Increased adoption of smartphones, computers, home appliances, and other similar products, increased awareness of extended consumer warranty policies, and the expansion of e-commerce in Canada are driving the growth of extended warranty market in Canada. By coverage, the basic segment of the protection plan will have the largest share in 2021 and is likely to maintain its leadership position during the forecast period.
Portland, OR, Dec. 11, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, the Canada extends the guarantee market generated $7.85 billion in 2021, and is estimated to reach $22.27 billion in 2031, witnessing a CAGR of 11.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, leading segments, key investment pockets, value chain, regional landscape. , and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders to formulate strategies for the future and take steps to strengthen their market position. .
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Report coverage and details:
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Report Coverage |
Details |
|
Prediction Time |
2022–2031 |
|
Base Year |
2021 |
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Market Size in 2021 |
$7.85 Billion |
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Market Size in 2031 |
$22.2 Billion |
|
CAGR |
11.3% |
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Number of Pages in the Report |
109 |
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Parts covered |
Coverage, Distribution Channel, Application, End User |
|
Drivers |
Increasing adoption of smartphones, computers, home appliances, and other similar products |
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Learn more about extended consumer warranty policies |
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Expanding e-commerce in Canada |
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opportunities |
Emerging economies offer many opportunities to insurers to expand their business by strengthening policies. |
|
Constraints |
Unit shipments of personal computers (PCs) are slowing and thus, declining sales of PCs are lowering the demand for extended warranty policies. |
Covid-19 Situation:
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The pandemic has had a moderate impact on the extended warranty market in Canada, as many countries have imposed travel restrictions, policyholders are filing claims to request further extensions extended warranty coverage, and there are changes in the terms of Canadian market policies. All these factors lead insurers to freeze the sale of new coverage for the long warranty market.
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Although the COVID-19 epidemic has negatively affected the growth of the market, the industry has recovered quickly. This is due to increased government support and initiatives to the insurance industry and increased purchasing power of customers to purchase extended warranties in the country.
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The report offers a detailed segmentation of the extended warranty market in Canada based on complete coverage, distribution channel, application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis will help market players, investors and new entrants to determine the sub-segments that can be tapped to achieve growth in the coming years.
Based on coverage, the basic protection plan segment has more than three-fourths of the total market share in 2021, and is likely to maintain its leadership position during the forecast period. However, the accident protection plan segment is expected to exhibit the highest CAGR of 14.1% from 2022 to 2031.
By distribution channel, the manufacturers segment will have the largest share in 2021, accounting for nearly three-fifths of Canada extends the guarantee market, and will rule the roost till 2031. However, the other segment is estimated to witness the fastest CAGR of 14.4% during the forecast period. The report also takes a look at retailers.
Based on application, the auto segment holds the largest share in 2021, accounting for more than one-third of Canada’s extended warranty market, and will rule the roost until 2031. However, other segment is estimated to witness the fastest CAGR of 14.8 % during the forecast period. The report also examines the segments of consumer electronics, home appliances, and mobile devices and PCs.
Based on the end user, individual segments hold the largest share in 2021, accounting for almost two-thirds of the Canadian extended warranty market, and will continue to dominate it until 2031. However, the segment business is estimated to witness the fastest CAGR of 13.0 % during the forecast period.
The leading players in the Canadian extended warranty market analyzed in the research include Assurant, Inc., American International Group, Inc., AutoPair Warranty Inc., AXA, Amtrust Financial, Asurion, Endurance Warranty Services, LLC, Ensurall , GuardTree Inc., and Toronto Appliances Service Ltd.
The report examines these key players in the Canadian surety market. These players have adopted various strategies such as expansion, launching new products, partnerships, etc. to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operational segments, product portfolio, and developments of each market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a focused vision to provide business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth. in their respective market fields.
We have professional corporate relationships with various companies and this helps us dig into market data that helps us create accurate research data tables and proves the most accurate of our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and motivating everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. Every data presented in the reports published by us is obtained through primary interviews with top officials from leading companies in the respective domain. Our secondary data procurement methodology includes in-depth online and offline research and discussion with seasoned industry professionals and analysts.
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