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Consumer Electronics Extended Warranty Market By Product Types (Laptops & PCs, Mobiles & Tablets, Home Entertainment Devices, Heating & Cooling Equipment, Others); By Coverage Types (Standard Protection Plan, Accidental Protection Plan); By Distribution Channel (Manufacturers, Retailers, Others); By Region – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 39339 | Report Format : PDF
REPORT ATTRIBUTE DETAILS
Historical Period 2019-2022
Base Year 2023
Forecast Period 2024-2032
U.S. consumer electronics extended warranty market Size 2023 USD 46,972.58 million
U.S. consumer electronics extended warranty market, CAGR 8.45%
U.S. consumer electronics extended warranty market Size 2032 USD 97,478.86 million

Market Overview

The U.S. consumer electronics extended warranty market is projected to grow from USD 46,972.58 million in 2023 to USD 97,478.86 million by 2032, at a compound annual growth rate (CAGR) of 8.45%.

The U.S. consumer electronics extended warranty market is driven by increasing consumer reliance on advanced electronics, rising incidences of device malfunctions, and a growing awareness of the benefits of extended warranties. Trends include the integration of comprehensive coverage plans, enhanced customer service offerings, and the adoption of digital platforms for efficient claims processing. The market is further bolstered by manufacturers’ and retailers’ strategies to differentiate their offerings through extended warranty options, catering to the demand for extended protection amidst rapid technological advancements and shorter product life cycles.

The U.S. consumer electronics extended warranty market is primarily concentrated in urban and suburban regions, where the penetration of high-end electronics is higher. Key players in this market include SquareTrade Inc., Best Buy Geek Squad, Asurion, Warranty Life, Upsie, Assurant Solutions, Amazon.com Inc., and Protect Your Bubble. These companies leverage strong distribution networks, strategic partnerships, and advanced digital platforms to offer diverse warranty plans. Their focus on customer service and innovative solutions helps them maintain a competitive edge in a rapidly evolving market driven by technological advancements and consumer demand for comprehensive protection.

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Market Drivers

Rising Demand for Protection

Consumers are increasingly seeking to safeguard their electronics beyond the standard manufacturer’s warranty. This trend is particularly pronounced for expensive devices like smartphones, laptops, and high-end appliances, where repair costs can be significant. For instance, a survey found that about 28% of consumers purchase extended warranties on electronics. Extended warranties provide peace of mind and financial security in case of unexpected breakdowns, offering consumers an additional layer of protection that ensures their investments are secure. This demand for extended coverage is fueled by a growing awareness of the potential costs associated with repairing or replacing sophisticated electronic devices.

Increasing Complexity of Electronics

Modern consumer electronics are packed with sophisticated features and intricate components, making them more susceptible to malfunctions. As technology advances, the risk of technical issues due to these complexities also rises. For instance, one-quarter of people who had a phone that broke set out to repair it but ended up replacing it. Extended warranties offer crucial coverage for these potential problems, ensuring that consumers are not left with hefty repair bills. By providing protection against a wide range of issues that may not be covered under the standard warranty, extended warranties help consumers manage the risks associated with owning advanced electronics.

Prevalence of High-Value Electronics

The market is flooded with high-end electronics that carry premium price tags, prompting consumers who invest heavily in these devices to seek additional protection. For instance, the retail revenue from consumer electronics sales is expected to reach close to 510 billion U.S. dollars by 2024. Extended warranties serve as a shield against the financial burden of repairs or replacements for these high-value items. Consumers are more inclined to purchase extended warranties for their costly gadgets, recognizing the long-term benefits and security they offer. This trend underscores the importance of extended warranties in ensuring that consumers can confidently invest in high-end technology without fearing unexpected expenses.

Promotional Strategies by Retailers and Manufacturers

Retailers and manufacturers actively promote extended warranties as a value-added service, often bundling them with electronics purchases to entice consumers. These promotional strategies highlight the benefits of comprehensive protection and enhance the overall value proposition of the products. By offering extended warranties, businesses not only increase their revenue streams but also build stronger relationships with their customers. This approach ensures that consumers receive complete protection for their devices, fostering customer satisfaction and loyalty in a competitive market landscape.

Market Trends

Customization and Flexibility

Gone are the days of one-size-fits-all warranties. Today’s consumer electronics extended warranty market is characterized by a diverse array of options that offer varying coverage lengths and service plans. This customization allows consumers to tailor warranties to their specific needs and budgets. For instance, providers are now offering customizable plans tailored to customers’ needs. Consumers can choose plans that provide coverage for just a few years or extend the warranty period significantly longer, depending on how long they expect to use the device. Additionally, service plans can be adjusted to include different levels of support, from basic mechanical repair to comprehensive coverage that includes accidental damage and theft. This flexibility ensures that consumers can find a warranty that aligns perfectly with their expectations and financial considerations. By offering tailored solutions, companies can better meet the diverse demands of their customers, enhancing overall satisfaction and loyalty.

Digitalization and Convenience

The rise of e-commerce has significantly impacted the consumer electronics extended warranty market, leading to a surge in online warranty purchases. User-friendly interfaces and the seamless integration of warranties during the online checkout process have made it easier than ever for consumers to add extended protection to their purchases. For instance, more than 40 percent of online shoppers in the United States purchased online once or twice a week. This digital shift not only simplifies the buying process but also provides greater transparency and accessibility to warranty information. Consumers can now easily compare different warranty plans, read customer reviews, and make informed decisions without leaving the comfort of their homes. Additionally, digital platforms enable streamlined claims processing and management, reducing the hassle and time traditionally associated with warranty services. The convenience of online transactions, coupled with the ability to quickly resolve issues, enhances the appeal of extended warranties in the digital age.

Market Challenges Analysis

Consumer Skepticism and Lack of Transparency

Many consumers view extended warranties with suspicion, often believing these services are riddled with complex terms and exclusions. This skepticism is fueled by a perceived lack of transparency in warranty details, making it difficult for consumers to assess the true value of the service. Often, consumers are wary of the fine print and potential loopholes that could invalidate their claims. This mistrust is exacerbated by experiences of high claim denial rates, where consumers feel their legitimate issues are not covered due to technicalities. This can severely damage the reputation of warranty providers and erode consumer trust in the industry. To address these challenges, companies need to prioritize clear communication and transparency, ensuring that consumers fully understand the terms and conditions of their warranties. Simplifying the claims process and providing comprehensive, easy-to-understand documentation can help rebuild consumer confidence and demonstrate the real value of extended warranties.

Price Sensitivity and Competition from Short Product Lifecycles

Extended warranties often come with additional costs that some consumers might find unappealing, especially for less expensive electronics. Balancing affordability with comprehensive coverage remains a significant challenge for warranty providers. Consumers are increasingly price-sensitive and may opt out of purchasing extended warranties if they perceive the cost to outweigh the benefits. This price sensitivity is compounded by the rapid pace of technological advancements, which can render electronics obsolete within a short period. Consumers who frequently upgrade their devices may see little value in investing in long-term warranties. Furthermore, the increasing regulatory scrutiny aimed at ensuring fairness and transparency in warranty practices adds another layer of complexity for providers. They must navigate an evolving regulatory landscape to avoid penalties or non-compliance issues, all while striving to offer cost-effective and attractive warranty options. Providers need to develop innovative solutions, such as flexible pricing models and shorter-term warranties, to appeal to a broader range of consumers and remain competitive in a market characterized by rapid technological change.

Market Segmentation Analysis:

By Product Types:

The U.S. consumer electronics extended warranty market is segmented by product types, including laptops & PCs, mobiles & tablets, home entertainment devices, heating & cooling equipment, and others. Laptops & PCs and mobiles & tablets dominate the market due to their high usage rates and susceptibility to damage, driving significant demand for extended warranties. The increasing complexity and cost of repairs for these devices make extended warranties an attractive option for consumers. Home entertainment devices, such as smart TVs and sound systems, also contribute substantially to the market, as consumers seek to protect their investments in high-end electronics. Heating & cooling equipment, while a smaller segment, benefits from extended warranties due to the high cost of repairs and replacements. The “others” category includes various electronic gadgets and appliances, reflecting the broadening scope of the extended warranty market as consumer reliance on electronic devices continues to grow.

By Coverage Types:

The market is further segmented based on coverage types into standard protection plans and accidental protection plans. Standard protection plans typically cover mechanical and electrical failures after the manufacturer’s warranty expires, providing consumers with extended peace of mind. These plans are popular for all types of electronics, particularly those with higher initial costs or complex functionalities. Accidental protection plans, on the other hand, offer coverage for unexpected incidents such as drops, spills, and other forms of accidental damage. This type of plan is increasingly in demand, especially for portable devices like smartphones, tablets, and laptops, which are more prone to such incidents. The rising prevalence of high-value electronics and the desire for comprehensive protection are driving the growth of accidental protection plans. Both coverage types cater to the varying needs and concerns of consumers, ensuring that they can find appropriate and effective solutions for protecting their electronic investments.

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Segments:

Based on Product Types

  • Laptops & PCs
  • Mobiles & Tablets
  • Home Entertainment Devices
  • Heating & Cooling Equipment
  • Others

Based on Coverage Types

  • Standard Protection Plan
  • Accidental Protection Plan

Based on Distribution Channel

  • Manufacturers
  • Retailers
  • Others

Based on the Geography:

  • Northeast
  • Western
  • Southern
  • Midwest
  • Other regions

Regional Analysis

In the Northeast region, comprising states like New York, Massachusetts, and Pennsylvania, the extended warranty market holds a significant share of approximately 22%. Consumers in this region tend to be tech-savvy and value the added protection for their high-end electronics. The presence of major metropolitan areas and a concentration of affluent consumers contribute to the strong demand for extended warranty plans.

The Western region, encompassing states such as California, Washington, and Colorado, accounts for approximately 27% of the extended warranty market share. This region is home to several tech hubs and early adopters of consumer electronics. Consumers in the West are generally receptive to extended warranty offerings, particularly for premium devices and innovative products.

Key Player Analysis

  • SquareTrade Inc.
  • Best Buy Geek Squad
  • Asurion
  • Warranty Life
  • Upsie
  • Assurant Solutions
  • com Inc.
  • Protect Your Bubble

Competitive Analysis

In the U.S. consumer electronics extended warranty market, leading players like SquareTrade Inc., Best Buy Geek Squad, Asurion, Warranty Life, Upsie, Assurant Solutions, Amazon.com Inc., and Protect Your Bubble dominate through a combination of extensive service offerings and robust customer support. SquareTrade Inc. is renowned for its user-friendly digital platforms and quick claims processing, giving it a competitive edge. Best Buy Geek Squad leverages its in-store presence and brand reputation to attract customers. Asurion excels with comprehensive mobile protection plans and partnerships with major carriers. Warranty Life and Upsie offer competitive pricing and flexible plans, appealing to cost-sensitive consumers. Assurant Solutions focuses on diverse product coverage and strong corporate relationships, while Amazon.com Inc. integrates extended warranties seamlessly into its vast online retail ecosystem. Protect Your Bubble distinguishes itself with unique coverage options for gadgets and lifestyle products. These players continuously innovate and adapt to consumer needs, maintaining their market leadership.

Recent Developments

In April 2024, Asurion had forged a partnership with electric scooter manufacturer Okinawa Autotech to introduce an extended warranty initiative in India, covering essential powertrain components. This collaboration aims to provide Okinawa Autotech customers with added peace of mind and confidence in their electric scooter ownership experience.

In March 2024, ASSURANT Inc. unveiled an innovative AI-powered claims chatbot designed to facilitate swift and hassle-free claims processing for customers, enhancing overall service efficiency and customer experience.

In February 2024, AmTrust disclosed adjustments in automotive warranty program claim severity amidst shifting industry dynamics. Concurrently, the company intensified its focus on engaging with past customers, aiming to bolster customer satisfaction and retention.

In January 2023, Voltas and OneDios joined forces to roll out a nationwide extended warranty program, empowering customers to purchase extended warranties for Voltas and Voltas Beko products via the OneDios app. This collaboration ensures access to brand-authorized services, original spare parts, and competitive pricing, while the app simplifies warranty claims and enables users to lodge complaints in under 60 seconds.

Market Concentration & Characteristics

Market concentration in the U.S. consumer electronics extended warranty market reflects a landscape dominated by a select group of key players who wield significant influence due to their extensive service offerings and strong brand presence. These leading companies leverage various strategies such as user-friendly digital platforms, quick claims processing, competitive pricing, and strategic partnerships to maintain their market share. Characteristics of this market include a high level of competition driven by technological advancements, consumer demand for comprehensive protection, and evolving regulatory landscapes. Moreover, the market exhibits a trend towards customization and flexibility, with consumers seeking tailored warranty plans that suit their specific needs and budgets. As technology continues to evolve and consumer preferences shift, market players must remain agile and innovative to adapt to changing dynamics and sustain their competitive positions in this dynamic industry.

Report Coverage

The research report offers an in-depth analysis based on Product Types, Coverage Types, , Distribution Channel and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

  1. Continued Growth: The U.S. consumer electronics extended warranty market is expected to experience sustained growth driven by increasing consumer reliance on advanced electronics.
  2. Technological Advancements: Future outlook includes integration of smart technologies for proactive maintenance and issue detection, enhancing the value proposition of extended warranties.
  3. Enhanced Coverage Options: Consumers can expect more comprehensive coverage options, including protection against accidental damage, theft, and emerging risks associated with evolving technologies.
  4. Digital Transformation: The market will witness further digitalization, with online platforms facilitating seamless warranty purchases, claims processing, and customer service interactions.
  5. Regulatory Compliance: Warranty providers will need to navigate evolving regulatory landscapes to ensure compliance with consumer protection laws and maintain trust among consumers.
  6. Personalized Solutions: Companies will increasingly offer personalized warranty plans tailored to individual consumer needs and preferences.
  7. Partnerships and Alliances: Strategic partnerships between warranty providers and electronics manufacturers or retailers will expand, offering consumers bundled warranty options and enhancing market competitiveness.
  8. Focus on Customer Experience: There will be a heightened focus on improving customer experience through streamlined claims processes, responsive customer support, and transparent communication.
  9. Sustainability Initiatives: Expect to see a growing emphasis on sustainability, with warranty providers offering eco-friendly options and promoting responsible disposal and recycling of electronic devices.
  10. Market Consolidation: The market may witness consolidation as larger players acquire smaller competitors to expand their market share and diversify their service offerings.

CHAPTER NO. 1 : INTRODUCTION 14

1.1.1. Report Description 14

Purpose of the Report 14

USP & Key Offerings 14

1.1.2. Key Benefits for Stakeholders 14

1.1.3. Target Audience 15

1.1.4. Report Scope 15

1.1.5. Regional Scope 16

CHAPTER NO. 2 : EXECUTIVE SUMMARY 17

2.1. Consumer Electronics Extended Warranty Market Snapshot 17

2.1.1. U.S. Consumer Electronics Extended Warranty Market, 2018 – 2032 (USD Million) 18

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 19

3.1. Russia-Ukraine and Israel-Palestine War Impacts 19

CHAPTER NO. 4 : CONSUMER ELECTRONICS EXTENDED WARRANTY MARKET – INDUSTRY ANALYSIS 20

4.1. Introduction 20

4.2. Market Drivers 21

4.2.1. Driving Factor 1 Analysis 21

4.2.2. Driving Factor 2 Analysis 22

4.3. Market Restraints 23

4.3.1. Restraining Factor Analysis 23

4.4. Market Opportunities 24

4.4.1. Market Opportunity Analysis 24

4.5. Porter’s Five Forces Analysis 25

CHAPTER NO. 5 : ANALYSIS COMPETITIVE LANDSCAPE 26

5.1. Company Market Share Analysis – 2023 26

5.1.1. U.S. Consumer Electronics Extended Warranty Market: Company Market Share, by Volume, 2023 26

5.1.2. U.S. Consumer Electronics Extended Warranty Market: Company Market Share, by Revenue, 2023 27

5.1.3. U.S. Consumer Electronics Extended Warranty Market: Top 6 Company Market Share, by Revenue, 2023 27

5.1.4. U.S. Consumer Electronics Extended Warranty Market: Top 3 Company Market Share, by Revenue, 2023 28

5.2. U.S. Consumer Electronics Extended Warranty Market Company Revenue Market Share, 2023 29

5.3. Company Assessment Metrics, 2023 30

5.3.1. Stars 30

5.3.2. Emerging Leaders 30

5.3.3. Pervasive Players 30

5.3.4. Participants 30

5.4. Start-ups /SMEs Assessment Metrics, 2023 30

5.4.1. Progressive Companies 30

5.4.2. Responsive Companies 30

5.4.3. Dynamic Companies 30

5.4.4. Starting Blocks 30

5.5. Strategic Developments 31

5.5.1. Acquisitions & Mergers 31

New Product Launch 31

Regional Expansion 31

5.6. Key Players Product Matrix 32

CHAPTER NO. 6 : PESTEL & ADJACENT MARKET ANALYSIS 33

6.1. PESTEL 33

6.1.1. Political Factors 33

6.1.2. Economic Factors 33

6.1.3. Social Factors 33

6.1.4. Technological Factors 33

6.1.5. Environmental Factors 33

6.1.6. Legal Factors 33

6.2. Adjacent Market Analysis 33

CHAPTER NO. 7 : CONSUMER ELECTRONICS EXTENDED WARRANTY MARKET – BY PRODUCT TYPES SEGMENT ANALYSIS 34

7.1. Consumer Electronics Extended Warranty Market Overview, by Product Types Segment 34

7.1.1. Consumer Electronics Extended Warranty Market Revenue Share, By Product Types, 2023 & 2032 35

7.1.2. Consumer Electronics Extended Warranty Market Attractiveness Analysis, By Product Types 36

7.1.3. Incremental Revenue Growth Opportunity, by Product Types, 2024 – 2032 36

7.1.4. Consumer Electronics Extended Warranty Market Revenue, By Product Types, 2018, 2023, 2027 & 2032 37

7.2. Laptops & PCs 38

7.3. Mobiles & Tablets 39

7.4. Home Entertainment Devices 40

7.5. Heating & Cooling equipment 41

7.6. Others 42

CHAPTER NO. 8 : CONSUMER ELECTRONICS EXTENDED WARRANTY MARKET – BY COVERAGE TYPES SEGMENT ANALYSIS 43

8.1. Consumer Electronics Extended Warranty Market Overview, by Coverage Types Segment 43

8.1.1. Consumer Electronics Extended Warranty Market Revenue Share, By Coverage Types, 2023 & 2032 44

8.1.2. Consumer Electronics Extended Warranty Market Attractiveness Analysis, By Coverage Types 45

8.1.3. Incremental Revenue Growth Opportunity, by Coverage Types, 2024 – 2032 45

8.1.4. Consumer Electronics Extended Warranty Market Revenue, By Coverage Types, 2018, 2023, 2027 & 2032 46

8.2. Standard Protection Plan 47

8.3. Accidental Protection Plan 48

CHAPTER NO. 9 : CONSUMER ELECTRONICS EXTENDED WARRANTY MARKET – BY DISTRIBUTION CHANNEL SEGMENT ANALYSIS 49

9.1. Consumer Electronics Extended Warranty Market Overview, by Distribution Channel Segment 49

9.1.1. Consumer Electronics Extended Warranty Market Revenue Share, By Distribution Channel, 2023 & 2032 50

9.1.2. Consumer Electronics Extended Warranty Market Attractiveness Analysis, By Distribution Channel 51

9.1.3. Incremental Revenue Growth Opportunity, by Distribution Channel, 2024 – 2032 51

9.1.4. Consumer Electronics Extended Warranty Market Revenue, By Distribution Channel, 2018, 2023, 2027 & 2032 52

9.2. Manufacturers 53

9.3. Retailers 54

9.4. Others 55

CHAPTER NO. 10 : COMPANY PROFILES 56

10.1. SquareTrade Inc. 56

10.1.1. Company Overview 56

10.1.2. Product Portfolio 56

10.1.3. Swot Analysis 56

10.1.4. Business Strategy 57

10.1.5. Financial Overview 57

10.2. Best Buy Geek Squad 58

10.3. Asurion 58

10.4. Warranty Life 58

10.5. Upsie 58

10.6. Assurant Solutions 58

10.7. Amazon.com Inc. 58

10.8. Protect Your Bubble 58

CHAPTER NO. 11 : RESEARCH METHODOLOGY 59

11.1. Research Methodology 59

11.1.1. Phase I – Secondary Research 60

11.1.2. Phase II – Data Modeling 60

Company Share Analysis Model 61

Revenue Based Modeling 61

11.1.3. Phase III – Primary Research 62

11.1.4. Research Limitations 63

Assumptions 63

List of Figures

FIG NO. 1. U.S. Consumer Electronics Extended Warranty Market Revenue, 2018 – 2032 (USD Million) 19

FIG NO. 2. Porter’s Five Forces Analysis for U.S. Consumer Electronics Extended Warranty Market 26

FIG NO. 3. Company Share Analysis, 2023 27

FIG NO. 4. Company Share Analysis, 2023 28

FIG NO. 5. Company Share Analysis, 2023 28

FIG NO. 6. Company Share Analysis, 2023 29

FIG NO. 7. Consumer Electronics Extended Warranty Market – Company Revenue Market Share, 2023 30

FIG NO. 8. Consumer Electronics Extended Warranty Market Revenue Share, By Product Types, 2023 & 2032 36

FIG NO. 9. Market Attractiveness Analysis, By Product Types 37

FIG NO. 10. Incremental Revenue Growth Opportunity by Product Types, 2024 – 2032 37

FIG NO. 11. Consumer Electronics Extended Warranty Market Revenue, By Product Types, 2018, 2023, 2027 & 2032 38

FIG NO. 12. U.S. Consumer Electronics Extended Warranty Market for Laptops & PCs, Revenue (USD Million) 2018 – 2032 39

FIG NO. 13. U.S. Consumer Electronics Extended Warranty Market for Mobiles & Tablets, Revenue (USD Million) 2018 – 2032 40

FIG NO. 14. U.S. Consumer Electronics Extended Warranty Market for Home Entertainment Devices, Revenue (USD Million) 2018 – 2032 41

FIG NO. 15. U.S. Consumer Electronics Extended Warranty Market for Heating & Cooling equipment, Revenue (USD Million) 2018 – 2032 42

FIG NO. 16. U.S. Consumer Electronics Extended Warranty Market for Others, Revenue (USD Million) 2018 – 2032 43

FIG NO. 17. Consumer Electronics Extended Warranty Market Revenue Share, By Coverage Types, 2023 & 2032 45

FIG NO. 18. Market Attractiveness Analysis, By Coverage Types 46

FIG NO. 19. Incremental Revenue Growth Opportunity by Coverage Types, 2024 – 2032 46

FIG NO. 20. Consumer Electronics Extended Warranty Market Revenue, By Coverage Types, 2018, 2023, 2027 & 2032 47

FIG NO. 21. U.S. Consumer Electronics Extended Warranty Market for Standard Protection Plan, Revenue (USD Million) 2018 – 2032 48

FIG NO. 22. U.S. Consumer Electronics Extended Warranty Market for Accidental Protection Plan, Revenue (USD Million) 2018 – 2032 49

FIG NO. 23. Consumer Electronics Extended Warranty Market Revenue Share, By Distribution Channel, 2023 & 2032 51

FIG NO. 24. Market Attractiveness Analysis, By Distribution Channel 52

FIG NO. 25. Incremental Revenue Growth Opportunity by Distribution Channel, 2024 – 2032 52

FIG NO. 26. Consumer Electronics Extended Warranty Market Revenue, By Distribution Channel, 2018, 2023, 2027 & 2032 53

FIG NO. 27. U.S. Consumer Electronics Extended Warranty Market for Manufacturers, Revenue (USD Million) 2018 – 2032 54

FIG NO. 28. U.S. Consumer Electronics Extended Warranty Market for Retailers, Revenue (USD Million) 2018 – 2032 55

FIG NO. 29. U.S. Consumer Electronics Extended Warranty Market for Others, Revenue (USD Million) 2018 – 2032 56

FIG NO. 30. Research Methodology – Detailed View 60

FIG NO. 31. Research Methodology 61

 

List of Tables

TABLE NO. 1. : U.S. Consumer Electronics Extended Warranty Market: Snapshot 18

TABLE NO. 2. : Drivers for the Consumer Electronics Extended Warranty Market: Impact Analysis 22

TABLE NO. 3. : Restraints for the Consumer Electronics Extended Warranty Market: Impact Analysis 24

 Frequently Asked Question

What is the current size of the U.S. Consumer Electronics Extended Warranty Market?

The U.S. consumer electronics extended warranty market is projected to grow from USD 46,972.58 million in 2023 to USD 97,478.86 million by 2032, at a compound annual growth rate (CAGR) of 8.45%.

What factors are driving the growth of the U.S. Consumer Electronics Extended Warranty Market?

The market is primarily driven by increasing consumer reliance on advanced electronics, rising incidences of device malfunctions, and a growing awareness of the benefits of extended warranties.

What are the key segments within the U.S. Consumer Electronics Extended Warranty Market?

The market is segmented by product types, including laptops & PCs, mobiles & tablets, home entertainment devices, heating & cooling equipment, and others. It is further segmented based on coverage types into standard protection plans and accidental protection plans.

What are some challenges faced by the U.S. Consumer Electronics Extended Warranty Market?

Challenges include consumer skepticism and lack of transparency, price sensitivity, competition from short product lifecycles, and increasing regulatory scrutiny.

Who are the major players in the U.S. Consumer Electronics Extended Warranty Market?

Key players include SquareTrade Inc., Best Buy Geek Squad, Asurion, Warranty Life, Upsie, Assurant Solutions, Amazon.com Inc., and Protect Your Bubble.

Which segment is leading the market share?

Laptops & PCs and mobiles & tablets dominate the market due to their high usage rates and susceptibility to damage, driving significant demand for extended warranties.

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