Extended Warranty Market Size in the US to Grow by USD 12.61 Bn, Automotive to be Largest Revenue-generating Device Segment - Technavio
NEW YORK, Oct. 24, 2022 /PRNewswire/ -- The extended warranty market size in the US is expected to grow by USD 12.61 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 4.55% during the forecast period, according to Technavio. The high demand for household appliances is driving the extended warranty market growth in the US. However, security threats are challenging market growth.
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Extended Warranty Market In US Device Outlook (Revenue, USD bn, 2021-2026)
Extended Warranty Market In US End-user Outlook (Revenue, USD bn, 2021-2026)
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Revenue-generating Device Segment
The automotive segment will be the largest contributor to market growth during the forecast period. This growth is attributed to factors such as the presence of major automotive industries in the country. The automotive industry in the US is mature, and it is expected to witness a moderate growth rate during the forecast period. Some of the top automotive manufacturers in the US, such as General Motors Co. and Ford Motor Co., are leaders in technological advances and innovations. In addition, consumers in the US have a high disposable income, which is increasing the demand for luxurious vehicles. Thus, demand for and sales of automobiles in the US are high. Customers in the US prefer extended warranties for their automobiles. Extended warranties provide various benefits such as reimbursement of damage on rental cars and repair or replacement of gadgets due to accidental damage or theft. These factors are expected to fuel the market growth during the forecast period.
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The extended warranty market in the US is concentrated due to the presence of a smaller number of players in the market. Vendors are deploying growth strategies such as innovative solutions, service features, brand recognition, pricing, and service portfolios to compete in the market. Value-added services can help in driving the market's growth in the future. Hence, most vendors have started to focus on cross-selling their services by providing additional coverage to clients. They are also focusing on expanding their businesses and geographical presence to raise their profit margins and market share, which, in turn, will drive the growth of the market during the forecast period.
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Major Extended Warranty Companies in the US
Auto Extended Warranty Market by End-user and Geography - Forecast and Analysis - 2022-2026: This report extensively covers segmentation by end-user (personal and commercial) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). 41% of the market's growth will originate from North America during the forecast period. The market share growth in the personal segment will be significant.
Cleaning Services Market by End-user, and Geography - Forecast and Analysis 2022-2026: This report extensively covers market segmentation by end-user (commercial and residential) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). 33% of the market's growth will originate from APAC during the forecast period. The market share growth in the commercial segment will be significant.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Device
6 Market Segmentation by End-user
7 Customer Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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