Warranties in the Indian Consumer Durables Market

Warranty refers to a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.

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Warranties in the Indian Consumer Durables Market

Electronics have made our life easier in ways we barely recognize in our daily life. Imagine, how you would feel if you had to wash your dirty load of laundry with your bare hands instead of just popping them into the washing machine. Likewise, imagine if you had to drink a glass of warm water instead of a chilled one in the absence of your beloved refrigerator. These thoughts might run a chill through most people’s spine.

Most of the consumers purchase home appliances after long periods because of their durable nature. This is why; home appliances are also referred to as consumer durables. Since, the appliances can be used for several years, the chance of them malfunctioning increases. This calls for repairs, which can be a very expensive and time-consuming process. To safeguard the interest of the consumers, the companies provide a warranty.

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Warranty refers to a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time. In the case of consumer durables, the warranty becomes a very important document because the products will be used for several years.

This particular research was carried out in a few Croma and Reliance Digital stores in Pune to get the idea of the warranty periods offered by various brands. The data was collected for 4 major home appliances and are presented below:

In the case of refrigerators, all companies have a 1-year normal warranty on the whole body and 10-year warranty on the compressor.

Air Conditioner companies offer 1 years warranty on body and 10 years on the compressor.

All the washing machine brands offer 2 years normal warranty on the body and 10 years warranty on the motor.

TVs have different warranties for different companies. Sony has the shortest warranty at just 1 year. Samsung, LG, Panasonic and Reconnect (Reliance’s own brand) have 2 years warranty. TCL and VU have the longest warranty with 3 years warranty. Sharp offers 3 years warranty on the display panel and 2 years on the rest of the body.

In addition to the above-mentioned 4 major home appliances, we also searched for the warranties offered by the dishwasher brands. All the companies offer 2 years warranty on the body and 10 years on the motor.

During the warranty period for home appliances, if anything goes wrong the company has dedicated mechanics or engineers who will come to the consumers’ house and repair the product. There is no added cost associated with the repair process.

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It can be concluded from the data that generally, in case of large appliances, the warranty on the body but the warranty on the main moving part such as the motor or the compressor is around 10 years. This helps create a sense of trust in the consumers regarding the brands. Consumers have peace of mind when buying an appliance that if anything goes wrong with the main component then the company will be there to help them out.

Now, comes the need for an extended warranty. Numerous companies or the vendor offer an extended warranty at some extra charges. The need for an extended warranty is peace of mind for a longer period of time. It can be said that an extended warranty is worth the money spent because they will save the cost of the repairs should something goes wrong in the after years of general warranty.

Summary
Article Name
Warranties in the Indian Consumer Durables Market
Description
Warranty refers to a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.
Author
Publisher Name
The Policy Times

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