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Auto Extended Warranty Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033
Auto Extended Warranty Market Size
As per the report, the auto extended warranty market size has grown strongly in recent years. It will grow from $30.65 billion in 2023 to $32.76 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The auto extended warranty market size is expected to see strong growth in the next few years. It will grow to $41.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
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Rising Demand For Automotive Production Fuels The Growth Of Auto Extended Warranty Market
The growing demand for automotive production is expected to propel the growth of the auto extended warranty market going forward. Automotive encompasses the design, development, production, and maintenance of motor vehicles, including cars, trucks, motorcycles, and others. Auto extended warranties benefit automotive production by increasing consumer confidence in purchasing vehicles, fostering brand loyalty, and promoting higher-quality manufacturing standards, as manufacturers aim to minimize warranty claims and ensure long-term customer satisfaction. For instance, In May 2023, according to the European Automobile Manufacturers Association (ACEA), a Germany-based automobile manufacturers association, there were 85.4 million automotive vehicles produced worldwide in 2022, an increase of 5.7% compared to 2021. Therefore, the growing demand for automotive production is driving the growth of the auto extended warranty market.
Increasing Focus On Innovative Advanced Auto Extended Warranty To Drive The Revenues In The Market
Major companies operating in the market are focusing on innovative auto extended warranties to drive the revenues in the market. An anytime warranty package typically refers to a type of warranty or service contract offered by a manufacturer or service provider that allows customers to purchase extended coverage for a product at any time, regardless of when the original product was purchased or the standard warranty period has expired. For instance, in February 2023, Skoda Auto a.s., a Czech Republic-based automobile manufacturer, introduced the innovative anytime warranty package to enhance customer satisfaction and ownership experience in India. This 1-year or 20,000-kilometer warranty package is designed for older generations and car models of Kodiaq, superb, Octavia, yeti, and Rapid and is transferrable to the next owner. The anytime warranty applies to Skoda vehicles within seven years of age and less than 130,000 kilometers, and customers who have had their existing contract expire can also purchase the anytime warranty.
The auto extended warranty market covered in this report is segmented -
1) By Product: Powertrain Warranty, Component Warranty, Bumper-To-Bumper Warranty
2) By Vehicle Age: New Vehicle, Used Vehicle
3) By Distribution Channel: Auto Dealers Or Manufacturers, Third-Party Providers
4) By Application: Passenger Vehicles, Commercial Vehicles
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Major companies operating in the auto extended warranty market report are Industrial and Commercial Bank of China Limited, China Ping An Insurance (Group) Co. Ltd., Axa S.A., Hyundai Motor Company, Allstate Insurance Company, Bradesco Seguros S.A., Zurich Insurance Group Ltd., Tata Motors Ltd., MAPFRE ESPANA S.A., Porto Seguro S.A., Ally Financial Inc., Assurant Inc., Allianz SE, HDI Global SE, AmTrust Financial Services Inc., Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, Oman Insurance Company P.S.C., Endurance Warranty Services LLC, American Auto Shield LLC, CARCHEX, Warranty Direct, Corporate Warranties India Pvt. Ltd., Autoguard Warranties Ltd., CarSure, Edel Assurance LLP, Concord Auto Protect Inc., CarProtect Insurance Services Ltd., AAA Warranty Services, Repair Ventures LLC
Contents of the report:
1. Executive Summary
2. Auto Extended Warranty Market Report Structure
3. Auto Extended Warranty Market Trends And Strategies
4. Auto Extended Warranty Market - Macro Economic Scenario
5. Auto Extended Warranty Market Size And Growth
…..
27. Auto Extended Warranty Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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