Canada Extended Warranty Market Is Expected to Reach $22.27 Billion by 2031: Allied Market Research

Increased adoption of smartphones, computers, consumer electronics, and other similar products, growing awareness of extended warranty policies among consumers, and growing e-commerce in Canada fuel the growth of the Canadian extended warranty market. doing. By coverage, the standard protection plan segment will account for the largest share in 2021 and is likely to maintain its leader status during the forecast period.

PORTLAND, Ore., Dec. 11, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, Canadian extended warranty market will generate $7.85 billion in 2021 and is estimated to reach $22.27 billion by 2031, at a CAGR of 11.3% from 2022 to 2031. This report provides an in-depth analysis of changing market dynamics, top segments, key investment pockets, value chains and regional landscapes. , and conflict scenarios. This report is a helpful source of information for leading market players, new entrants, investors, and stakeholders to devise future strategies and take steps to strengthen their market position.

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Report scope and details:

Covid-19 Scenario:

• The pandemic has had a moderate impact on the Canadian extended warranty market. Several countries have imposed travel bans, policyholders have filed claims requesting further extension of extended warranty coverage, and there have been changes regarding Canadian market policy. All these factors have caused insurers to freeze the sale of new coverage for extended warranties in the market.

• The COVID-19 outbreak negatively impacted market growth, but the industry recovered quickly. This is due to increased government support and initiatives for the insurance industry and increased purchasing power of customers purchasing extended warranties domestically.

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The report provides an in-depth segmentation of the Canadian extended warranty market based on complete coverage, distribution channel, application, end user, and region. This report provides an analysis of each segment and sub-segment using tables and charts. This analysis helps market players, investors, and new entrants to determine which sub-segments to utilize to achieve growth in the coming years.

Based on coverage, the standard protection plan segment will account for more than three-quarters of the total market share in 2021 and is likely to maintain its leader status during the forecast period. However, the contingent protection plans segment is expected to exhibit the highest CAGR of 14.1% from 2022 to 2031.

By distribution channel, the manufacturer segment accounted for the largest share in 2021, accounting for nearly three-fifths. Canadian extended warranty market, and will rule the roost until 2031. However, the Other segment is estimated to witness the fastest CAGR of 14.4% during the forecast period.The report also analyzes the retailer segment.

Based on application, the automotive segment will hold the largest share in 2021, accounting for more than one-third of the Canadian extended warranty market, and will dominate the roost through 2031. However, other segments are estimated to witness his CAGR the fastest of 14.8. % over the forecast period. The report also analyzes the segments of consumer electronics, consumer electronics, mobile devices and PCs.

Based on end-users, the personal segment will hold the largest share in 2021, accounting for almost two-thirds of the Canadian extended warranty market, and will maintain its dominance through 2031. However, the business segment is estimated to witness the fastest CAGR of 13.0. % over the forecast period.

Major players in the Canadian extended warranty market analyzed in the study include Assurant, Inc., American International Group, Inc., AutoPair Warranty Inc., AXA, Amtrust Financial, Asurion, Endurance Warranty Services, LLC, Ensurall, GuardTree Inc. ., and Toronto Appliance Services, Inc.

This report analyzes the key players in the Canadian extended warranty market. These players are adopting various strategies such as expansion, new product launches, and partnerships to increase their market penetration and strengthen their position in the industry. This report helps determine the performance, business segments, product portfolios and developments by all market players.

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