Auto Extended Warranty Market to Reach $60.82 Billion, Globally, by 2030 at 5.9% CAGR: Allied Market Research

Allied Market Research published a report, titled, "Auto Extended Warranty Market by Coverage (Powertrain Coverage, Stated Component Coverage, and Exclusionary Coverage), Distribution Channel (Auto Dealers/Manufacturers and Third-Party Providers), Vehicle Age (New Vehicle and Used Vehicle) and Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the "auto extended warranty market" was valued at $34.19 billion in 2020, and is projected to reach $60.82 billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030.

➡️𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/A12526

Increased awareness for extended warranties and a rise in the number of costly repair bills boost the growth of the global market. However, the high implementation cost hamper the growth of the ERP market. On the contrary, innovative services offered by major auto extended warranty players, and the rise in demand for extended warranty coverage in automobiles are expected to offer remunerative opportunities for the expansion of the auto extended warranty market during the forecast period.

The auto dealers/manufacturers segment held the highest market share in 2020.

By distribution channel, the auto dealers/manufacturers segment dominated the market in 2020, this is primarily due to the strong relationship between auto dealers, manufacturers, and customers during the vehicle purchase process. Auto dealers often bundle extended warranties as part of their sales strategy, providing customers with added peace of mind and protection beyond the standard warranty period. However, the third-party providers segment is expected to witness the largest CAGR of 7.20%, this growth is being driven by several factors, including competitive pricing, more flexible coverage options, and the increasing availability of extended warranties for older vehicles, which may not be covered by manufacturer warranties.

The personal segment held the highest market share in 2020.

By application, the personal segment accounted for the largest share in 2020. This dominance is driven by the increasing number of individual vehicle owners opting for extended warranty plans to protect against unexpected repair costs and maintain their vehicles for longer periods. However, the commercial segment is expected to witness the largest CAGR of 6.90%. This growth is driven by the rising demand for extended warranties from businesses and fleet operators who rely on large numbers of vehicles for their operations. Commercial vehicles typically undergo more wear and tear due to higher usage rates, making extended warranties essential for businesses to reduce maintenance costs and minimize downtime.

Regional Insights: The North America region held the highest market share in 2020.

By region, the auto extended warranty market was dominated by North America in 2020. This dominance can be attributed to several factors, including the high rate of vehicle ownership, the strong presence of auto manufacturers, and well-established dealership networks in the region. North American consumers, particularly in the U.S. and Canada, are increasingly opting for extended warranties to cover the rising costs of vehicle repairs, especially as more vehicles incorporate advanced technologies that are expensive to fix.

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A12526

Key Industry Developments

· In February 2024, GoMechanic announced the launch of GoMechanic Protect Plus, an extended warranty program in its effort to redefine the car repair landscape. This program offers robust safety against unexpected repair costs.

· In October 2023, Warranty Solutions Group partnered with Just Green Parts, a major provider of environmentally sustainable vehicle parts, to bring its dealer network significant savings on preparation costs and provide a solution to the current shortage of automotive components.

Auto Extended Warranty Market Key Segments

By Coverage

Powertrain Coverage
Stated Component Coverage
Exclusionary Coverage
By Distribution Channel

Auto Dealers/Manufacturers
Third-Party Providers
By Vehicle Age

New Vehicle
Used Vehicle
By Application

Personal
Commercial

➡️𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:

U.S. Auto Extended Warranty Market https://www.alliedmarketresearch.com/us-auto-extended-warranty-market-A15995
Extended Warranty Market https://www.alliedmarketresearch.com/extended-warranty-market
Canada Extended Warranty Market https://www.alliedmarketresearch.com/canada-extended-warranty-market-A24713
Consumer Electronics Extended Warranty Market https://www.alliedmarketresearch.com/consumer-electronics-extended-warranty-market-A14248
U.S. Insurance Brokerage for Employee Benefits Market https://www.alliedmarketresearch.com/us-insurance-brokerage-for-employee-benefits-market-A278701
Refinance Market https://pooja-bfsi.blogspot.com/2024/09/how-are-digital-innovations-and.html
B2B Payments Market https://medium.com/@psaraf568/explore-the-transformative-landscape-of-b2b-payment-methods-boosting-businesses-d7c98281d05c

David Correa

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