Frequently Asked Questions
The COVID-19 pandemic has had a moderate effect on the consumer electronics extended warranty industry, as lower-income consumers decreased their purchases of electronic devices during the lockdown. Customers are, however, taking advantage of offers of warranty extension for products purchased through authorized offline and online platforms. As a result, the consumer electronics extended warranty market has seen significant development.
North America accounted for the highest share in the global consumer electronics extended warranty market in terms of value as well as volume.
The increased awareness for extended warranty among consumers worldwide and growing sale of televisions, washing machines, and refrigerators are the major factors driving the growth of the market.
Mobiles & Tablets devices segment had a major share in 2020 with more than 50% of the market revenue share. Besides, laptops & PCs device segment is projected to witness the fastest growth.
E-commerce retailers industry had a major share in the global market in 2020 and is projected to continue its dominance over the forecast period.