Portland, Arena, December 9, 2021 (GLOBE NEWSWIRE) – According to a report published by Allied Market Research, World consumer electronics market with extended warranty was estimated at $ 48.65 billion in 2020 and is expected to reach $ 198.99 billion by 2030, fixing a CAGR of 15.2% from 2021 to 2030. The report provides an in-depth analysis of key investment pockets, major winning strategies, drivers and opportunities, market size and valuations, competitive scenario and various market trends.
Raising awareness of extended warranty and increased sales of TVs, refrigerators and washing machines are contributing to the growth of the global consumer electronics market with extended warranty. On the other hand, declining PC sales to some extent constrain growth. However, expanding products and services is expected to create lucrative opportunities in the industry.
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- Due to declining personal incomes and disruptions to business during the pandemic, customers mostly benefited from offers to extend the warranty on products purchased from authorized offline and online platforms, which in turn had a positive impact on the global consumer electronics warranty market. .
- It is likely that this trend will continue after the pandemic.
The global consumer electronics market with extended warranty is analyzed by product type, distribution channel, coverage type and region. Based on product type, the mobile phone and tablet segment accounted for nearly one-third of total market share in 2020, and is expected to drive growth until 2030. The kitchen equipment segment, however, will get the fastest CAGR of 18.0% worldwide. projected period.
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Based on the distribution channel, the retail segment accounted for about two-thirds of total market profits in 2020, and is projected to lead by 2030. The same segment will also show fastest CAGR 14.9% during the forecast period. Coming from the regions, the North American market accounted for a major share in 2020, gaining about three-fifths of the world market. On the other hand, the Asia-Pacific region would have the fastest CAGR of 19.1% for the entire forecast period.
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Major market players analyzed in the Consumer Electronics Market Report with Extended Warranty include AmTrust Financial, ASSURANT INC., Go Warranty & Services LLP, OneAssist Consumer Solutions Pvt. Ltd., Amazon.com Inc., OnPoint Warranty, Asurion, AXA and Securranty. These market players have followed several strategies including partnership, expansion, collaboration, joint ventures and others to prove their ability to the industry.
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Pawan Kumar, CEO of Allied Market Research, heads the organization to provide high quality data and insight. We are in a professional corporate relationship with a variety of companies, and this helps us dig up market data that helps us create accurate research data tables and confirm the maximum accuracy of our market forecasting. All data presented in the reports published by us are obtained through primary interviews with senior officials of leading companies in the domain. Our secondary data procurement methodology includes in-depth online and offline research and discussions with experienced industry experts and analysts.