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2021
Consumer Electronics Extended Warranty Market

Consumer Electronics Extended Warranty Market

By Product Type (Laptops & PCs, Mobiles & Tablets, Home Entertainment Devices, Heating & Cooling equipment, Kitchen equipment, and Others), Distribution Channel (Manufacturers, Retailers, and Others), and Coverage Type (Standard Protection Plan and Accidental Protection Plan): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A14248
Pages: 343
Oct 2021 | 2828 Views
Author(s) : Aarti G, Pramod B , Vineet K
Tables: 141
Charts: 62
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COVID-19

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Consumer Electronics Extended Warranty Market Outlook – 2030 

The global consumer electronics extended warranty market was valued at $48.65 billion in 2020, and is projected to reach $198.99 billion by 2030, growing at a CAGR of 15.2% from 2021 to 2030. Extended warranty is also known as service contract, which provides warranty in addition to the standard warranty for several products & services. It is provided for various consumer electronics products including TVs, wearables, laptops, tablets, computers, electronic & electrical appliances, and mobile devices. 

During the COVID-19 pandemic situation, consumers are increasingly preferring coverage for extended warranty completely online for consumer electronic products including televisions, air conditioners, refrigerators, and others. Therefore, major players in the market have leveraged extended warranties and flexible equated monthly installments (EMI’s) with zero down-payments via online portals & applications in the market.

Extended warranties provide device protection on certain mechanical & electrical components, which are not covered by manufacturer’s warranty and typically exclude routine maintenance such as wear & tear of the products, re-gassing, normal maintenance, and damage by computer viruses, accidental damage, and others.

Consumer-Electronics-Extended-Warranty-Market-2021-2030

Rise in penetration of smartphones, laptops, home appliances, and other such brown goods drive the consumer electronics extended warranty market growth. These products generally have a hefty price tag associated at the time of purchase. Therefore, consumers largely purchase extended warranties, to maintain safety of their electronic products post expiry of sellers’ warranty. This, as a result propels the consumer electronics extended warranty market growth. However, unit shipment for personal computers (PC) has been on the decline globally and thus, the decline in sales of PCs has lowered the demand for consumer electronics extended warranty policies. 

Conversely, developing economies offer significant opportunities for insurers to expand their business by strengthening policies to support the development of extended warranty in the Asia-Pacific. In addition, extended warranty providers have numerous opportunities such as they offer value added services to customers and expand product & service offerings by executing partnerships. These factors, therefore, are expected to provide lucrative opportunities during the forecast period. 

The report focuses on growth prospects, restraints, and trends of the consumer electronics extended warranty market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the consumer electronics extended warranty market outlook.

Consumer Electronics Extended Warranty Market
By Product Type

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Mobiles & Tablets segment will maintain the lead throughout the forecast period

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Segment Overview

The consumer electronics extended warranty market is segmented on the basis of product type, distribution channel, coverage type, and region. By product type, it is segmented into laptops & PCs, mobiles & tablets, home entertainment devices, heating & cooling equipment, kitchen equipment, and others. The kitchen equipment segment is further segregated into refrigerators and kitchen appliances. On the basis of distribution channel, it is segmented into manufacturers, retailers, and others. In terms of coverage type, it is bifurcated into standard protection plan and accidental protection plan. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.  

Consumer Electronics Extended Warranty Market
By Distribution Channel

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Retailers segment accounted for the highest market share during 2021 - 2030

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Competitive Analysis 

The consumer electronics extended warranty market analysis includes top companies operating in the market such as Amazon.com Inc., AmTrust Financial, ASSURANT INC., Asurion, AXA, Go Warranty & Services LLP, OneAssist Consumer Solutions Pvt. Ltd., OnPoint Warranty, Securranty, and SquareTrade Inc. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Consumer Electronics Extended Warranty Market
By Coverage Type

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Standard Protection Plan segment will dominate the market during 2021 - 2030

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COVID-19 Impact Analysis

COVID-19 pandemic has a moderate impact on the consumer electronics extended warranty market; as consumers have reduced purchasing electronic products during the lockdown due to lower income level. However, as lockdown in several regions has severely impacted movement of consumers and disruption of businesses worldwide, customers are, therefore, availing offers of warranty extension for products purchased from authorized offline and online platforms. This, in turn, has become one of the major growth factors for the consumer electronics extended warranty industry. 

Consumer Electronics Extended Warranty Market
By Region

2030
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific region would exhibit the highest CAGR of 19.1% during 2021 - 2030

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Top Impacting Factors

Increased Awareness For Extended Warranty  

Many consumer electronic products have a hefty price tag associated with them at the time of purchase, hence awareness for extended warranty for those products have increased tremendously. In addition, as consumers are often worried about safety of their electronic products post expiry of seller’s warranty, thus coverage for extended warranty have surge among the consumer electronics & mobile devices segment. Furthermore, current technological changes such as blockchain technology has led to innovations and new trends in the extended warranty industry. 

Moreover, providing extended warranty also helps in building customer loyalty. In addition, consumers purchase an extended warranty plan for consumer electronics that generally comes down to whether it makes sound financial sense, and depends on a variety of factors, including the cost of the plan and the price of the purchase. Thus, increased awareness for extended warranty propels the market growth.

Decline in Sales of PCs

Personal computer (PCs) is one of the major category under consumer electronics, which largely purchases extended warranty coverage in the market. However, demand for extended warranty has also declined, with decline in sales of PCs since recent years. Moreover, consumer experiences and adoption of extended warranty remains a primary concern, which needs to be addressed by balancing the sales of PCs and its alternative uses in the market. 

Furthermore, unit shipment for PCs have been on the decline globally, according to Business Quant, the COVID-19 outbreak has affected the supply chain of many PC companies such as HP, Lenovo and others and it has caused a potential threat of decreasing its customer base. In addition, HP has reported that year-over-year sales have declined by 16% at the end of April 2020 in the U.S. Therefore, these factors limit growth of the consumer electronics extended warranty market.  

Untapped Potential of Emerging Economies

Developing economies like India offer significant opportunities for insurers to expand their business by strengthening policies to support development of extended warranty for consumer electronics in the country. Moreover, increase in purchases of consumer electronics, home appliances, and wearable devices in emerging economies is expected to provide lucrative opportunities for the consumer electronics extended warranty market growth. Furthermore, various government initiatives and surge in demand for extended warranties, in terms of duration period are some of the factors expected to accelerate the growth of consumer electronics extended warranty in the upcoming years.  

Key Benefits For Stakeholders 

  • The study provides in-depth analysis of the global consumer electronics extended warranty market share along with current trends and future estimations to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, and 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 consumer electronics extended warranty market.
  • An extensive analysis of the key segments of the industry helps to understand the consumer electronics extended warranty market trends.
  • The quantitative analysis of the global consumer electronics extended warranty market forecast from 2021 to 2030 is provided to determine the market potential. 

Consumer Electronics Extended Warranty Market Report Highlights

Aspects Details
By Product Type
  • Laptops & PCs
  • Mobiles & Tablets
  • Home Entertainment Devices
  • Heating & Cooling equipment
  • Kitchen equipment
    • Refrigerators
    • Kitchen Appliances
  • Others
By Distribution Channel
  • Manufacturers
  • Retailers
  • Others
By Coverage Type
  • Standard Protection Plan
  • Accidental Protection Plan
By Region
  • North America  (U.S., Canada)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Amazon.com Inc., AmTrust Financial, ASSURANT INC., Asurion, AXA, Go Warranty & Services LLP, OneAssist Consumer Solutions Pvt. Ltd., OnPoint Warranty, Securranty, SquareTrade Inc.
 

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Customer electronics, home appliances, and wearables are the major adopters of extended warranty coverages in the market. Therefore, insurers offer lucrative opportunities to innovate their existing plans and expand their product offerings in the untapped potential of emerging economies. Moreover, extended warranty providers are looking forward to expand their offerings and provide customized coverages for their customers. Nevertheless, a considerable number of companies remain under the perception that they have minimum consumer electronics extended warranty exposure.

However, this scenario is changing and 2020 has witnessed an increase in sale of consumer electronics extended warranty policies, owing to higher awareness of extended warranty and increase in penetration of laptops, smartphones, tablets, and other brown goods among the consumers.

During the COVID-19 outbreak, dealing with unprecedented increase in volume of claims, addressing customer inquiries, administering existing policies, rising in influx of further warranty extensions, and processing claims are some of the critical challenges faced by consumer electronics extended warranty providers in the market.

The consumer electronics extended warranty market is fragmented with the presence of regional vendors such as AmTrust Financial, SquareTrade, Inc, and ASSURANT. Some of the key players profiled in the consumer electronics extended warranty market report include Amazon.com, Inc., Asurion, AXA, Go Warranty & Services LLP, OneAssist Consumer Solutions Pvt. Ltd., OnPoint Warranty, and Securranty.

Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. Major players are collaborating their product portfolio to provide differentiated and innovative products with increase in awareness & demand for consumer electronics extended warranty across the globe.

 

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FREQUENTLY ASKED QUESTIONS?

A. The Consumer Electronics Extended Warranty Market is estimated to grow at a CAGR of 15.2% from 2021 to 2030.

A. The Consumer Electronics Extended Warranty Market is projected to reach $198.99 billion by 2030.

A. To get the latest version of sample report

A. Rise in penetration of smartphones, laptops, home appliances, and other such brown goods boost the Consumer Electronics Extended Warranty market growth.

A. The key players profiled in the report include Amazon.com Inc., AmTrust Financial, ASSURANT INC., Asurion, AXA, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Consumer Electronics Extended Warranty Market is segmented on the basis of product type, distribution channel, coverage type, and region.

A. The key growth strategies of Consumer Electronics Extended Warranty market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Asia-Pacific region would grow at a highest CAGR of 19.1% during the forecast period.

A. Mobiles & Tablets segment will dominate the market during 2021 - 2030.

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