high demand for household appliances is driving the Extended Warranty Market in US
Technavio analyzes that the Extended Warranty Market in US is expected to grow at a CAGR of 2.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5848.1 million.There are various factors that contribute to the growth of the market. The extended warranty market in the US experiences significant growth due to the high demand for household appliances. Consumers seek additional protection for their investments, ensuring peace of mind against potential malfunctions or breakdowns. Appliances, such as refrigerators, washing machines, and air conditioners, are common purchases that often come with extended warranty options. These warranties provide coverage beyond the manufacturer's standard warranty, offering financial security and convenience for homeowners.
The extended warranty market in the US is significantly driven by the maturity and growth of the automotive industry, with major players such as Ford Motor Company and General Motors Company leading the charge in technological advancements and innovations. These companies, along with the presence of numerous top manufacturers, contribute to the high demand and sales of automobiles in the US, including electric motorcycles, scooters, and bicycles equipped with torque sensors, pedal-assist, and throttle-assist systems. The US market's high disposable income and consumer preference for luxurious vehicles further fuel the market's growth. Mid-range pricing and regenerative technology are also key trends in the market. Overall, the US extended warranty market is projected to experience steady growth due to the robust automotive industry and consumer demand.
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Extended Warranty Market in US Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Extended Warranty market in the US for e-bikes is on the rise due to their growing popularity. E-bikes offer convenience with their electric motor, which can be mid-drive or hub motors, including friction-driven options. Lithium-ion batteries power these e-bikes, available as integrated batteries. E-bike classes range from hub drive motor models with front-hub and rear-hub motors, affecting weight distribution and ride quality. Maintenance needs are minimal, with friction-drive motors and torque sensors enhancing pedal-assist and throttle-assist. E-bikes provide superior performance, environmental benefits, and varying operating costs.
The Extended Warranty market in the US is a significant segment of the broader specialized consumer services industry. This market encompasses the revenue generated by providers offering extended coverage for consumer durables, such as e-bikes, beyond the standard manufacturer's warranty. Factors driving market growth include the increasing popularity and convenience of e-bikes, their lower operating costs compared to traditional bikes, and their reduced environmental impact. Technavio's market analysis includes key segments like mid-drive motors and hub motors, with annual sales projected to increase steadily. As an alternative method for personal transportation, extended warranties for e-bikes offer peace of mind to consumers, making this a lucrative business opportunity.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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