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The extended warranty market in US is projected to grow by USD 12.61 billion with a CAGR of 4.55% during the forecast period 2021 to 2026.
This extended warranty market in US research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the extended warranty market in US segmentation by the device (automotive, consumer electronics, home appliances, mobile devices and PCs, and others) and end-user (businesses and individuals). The extended warranty market in US report also offers information on several market vendors, including Allianz Group, American International Group Inc., AmTrust Financial Services Inc., Assurant Inc., Asurion LLC, AXA Group, Carchex LLC, Chubb Ltd., Endurance Warranty Services LLC, and The Allstate Corp. among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the extended warranty market in US. During the COVID-19 pandemic, the extended warranty market in US demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Extended Warranty Market in US Driver
High demand for household appliances is one of the key drivers supporting the US extended warranty market growth. Users can download the relevant apps on mobile devices and connect their appliances through Wi-Fi. The rapidly evolving designs of household appliances will also spur the demand for household appliances in the US. Moreover, buyers of home appliances in the US prefer extended warranties for damage control and for repair services. There are several vendors that provide extended warranties in the US. Thus, owing to the high demand for household appliances that are backed with an extended warranty, the market in focus will grow positively during the forecast period.
Key Extended Warranty Market in US Trend
Expansion of services by the vendors is one of the key US extended warranty market trends contributing to the market growth. Vendors operating in the market in focus have been significantly adding new services to their portfolios. Also, vendors are expanding their service portfolios to cover small- and medium-sized commercial enterprises, apart from large enterprises. Thus, owing to the growing demand for extended warranties in the US for various appliances, devices, and automobiles from individuals and businesses, it is expected that the vendors will expand their service offerings during the forecast period.
Key Extended Warranty Market in US Challenge
Security threats are one of the factors hampering the US extended warranty market growth. The outbreak of COVID-19 worldwide has obligated people to work remotely. This has increased the cybersecurity and data privacy risks for businesses. Several attempts at exploiting vulnerabilities in organizations have been observed during the pandemic. Therefore, such issues can dissuade organizations from adopting extended warranty services and, in turn, will negatively impact the growth of the market in focus during the forecast period.
This extended warranty market in US analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the extended warranty market in the US as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the extended warranty market in US during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the US extended warranty market encompasses successful business strategies deployed by the key vendors. The US extended warranty market is concentrated, and the vendors are deploying growth strategies such as service features, innovative solutions, pricing, brand recognition, and service portfolios to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report US extended warranty market contains comprehensive market knowledge and an in-depth vendor landscape added on to an analysis of the key vendors.
Our report provides extensive information on the value chain analysis for the extended warranty market in US, which vendors can leverage to gain competitive advantages during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The extended warranty market share growth in US in the automotive segment will be significant during the forecast period. The US is the leading market for extended warranties, led by the presence of the major automotive industries in the country. The US automotive industry is mature and is projected to witness a moderate growth rate during the forecast period. The US automotive industry is one of the largest industries in the world and is home to some of the top automotive manufacturers, such as Ford Motor Co. and General Motors Co., which have been leaders in technological advancements and innovations. These factors in the automotive segment will boost the market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the extended warranty market size in US and actionable market insights on the post-COVID-19 impact on each segment.
Extended Warranty Market Scope in US |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.55% |
Market growth 2022-2026 |
$12.61 billion |
Market structure |
Concentrated |
YoY growth (%) |
2.34 |
Regional analysis |
US |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Allianz Group, American International Group Inc., AmTrust Financial Services Inc., Assurant Inc., Asurion LLC, AXA Group, Carchex LLC, Chubb Ltd., Endurance Warranty Services LLC, and The Allstate Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Device
6 Market Segmentation by End-user
7 Customer Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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