Latest News- Extended Warranty Market in US: Automobile is expected to lead the Device segment during 2024-2028
The Extended Warranty Market in US is being driven by High demand for household appliances
The Extended Warranty Market in US is expected to grow at a CAGR of 4.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13.09 billion. Vendors in the extended warranty market in the US are broadening their service offerings to cater to a wider range of consumer and commercial sectors. Beyond automobiles and consumer electronics, they now provide coverage for furniture, lawn and garden equipment, jewelry, power tools, pool and spa, fitness equipment, bicycles, outdoor recreation gear, and other durable consumer products. Additionally, these vendors are targeting small-to-medium-sized commercial enterprises (SMEs), as evidenced by American International Group, Inc.'s (AIG) September 2022 launch of the Lexington Middle Market Casualty team, which extends their market reach beyond upper middle-market and large enterprises.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Device (Automobile, Consumer electronics, Home appliances, Mobile devices and PCs, Others) End-user (Businesses, Individuals) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Extended Warranty Market in US Research Report
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The Extended Warranty market in the US for e-bikes is thriving due to their growing popularity. E-bikes offer convenience with their electric motor, which can be mid-drive or hub motors, including friction-driven motors. Lithium-ion batteries power these bikes, available as integrated batteries. E-bikes provide an alternative method of transportation with lower operating costs and minimal environmental impact. Annual sales are increasing, driven by various electric motor classes such as hub drive motors, front-hub motors, and rear-hub motors. Weight distribution and e-bike maintenance are crucial factors affecting ride quality and performance. Torque sensors, pedal-assist, and throttle-assist enhance the riding experience.
The Extended Warranty market in the US is a significant segment of the larger global specialized consumer services industry. This market encompasses the revenue generated by providers offering extended warranties on various consumer goods, such as e-bikes. The popularity of e-bikes, with their convenience, lower operating costs, and environmental benefits, is driving growth in this market. Technavio's market analysis includes revenue projections for mid-drive motor and hub motor e-bike extended warranties. This market excludes consumer services classified under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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