Extended Warranty Market For Consumer Electronics By Product Type (Laptops & PCs, Mobile Devices, Wearables, Others), By Warranty Coverage Type (Standard Protection Plan, Accidental Protection Plan) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026
"Growing Penetration of High-end Smartphones, Tablets and Laptops Aiding the Market Growth"
Extended warranty market expected to grow at a CAGR of 6.2% from 2018 to 2026 and reach US$ 50.2 Bn in 2026. Growing penetration of high-end smartphones, tablets and laptops among consumers is one of the primary factors governing the growth for extended warranty market for consumer electronics. The high price of these products has compelled consumers to think of extending the usual one year warranty provided by manufacturer. Moreover, by offering value added service like extended warranty, shoppers and retailers can seize opportunity to engage consumers with current advanced technology products and influence buyer’s decision. Extended warranty solutions offer additional warranty period for buyers to protect their costly high-end products. Offering such value added service for high-end devices helps retailers to gain consumer confidence and develop long-term association. In addition, strategic partnerships between retailers and warranty providers is another important factor contributing to the market growth. This strategy has proved to be a win-win solution for banking solution providers, extended warranty solution providers and the customers. In 2016, N26 Group, a banking service provider in Europe formed strategic partnership with Allianz Global Assistance Europe to offer its comprehensive insurance package for premium customer including extended warranty for consumer electronics. Similarly, In March 2014, LetsTango.com, one of the leading online retailer announced its strategic partnership with Allianz Global Assistance to offer extended warranty service for electronics products purchased on their website.
"Mobile Phones and Tablets to Contribute Significantly to the Extended Warranty Market Growth in Coming Years"
In 2017, the global extended warranty market for consumer electronics was led by the mobile devices segment. The segment comprising smartphones and tablets, accounted for over 50% of the overall value generated in the market. The mobile devices segment growth is primarily governed by the rising penetration of high-end expensive smartphones, especially in countries such as the U.S, U.K., Germany, France China, India, etc. In addition, consistently growing penetration of tablets is another prominent factor supporting the mobile devices segment growth. Due to continually growing penetration of smartphones and tablets, the segment is set to retain its dominant position in the market over the forecast period. Moreover, in Europe, people preferring high-end expensive smartphones constitute over 40% of the overall smartphones consumer base. These users are the prime buyers of related extended warranty contracts, thereby fueling the segment growth.
In 2016, the laptops & PCs segment accounted for the second largest share, in terms of market value, in the overall extended warranty (for consumer electronics) market. Extended warranty for laptops and PCs typically offer coverage in case of drops, spills, display burnout, hard drive crash, connectivity failure, RAM failure, defect in charging ports and few others. However, the declining sales of PCs globally has influenced the market growth negatively.
"High Consumer Awareness Pertaining to Benefits of Extended Warranty to Drive Market Growth in North America"
North America dominated the global extended warranty market for consumer electronics in 2017 and accounted for more than 55% of the overall market value generated worldwide. The dominance of the region is mostly due to high consumer awareness regarding the benefits of extended warranty. Moreover, the U.S. has a large consumer base of high-end smartphones, laptops and PCs, a factor influencing the extended warranty market for consumer electronics growth positively. Overall consumer electronics market in the U.S. has been witnessing a consistent growth since the last few years. Consumers’ willingness to pay high prices for technologically enhanced products has been driving the consumer electronics market in this region, thereby complimenting the extended warranty market for consumer electronics growth.
Europe is another important market for extended warranty for consumer electronics. U.K. accounts for the largest market size in the region owing to high consumer awareness for extended warranty coupled with high penetration of smartphones and PCs. In addition, growing popularity of smart gadgets and wearable and high cost of consumer electronics have forced the consumers in Europe to procure an extended warranty for their expensive devices. Furthermore, lucrative plans and the promotional proposal offered by the warranty providers have also promoted sales of extended warranty on consumer electronics. Thereby, the trend is expected to continue in proportion with rising prices of consumer electronics and encouragement from the companies to make consumer go for extended warranties.
"Strategic Partnerships with E-commerce Retailers to Remain a Vital Strategy for Extended Warranty Service Providers in Coming Years"
Some of the leading providers of extended warranty have been engaged in building strategic partnerships with various e-commerce retailers under which they cover the electronics sold over such online portals. Consumers would either have to pay an additional cost or the online retailer bares a portion of the premium cost in order to offer added value to their customers. Extended warranty generally covers normal wear & tear and product defects. However, certain plans also cover accidental damages such as drop damage or user spilling something onto the device. Either of the manufacturer, retailer or warranty administrator provides an extended warranty and the charge is fixed at a percentage of the product's retail price.
Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.
Some of the major players profiled in the report are Allianz Global Assistance, American International Group, Inc., Amtrust Financial Services, Inc., Asurion LLC, Chubb Limited, Assurant, Inc., SquareTrade, Inc., The Warranty Group, Inc., Advanced American Auto Warranty Services LLC and Corporate Warranties India Pvt. Ltd among others.
Key questions answered in this report
- What was the global extended warranty market for consumer electronics size in 2017 and forecast for 2026?
- What are the current market trends in the extended warranty market for consumer electronics?
- What are the various valuable opportunities for the players?
- Which are the bestselling extended warranty coverage plans in the market?
- Which is the largest regional market for extended warranty market for consumer electronics?
- Which region expected to be the fastest growing and why?
- What are new plans launched by the leading extended warranty for consumer electronic providers?
- What are the key strategies adopted by the leading players in market?
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Market Segmentation
1.4 Research Methodology
1.4.1 Phase I – Secondary Research
1.4.2 Phase II – Primary Research
1.4.3 Phase III – Expert Panel Review
1.4.4 Assumptions
1.4.5 Approach Adopted
Chapter 2 Executive Summary
2.1 Market Snapshot: Global EW Market for Consumer Electronics
2.2 Global EW Market for Consumer Electronics, By Product Type, 2017
2.3 Global EW Market for Consumer Electronics, By Warranty Coverage Type, 2017
2.4 Global EW Market for Consumer Electronics, By Geography, 2017
Chapter 3 Market Dynamics
3.1 Market Overview
3.1.1 Global EW Market for Consumer Electronics Value, 2016 – 2026
3.2 Market Drivers
3.3 Market Challenges
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends and Future Outlook
3.5 Attractive Investment Proposition, by Geography
3.6 Competitive Analysis
3.6.1 Market Positioning of Key Players
3.6.2 Key Strategies Adopted by the Leading Players
Chapter 4 Global Extended Warranty (EW) Market for Consumer Electronics Analysis, By Product Type, 2016 – 2026
4.1 Overview
4.2 Laptops & PCs
4.3 Mobile Devices
4.4 Wearables
4.5 Others
Chapter 5 Global Extended Warranty (EW) Market for Consumer Electronics Analysis, By Warranty Coverage Type, 2016 – 2026
5.1 Overview
5.2 Standard Protection Plan
5.3 Accidental Protection Plan
Chapter 6 North America Extended Warranty (EW) Market for Consumer Electronics Analysis, 2016 – 2026
6.1 Overview
6.2 North America EW Market for Consumer Electronics Analysis, By Product Type, 2016 – 2026
6.2.1 Market Analysis
6.3 North America EW Market for Consumer Electronics Analysis, By Warranty Coverage Type, 2016 – 2026
6.3.1 Market Analysis
6.4 North America EW Market for Consumer Electronics Analysis, By Country, 2016 – 2026
6.4.1 U.S.
6.4.2 Canada
Chapter 7 Europe Extended Warranty (EW) Market for Consumer Electronics Analysis, 2016 – 2026
7.1 Overview
7.2 Europe EW Market for Consumer Electronics Analysis, By Product Type, 2016 – 2026
7.2.1 Market Analysis
7.3 Europe EW Market for Consumer Electronics Analysis, By Warranty Coverage Type, 2016 – 2026
7.3.1 Market Analysis
7.4 Europe EW Market for Consumer Electronics Analysis, By Region/Country, 2016 – 2026
7.4.1 U.K.
7.4.2 Germany
7.4.3 France
7.4.4 Rest of Europe
Chapter 8 Asia Pacific Extended Warranty (EW) Market for Consumer Electronics Analysis, 2016 – 2026
8.1 Overview
8.2 Asia Pacific EW Market for Consumer Electronics Analysis, By Product Type, 2016 – 2026
8.2.1 Market Analysis
8.3 Asia Pacific EW Market for Consumer Electronics Analysis, By Warranty Coverage Type, 2016 – 2026
8.3.1 Market Analysis
8.4 Asia Pacific EW Market for Consumer Electronics Analysis, By Region/Country, 2016 – 2026
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
Chapter 9 Rest of the World (RoW) Extended Warranty (EW) Market for Consumer Electronics Analysis, 2016 – 2026
9.1 Overview
9.2 RoW EW Market for Consumer Electronics Analysis, By Product Type, 2016 – 2026
9.2.1 Market Analysis
9.3 RoW EW Market for Consumer Electronics Analysis, By Warranty Coverage Type, 2016 – 2026
9.3.1 Market Analysis
9.4 RoW EW Market for Consumer Electronics Analysis, By Country, 2016 – 2026
9.4.1 Middle East & Africa (MEA)
9.4.2 Latin America
Chapter 10 Company Profiles
10.1 Allianz Global Assistance
10.2 American International Group, Inc.
10.3 Amtrust Financial Services, Inc.
10.4 Asurion LLC, Chubb Limited
10.5 Assurant, Inc.
10.6 SquareTrade, Inc.
10.7 The Warranty Group, Inc.
10.8 Advanced American Auto Warranty Services LLC
10.9 Corporate Warranties India Pvt. Ltd
10.10 Chubb Limited
* EW - Extended Warranty
TABLE 1 Market Snapshot: Global Extended Warranty (EW) Market for Consumer Electronics
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 North America EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (US$ Mn)
TABLE 5 North America EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (Mn Subscriptions)
TABLE 6 North America EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (US$ Mn)
TABLE 7 North America EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (Mn Subscriptions)
TABLE 8 North America EW Market for Consumer Electronics Value, By Country, 2016 – 2026 (US$ Mn)
TABLE 9 North America EW Market for Consumer Electronics Value, By Country, 2016 – 2026 (Mn Subscriptions)
TABLE 10 Europe EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (US$ Mn)
TABLE 11 Europe EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (Mn Subscriptions)
TABLE 12 Europe EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (US$ Mn)
TABLE 13 Europe EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (Mn Subscriptions)
TABLE 14 Europe EW Market for Consumer Electronics Value, By Region/Country, 2016 – 2026 (US$ Mn)
TABLE 15 Europe EW Market for Consumer Electronics Value, By Region/Country, 2016 – 2026 (Mn Subscriptions)
TABLE 16 Asia Pacific EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (US$ Mn)
TABLE 17 Asia Pacific EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (Mn Subscriptions)
TABLE 18 Asia Pacific EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (US$ Mn)
TABLE 19 Asia Pacific EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (Mn Subscriptions)
TABLE 20 Asia Pacific EW Market for Consumer Electronics Value, By Region/Country, 2016 – 2026 (US$ Mn)
TABLE 21 Asia Pacific EW Market for Consumer Electronics Value, By Region/Country, 2016 – 2026 (Mn Subscriptions)
TABLE 22 Rest of the World EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (US$ Mn)
TABLE 23 Rest of the World EW Market for Consumer Electronics Value, By Product Type, 2016 – 2026 (Mn Subscriptions)
TABLE 24 Rest of the World EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (US$ Mn)
TABLE 25 Rest of the World EW Market for Consumer Electronics Value, By Warranty Coverage Type, 2016 – 2026 (Mn Subscriptions)
TABLE 26 Rest of the World EW Market for Consumer Electronics Value, By Regions, 2016 – 2026 (US$ Mn)
TABLE 27 Rest of the World EW Market for Consumer Electronics Value, By Regions, 2016 – 2026 (Mn Subscriptions)
TABLE 28 Allianz Global Assistance: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 29 American International Group, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 30 Amtrust Financial Services, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 31 Asurion LLC: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 32 Assurant, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 33 SquareTrade, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 34 The Warranty Group, Inc.: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 35 Advanced American Auto Warranty Services LLC: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 36 Corporate Warranties India Pvt. Ltd: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
TABLE 37 Chubb Limited: Company Snapshot (Company Details, Geographical Presence, Product Portfolio, Recent Developments)
FIG. 1 Global Inspection Robots: Extended Warranty (EW) Market Segmentation
FIG. 2 Global EW Market for Consumer Electronics: Research Methodology
FIG. 3 Top-Down and Bottom Up Approach
FIG. 4 Global EW Market for Consumer Electronics, By Product Type, 2017 (US$ Mn)
FIG. 5 Global EW Market for Consumer Electronics, By Warranty Coverage Type, 2017 (US$ Mn)
FIG. 6 Global EW Market for Consumer Electronics, By Geography, 2017 (US$ Mn)
FIG. 7 Global EW Market for Consumer Electronics Value, 2016 – 2026, (US$ Mn)
FIG. 8 Launch Prices for Flagship Smartphones (US$)
FIG. 9 Attractive Investment Proposition, by Geography
FIG. 10 Market Positioning of Key EW for Consumer Electronic Providers, 2017
FIG. 11 Global EW Market for Consumer Electronics Value Contribution, By Product Type, 2017 & 2026 (%)
FIG. 12 EW Market Value and Volume from Laptops & PCs, 2016 – 2026, (US$ Mn) (Mn Subscriptions)
FIG. 13 EW Market Value and Volume from Mobile Devices, 2016 – 2026, (US$ Mn) (Mn Subscriptions)
FIG. 14 EW Market Value and Volume from Wearables, 2016 – 2026, (US$ Mn) (Mn Subscriptions)
FIG. 15 EW Market Value and Volume from Others, 2016 – 2026, (US$ Mn) (Mn Subscriptions)
FIG. 16 Global EW Market for Consumer Electronics Value Contribution, By Warranty Coverage Type, 2017 & 2026 (%)
FIG. 17 Global EW Market for Consumer Electronics Value from Standard Protection Plan, 2016 – 2026, (US$ Mn)
FIG. 18 Global EW Market for Consumer Electronics Value from Accidental Protection Plan, 2016 – 2026, (US$ Mn)
FIG. 19 North America EW Market for Consumer Electronics Value, 2016 – 2026, (US$ Mn)
FIG. 20 Europe EW Market for Consumer Electronics Value, 2016 – 2026, (US$ Mn)
FIG. 21 Asia Pacific EW Market for Consumer Electronics Value, 2016 – 2026, (US$ Mn)
FIG. 22 RoW EW Market for Consumer Electronics Value, 2016 – 2026, (US$ Mn)
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