DUBLIN, January 17, 2022--(BUSINESS WIRE)--The "Consumer Electronics Extended Warranty Market By Product Type, Distribution Channel, and Coverage Type: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Extended warranty or service contract is an insurance policy that replicates and extends the warranty period of consumer durable goods by a specified period. It covers the cost of replacement, repair, breaking down of the product, and undertakes other coverage as per terms specified in consumer electronics extended warranty plans.
Moreover, consumer electronics extended warranty can be offered by retailers, manufacturers, and other warranty administrators. As it is a prolonged warranty offered to consumers, in addition to standard warranty on new items, consumer electronics extended warranties cost extra based on percentage of the item's retail price.
Increase in awareness for extended warranty for brown goods such as laptops, smartphones, and tablets drive the market growth. Consumers are often worried about safety of their electronic products post expiry of seller's warranty owing to the fact that many products have a hefty price tag associated with them.
Therefore, provision of extended warranty also helps in rebuilding customer loyalty and thus increased awareness for extended warranty is propelling the market growth. However, the coverage of consumer electronics extended warranty policy for PC units has reduced, owing to decline in sales of PCs since last few years, which is therefore hampering the market growth.
On the contrary, consumer electronics extended warranty providers have numerous opportunities such as to offer value added services to their customers and expand product & service offerings by executing partnerships. In addition, developing economies offer significant opportunities for insurers to expand their business by strengthening policies to support the development of consumer electronics extended warranty in the region. Furthermore, increase in purchases of consumer electronics, home appliances, and wearable devices in emerging economies is also expected to provide lucrative opportunities during the forecast period.
The study provides in-depth analysis of the global consumer electronics extended warranty market along with the current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global consumer electronics extended warranty market size are provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global consumer electronics extended warranty market from 2021 to 2030 is provided to determine the market potential.
Increased awareness for extended warranty
Rise in sale of televisions, refrigerators, and washing machines
Decline in sales of PCs
Expansion of products and services
Untapped potential of emerging economies
Key Market Segments
By Product Type
Laptops & PCs
Mobiles & Tablets
Home Entertainment Devices
Heating & Cooling equipment
By Distribution Channel
By Coverage Type
Standard Protection Plan
Accidental Protection Plan
Rest of Europe
Rest of Asia-Pacific
Key Market Players
Go Warranty & Services LLP
OneAssist Consumer Solutions Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/wnele6
View source version on businesswire.com: https://www.businesswire.com/news/home/20220117005229/en/
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