Extended Warranty Market for Consumer Electronics: Global Industry Share, Market Size and Trends 2026

According to a new market research report published by Credence Research “Extended Warranty Market for Consumer Electronics (Product Type – Laptops & PCs, Mobile Devices, Wearables and Others (Peripherals & Accessories); Warranty Coverage Type – Standard Protection Plan and Accidental Protection Plan) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global extended warranty market for consumer electronics is estimated to hit US$ 50.2 Bn by 2026.

Market Insights

An extended warranty, also referred to as protection plan, prolongs the warranty period on products for additional years. While new consumer electronics are offered with a manufacturer’s warranty, many consumers choose to purchase an extended warranty to cover the repair costs after their initial warranty has expired. Usually, a manufacturer’s warranty has a validity of one year for a consumer product. Consumers have the option to buy an extended warranty at any time, even after the expiry of their original manufacturer’s warranty. It generally provides protection against normal wear & tear and product defects. Many of the plans also cover damages sustained in an accident, such as user spilling something onto the device or dropping it. The extended warranty may be offered by the retailer, manufacturer or the warranty administrator and is charged at a percentage of the product’s retail price.

The most prominent factor driving the extended warranty market is growing focus on the part of consumers to extend the warranty coverage validity. Consumers are often worried about the safety of their electronic products post expiry of manufacturers or sellers warranty. This concern is due to the fact that many of the products have a hefty price tag associated with it at the time of purchase. Moreover, providing extended warranty also helps in rebuilding customer loyalty. Increased market competition and rising prices of raw materials continue to imply pressure on profit margins of manufacturers as well as retailers of consumer electronic products. In such competitive environment, extended warranty solutions are continuously evolving and offering new opportunities to match consumers’ demand.

Furthermore, in order to offer value added services to their customers, some of the leading players in the banking, financial services and insurance industry have been incorporating extended warranty solutions into their product offerings. This is helping manufacturers and retailers to gain confidence of buyers and support their profit margins. Thereby, such agreements and partnerships have been working in the favor of the banking solution providers, extended warranty solution providers and the customers as well.

However, declining sales of PCs is one of the factors impacting the extended warranty market negatively. The unit shipment for PCs have been on the decline globally. This decline in the sale of PCs units is expected to limit the growth of extended warranty market.

Browse the full report at  http://www.credenceresearch.com/report/extended-warranty-market-for-consumer-electronics

Woodworking Machines Market is estimated to grow with a CAGR of 3.7% during the forecast period from 2018 to 2026.

According to a new market research report published by Credence Research “Woodworking Machines Market (by Product Type: Shapers & Planers, Saws, Jointers, Routers, Wood Lathes and Drilling and Borings; By Sales Channel: Online Retail and Retail Stores); By End-use Industry: Craft & Furniture, Construction, and Marine & Locomotives) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the woodworking machines market was valued US$ 4.23 Bn in 2017 and estimated to grow with a CAGR of 3.7% during the forecast period from 2018 to 2026.

The complete report is available at  http://www.credenceresearch.com/report/woodworking-machines-market

Market Insights

From ancient weapons to modern day furniture, woodworking has a long and inseparable history with the evolution of mankind. Wood has been the main element of construction and structural architecture for almost every civilization on Earth. With numerous different metals and composite material at disposal, wood still maintained its utility, functionality, and demand in this modern era. Incorporation of power tools and the introduction of CNC technology have changed the face of present-day woodworking with better efficiency and fast working. Professional woodworkers and furniture manufacturers rely extensively on good quality machines to produce quality products. Consequently, such companies are in continuous process of upgrading their existing machinery and therefore boosting the demand for woodworking machines. Manufacturers are continuously introducing better machines that are easy to use, thus encouraging do it yourself (DIY) and small home project workers to buy these woodworking machines.

Rapidly flourishing construction industries and continuous rising demand for craft and furniture in developing countries of Asia Pacific, Middle East & Africa and Latin America stimulating the demand for woodworking machines. Manufacturers identified the opportunities and invested in promotions and expansion of their geographical presence. Introduction of e-commerce certainly helped manufacturers to claim their market share in these developing regions. Maintenance, repair and overhauling processes in marine and locomotive industries require processed wood panels on a large scale. This also is a vital factor for the woodworking machines market to grow steadily throughout the forecast period from 2018 to 2026.

Competitive Insights:

Cut-throat competition is been faced by major international companies from local woodworking machine manufacturers due to highly fragmented nature of the market. Product development and constant enhancement in the existing products is one of the prime strategy observed by majority of leading brands to maintain market position. In additon, introduction of e-commerce helped these companies to proliferate their businesses beyond their geographical presence. Few of the major woodworking machines manufacturers includes BLACK+DECKER Inc., Oliver Machinery Co., POWERMATIC, SCM Group, ROJEK Woodworking Machinery, Otto Martin Maschinenbau GmbH & Co. KG, Dura Wood Working Machinery Industry & Trade Company Ltd., Masterwood SpA, Hoffmann-USA, Wadkin, and FELDER KG among others.

Key Analysis Covered:

  • Latest trends in woodworking machines market and growth opportunities for woodworking machine manufacturers
  • US$ 400 Bn craft & furniture industry creating a positive impact on the overall woodworking machines market
  • Different range of products offered by leading manufacturers for several end-use applications
  • Largest and fastest growing segments in terms of product type, sales channel, and end-use industries
  • Most prominent geographical regions/ countries for the woodworking machines market
  • Introduction of e-commerce and computer operated numeric control (CNC) and their effect on market value for woodworking machines market