The Auto Extended Warranty Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Auto Extended Warranty Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Auto Extended Warranty Market Characteristics
3. Auto Extended Warranty Market Trends And Strategies
4. Auto Extended Warranty Market – Macro Economic Scenario
5. Global Auto Extended Warranty Market Size and Growth
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26. South America Auto Extended Warranty Market
27. Brazil Auto Extended Warranty Market
28. Middle East Auto Extended Warranty Market
29. Africa Auto Extended Warranty Market
30. Auto Extended Warranty Market Competitive Landscape And Company Profiles
Top Major Players:
- Industrial and Commercial Bank of China Limited
- China Ping An Insurance (Group) Co. Ltd
- Axa S.A
- Hyundai Motor Company
- Allstate Insurance Company
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