lead during the forecast period. Due to the pandemic, companies strategically focus on improving virtual shopping to offer an integrated buying experience to their consumers.
Portland,OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the U.S., Brazil & India extended warranty market generated $26.88 billion in 2020, and is proposed to reach $41.51 billion by 2030, manifesting a CAGR of 4.6% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Rise in awareness toward extended warranty and increase in the use of laptops, smartphones, and tablets fuel the U.S., Brazil & India extended warranty market. On the other hand, drop in sales of PCs hinder the market growth. On the contrary, increase in smart products and services and untapped potential of emerging economies create lucrative opportunities.
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Lockdown in countries across the world has seriously impacted the movement of customers, products, and services.
Due to an uncertain economy and interrupted business operations, customers have accepted warranty extensions for products they purchased from offline and online platforms.
Due to the pandemic, companies strategically focus on improving virtual shopping to offer an integrated buying experience to their consumers.
Customers demanded extended warranty claim processes, extended warranty coverage options.
The report segments the U.S., Brazil & India extended warranty market on the basis of distribution channel, coverage, end-user, device type, and country. Based on coverage, the standard protection plan segment accounted for the largest market share in 2020, contributing to more than three-fifths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the accidental protection plan segment is estimated to witness the fastest CAGR of 6.0% from 2021 to 2030.
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Based on the distribution channels, the retailers segment contributed to the highest market share in 2020, attributing to more than two-thirds of the total market share, and is anticipated to dominate the market during the forecast period. The segment is expected to manifest the fastest CAGR of 4.3% from 2021 to 2030. The report also covers segments such as manufactures and others.
Based on region, the market across the U.S. contributed to the highest share in 2020, holding more than 90% of the total share, and is anticipated to maintain dominance throughout the forecast period. India is anticipated to exhibit the fastest CAGR of 19.0% during the forecast period.
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Key players of the U.S., Brazil & India extended warranty market analyzed in the research include Assurant INC., Asurion, American International Group Inc. AmTrust Financial, CARCHEX, CarShield, LLC, Go Warranty & Services LLP, SquareTrade Inc., AXA, and Edel Assurance. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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