Extended Warranty Market for Consumer Electronics predicted to reach over US$ 57.0 Bn by 2028

NAVI MUMBAI, India - July 24, 2020 - PRLog -- The global extended warranty market for consumer electronics is projected to expand at a CAGR of 6.9% during the forecast period from 2020- 2028, starting from US$ 32.78 Bn in 2019.  The growing penetration of smartphones and other consumer electronic products such as tablets, laptops, smartwatches, and others across the globe are the key factors for the global extended warranty market growth. The high cost of the consumer electronics products along with rising consumer awareness to enhance the product's life by extended warranty are some other major factors anticipated to drive the global market demand. According to a recent report on the global smartphone unit shipments 2020, smartphone manufacturers shipped more than 1.37 Bn smartphones across the globe in 2019.

The increasing offering for value-added services including extended warranty, retailers, and shoppers can seize the opportunity to involve consumers with advanced technology products are some of the other key factors expected to propel the global market growth. In addition, the benefits of the extended warranty such as reduced repair costs, replacement facility, peace of mind, overtime savings, and others are anticipated to boost the global extended warranty market for consumer electronics growth throughout the forecast period. The increased strategic partnerships among warranty providers and retailers is another major factor estimated to support market demand in the years to come.

Based on the product, the global extended warranty market for consumer electronics is further categorized into PCs & laptops, mobile devices, wearables, and others. The mobile devices category had the largest share in the global extended warranty market in 2019 and contributed to more than 40% of the market revenue share in 2019. The increased penetration of smartphones across the globe along with growing penetration in smartphones and tablets in countries such as China, India, the U.S., The U.K., Germany, and others. Besides, the wearable category is anticipated to grow at a rapid pace owing to the growing penetration of wearable devices across the globe. According to a recent report, in 2019, the smartwatches shipments worldwide were around 69.3 Mn units and it is anticipated to reach over 109 Mn units by 2023.

The major market players in the global extended warranty market for consumer electronics are focusing on numerous strategies such as new product launch, mergers & acquisitions, geographical expansion, product availability via e-commerce, research & developments, and strategic partnerships among others.

Full Report: https://www.alchemymarketresearch.com/electronics-semicon...