An auto extended warranty helps to keep the vehicle running smooth and hassle-free after the manufacturers or retailers warranty has expired. This, therefore, is one of the major trends for the market growth as it has been witnessed that incidence of traffic collision, accidents, injuries, with respect to cars is on a rise nowadays. This increases the chances of an unexpected failure of various components and systems on the cars such as the engine, gearbox, electrics, steering, and suspension. All these increase the repair bills on a vehicle, which is not covered by manufacturer’s warranty. Thus, to reduce the operational expenses and other expenses end users are adopting auto extended warranty services that drive the growth of the market.
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.
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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