Press release
Auto Extended Warranty Market revenue is expected to grow by 6.8 Percent from 2023 to 2029, reaching nearly USD 38.04 Billion by 2029
Auto Extended Warranty Market
The Auto Extended Warranty Market is driven by the escalating complexity of vehicles, marked by advanced technologies that render repairs more expensive. The increasing trend of long-term vehicle ownership amplifies the demand for extended coverage, providing protection beyond the manufacturer's original warranty. Opportunities lie in offering customized coverage options and leveraging digital platforms for streamlined purchases and value-added services.
Customized coverage options represent a significant opportunity, allowing providers to cater to individual customer needs by offering flexible plans that address specific components or systems. The adoption of digital platforms and technology creates opportunities to enhance the customer experience by providing online purchase options, streamlined claims processes, and value-added services.
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Auto Extended Warranty Market Report Scope and Research Methodology:
Global Auto Extended Warranty Market report encompasses a thorough analysis of the extended warranty plans and service contracts offered for vehicles beyond the manufacturer's original warranty period. It explores various coverage options, durations, and mileage limits tailored to diverse customer needs. The report delves into the claims process, highlighting the involvement of warranty providers, authorization procedures for repairs, and associated deductibles or fees. Furthermore, it sheds light on the competitive landscape, offering insights into the networks of authorized repair facilities maintained by warranty providers.
The research methodology applied in the Auto Extended Warranty Market report involves a meticulous approach to gather, analyse, and interpret data. Rigorous data collection methods, coupled with advanced analytical tools, contribute to the accuracy and reliability of the findings. The comprehensive nature of the research ensures a nuanced understanding of market dynamics, driving factors, challenges, and emerging trends. This robust methodology serves as the foundation for insightful and actionable market intelligence.
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Auto Extended Warranty Market Segment Analysis
By Coverage Type
The Auto Extended Warranty Market is categorized into Powertrain Warranty, Component Warranty, and Bumper-to-Bumper Warranty. Powertrain Warranty covers the major components of the vehicle's powertrain, accounting for 60% of the market. Component Warranty provides coverage for specific vehicle components, accounting for 20% of the market. Bumper-to-Bumper Warranty, also known as exclusionary warranty, offers comprehensive coverage, excluding specific components or conditions.
By Duration of Coverage
The most popular type of auto extended warranty is 3-year coverage, accounting for 40% of the market. 4-year warranties offer more coverage than 3-year warranties, making them a good option for consumers seeking long-term protection. 5-year warranties offer the most coverage, making them the best option for those seeking the most comprehensive coverage. 6-year or more warranties account for 10% of the market.
By Product
Powertrain Warranty
Component Warranty
Bumper-to-Bumper Warranty
By Type
3-year
4-year
5-year
6-year or more
By Application
Passenger vehicles
Commercial vehicles
By End-User
Direct to Consumer (DTC)
Dealerships
Independent third-party providers
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Who are Auto Extended Warranty Market Key Players?
1. Assurant (United States)
2. Endurance Warranty (United States)
3. CARCHEX (United States)
4. Ally Financial (United States)
5. American Auto Shield (United States)
6. Warranty Direct (United Kingdom)
7. Zurich (Switzerland)
8. Mondial Assistance (Allianz Partners) (France)
9. Autoguard Warranties (United Kingdom)
10. CarProtect (Ireland)
11. CarSure (Germany)
12. ICBC (China)
13. Ping An Insurance (China)
14. Bajaj Allianz General Insurance (India)
15. Tata AIG General Insurance (India)
16. SBI General Insurance (India)
17. Tawuniya (Saudi Arabia)
18. AXA Insurance Gulf (United Arab Emirates)
19. Oman Insurance Company (United Arab Emirates)
20. SANAD Cooperative Insurance and Reinsurance (Saudi Arabia)
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Auto Extended Warranty Market Regional Insights:
North America: The highly competitive market in North America, driven by the US and Canada, benefits from increased vehicle usage, consumer awareness, and a demand for extended protection. Key players include Assurant, Endurance Warranty, and CARCHEX.
Europe: Germany, UK, France, and Italy propel the European market, driven by vehicle age, maintenance costs, and increased protection requirements. Warranty Direct, Mondial Assistance, and Autoguard Warranties are key players.
Table of content for the Auto Extended Warranty Market includes:
1. Global Auto Extended Warranty Market: Research Methodology
1. Global Auto Extended Warranty Market : Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
3.Global Auto Extended Warranty Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact
4 . Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
Key Offerings:
• Past Market Size and Competitive Landscape
• Past Pricing and price curve by region
• Market Size, Share, Size and Forecast by different segment
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by growth and trend
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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