United States Extended Warranty Market Overview 2024-2032 

The latest report by IMARC Group, titled “United States extended warranty Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the United States extended warranty market trends. The market size reached US$ 59.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 98.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032. 

An extended warranty is a service agreement offered by a manufacturer or retailer to cover repairs or replacements for an item beyond the standard warranty period. It includes additional benefits, such as coverage for parts, labor, and accidental damage, by providing comprehensive protection for the investment. It provides additional protection for a specified duration after the original warranty expires. It helps in mitigating the risk of expensive repairs or replacements. It is offered for power tools, lawnmowers, and generators used in construction, landscaping, or home improvement projects. As it enable easy access to convenient repair services or replacements, often through authorized service centers, the demand for extended warranty is rising in the United States.

United States Extended Warranty Market Trends and Drivers:

At present, the growing utilization of extended warranty, as it provides reassurance during the extended ownership period, represents one of the key factors positively influencing the market in the United States. Additionally, there is a rise in the demand for extended warranties in the country to save money on repairs or replacements, especially for expensive items. This, along with the increasing consumer awareness about the benefits of extended warranties, is propelling the growth of the market. In line with this, advancements in technology are leading to the development of more complex electronic devices and appliances and vehicles, which encourage consumers to invest in extended warranties to protect their high-value purchases from potential malfunctions. Moreover, governing agencies in the United States are implementing regulatory policies and consumer protection laws, ensuring transparency in the sale and administration of extended warranties, which is bolstering the market growth. Besides this, the growing demand for personalized warranty plans as per specific consumer needs and preferences, such as flexible coverage options, add-on services, or tiered pricing structures, are offering a favorable market outlook in the country. Furthermore, the rising demand for extended warranty to maintain or increase the resale value of products, as potential buyers may be reassured by the remaining warranty coverage, is strengthening the market growth.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/united-states-extended-warranty-market/requestsample

United States Extended Warranty Market 2024-2032 Analysis and Segmentation:

The report segmented the market on the basis of region, coverage, application, distribution channel and end user.

Breakup by Coverage:

  • Standard Protection Plan
  • Accidental Protection Plan

Breakup by Application:

  • Automobiles
  • Consumer Electronics
  • Home Appliances
  • Mobile Devices and PCs
  • Others

Breakup by Distribution Channel:

  • Manufacturers
  • Retailers
  • Others

Breakup by End User:

  • Individuals
  • Business

Breakup by Region:

  • Northeast
  • Midwest
  • South
  • West

Key highlights of the report:

  • Market Performance (2018-2023)
  • Market Outlook (2024- 2032)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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