Auto Extended Warranty Market Outlook Through 2024-2033: Growth, Trends, and Market Dynamics

"The Business Research Company recently released a comprehensive report on the Global Auto Extended Warranty Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 growth in the historic period can be attributed to vehicle longevity, consumer awareness, complexity of vehicle systems, peace of mind, used car market growth..

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%. The growth in the forecast period can be attributed to rising repair costs, market competition, customized warranty plans, lease and finance structures, regulatory changes.. Major trends in the forecast period include integration of technology for claims processing, rise of transferable warranty policies, introduction of wear-and-tear coverage, focus on enhanced customer support services, development of comprehensive maintenance packages, integration of roadside assistance services..

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Auto Extended Warranty Market 2024 Key Insights:

• The auto extended warranty market is expected to grow to $41.14 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Rising Demand For Automotive Production Fuels The Growth Of Auto Extended Warranty Market
• Increasing Focus On Innovative Advanced Auto Extended Warranty To Drive The Revenues In The Market
• North America was the largest region in the auto extended warranty market in 2023

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