EXTENDED WARRANTY MARKET ANALYSIS
Global Extended Warranty Market: Key Developments
In July 2022, Hyundai India introduced a 6th or 7th-year extended warranty policy for all Hyundai vehicles. The current market for automobiles will likewise be covered by this extended warranty.
In August 2022 Aviva, a British insurance company, partnered with Google Cloud to develop a new extended warranty platform that uses Artificial Intelligence (AI) and machine learning to automate claims processing and provide personalized customer service.
For example, CEVA went public to raise $100 million and expand its global footprint in 2023. CEVA is a marketplace for extended warranties, and it has over 100 million customers in 12 countries.
In 2022, SquareTrade, a U.S.-based provider of extended warranty service launched a new subscription-based extended warranty for electronics. The new warranty is available for smartphones, tablets, and laptops, and it offers coverage for accidental damage and malfunctions.
In 2023 Apple, a U.S.-based multinational technology company, launched AppleCare an additional warranty program. It includes hardware repairs, technical support, and software issues for a certain period after the initial purchase.
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