Auto Extended Warranty Market to Reach $60.82 Billion By 2030: Allied Market Research

As per the report published by Allied Market Research, the global auto extended warranty market was accounting for $34.19 billion in 2020, and is expected to garner $60.82 billion by 2030, growing at a CAGR of 5.9% from 2021 to 2030.

Rise in awareness for extended warranty and surge in penetration of laptops, tablets, and smartphones have boosted the growth of the global auto extended warranty market. However, declining sales of personal computers hinders the market growth. On the contrary, untapped potential of emerging economies and expansion of products and services are expected to create new opportunities for the market players in the future.

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COVID-19 Scenario:

The Covid-19 pandemic resulted in sharp decline in sales of automotive and consumer electronics due to strict regulations regarding travel and social distancing and disruption in businesses across the world.
Moreover, the lockdown in European and Asian countries led to shift in purchase pattern from offline to online platforms, which became a major growth factor for auto extended warranty market.
The report segments the global auto extended warranty market on the basis of distribution channel, application, coverage, vehicle age, and region. Based on distribution channel, the third-party providers segment is expected to register the highest CAGR of 7.2% during the forecast period. However, the auto dealers/manufacturers segment held the lion's share in 2020, accounting for nearly two-thirds of the market.

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On the basis of application, the personal segment held the largest share in 2020, contributing to nearly three-fourths of the market. However, the commercial segment is anticipated to showcase the highest CAGR of 6.9% during the forecast period.

The global auto extended warranty market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for nearly three-fifths of the market. However, the market across Asia-Pacific is projected to register the highest CAGR of 9.5% during the forecast period.

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The global auto extended warranty market report includes an in-depth analysis of the prime market players such as American International Group, Inc., ASSURANT, INC., AmTrust Financial, AXA, CarShield, LLC, Asurion. CARCHEX, Edel Assurance, Endurance Warranty Services, LLC, and SquareTrade, Inc.

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