Marketing
Global Automotive Extended Warranty Market to Surpass USD 83.21 Bn By 2031
According to a recent market study published by Growth Market Reports, titled, Automotive Extended Warranty Market Segments By Coverage (Powertrain Coverage, Stated Component Coverage, and Exclusionary Coverage), By Vehicle Age (New Vehicle, Used Vehicle), By Distribution Channel (Auto Dealers/Manufacturers, and Third-Party Providers), By Application (Personal, Commercial) and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 51.84 Bn in 2022 and is expected to surpass USD 83.21 Bn expanding at a CAGR of 5.4 % by the end of 2031. The rising adoption of industrial chains in large industrial operations such as the energy & power, automotive industry, and building & construction industry is expected to augment the market growth.
Key Market Players Profiled in the Report
- Volkswagen AG
- Honda Motor Co., Ltd
- General Motors
- Tata Motors
- AmTrust Financial
- Toyota Motor Corporation
- AXA Partners Holding SA
- CarShield
- Protect My Car
- Endurance Warranty Services, LLC
- Toco Warranty Corp
- Concord Auto Protect
- Auto Advantage Inc.
- CARCHEX
- AAA Warranty Services
- AutoCon (India) Assistance & Administration Private Limited
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics. It provides an in-depth analysis of the market segments, which include by coverage, by vehicle age, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Regional Highlights:
Based on region, the automotive extended warranty market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the Asia Pacific is anticipated to grow at a significant pace due to the rising number of vehicles purchased in the region. The developing economies in the region owe increasing disposable income, driving the majority of consumers to buy private vehicles which in turn drives the market in the region.
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Key Takeaways from the Study:
- The automated extended warranty is a policy that provides an extension in the warranty period, offered by the manufacturer. The product distributors or third-party companies offer extended warranties at an additional cost, exclusive of the original selling price.
- The customer gets an add-on advantage of an extended warranty period on their purchase. The products such as electronics, gadgets, devices, automobiles, and other consumer goods come with extended warranties offering multiple coverage factors.
- Globally increasing demand for private vehicles is respectively increasing vehicle sales. Increasing technological advancements in private and public vehicles are expected to drive the market.
- Providing a comprehensive cover for vehicle damage is a major growth opportunity for the market.
- The PACAS exclusionary segment is projected to hold a substantial market share owing to a wide range of extended vehicle cover policies offered by the key players in the market.
- The used vehicles segment is expected to dominate the market during the projection period, due to the increasing uncertainty about the repair and maintenance of the vehicle.
Read 209 Pages Research Report with Detailed TOC on Global Automotive Extended Warranty Market Segments – By Coverage (Powertrain Coverage, Stated Component Coverage, and Exclusionary Coverage), By Vehicle Age (New Vehicle, Used Vehicle), By Distribution Channel (Auto Dealers/Manufacturers, and Third-Party Providers), By Application (Personal, Commercial) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031”
Key Segments Covered
By Coverage
- Powertrain Coverage
- Stated Component Coverage
- Exclusionary Coverage
By Vehicle Age
- New Vehicle
- Used Vehicle
By Distribution Channel
- Auto Dealers/Manufacturers
- Third-Party Providers
By Application
- Personal
- Commercial
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Growth Market Reports:
Growth Market Reports provides global enterprises as well as small & medium businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. Growth Market Reports has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.
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