Auto Extended Warranty Market Growth, Size, Trends, Revenue, Demand, Challenges and Share
Auto Extended Warranty Market Size- By Coverage, By Distribution Channel, By Vehicle Age, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jul-2023 | Report ID: BFSI2338 | Pages: 1 - 244 | Formats*: |
| Category : BFSI | |||
Auto Extended Warranty Market Introduction and Overview
According to SPER Market Research, the Global Auto Extended Warranty Market is estimated to reach USD 68.51 billion by 2033 with a CAGR of 6.13%.
The report includes an in-depth analysis of the Global Auto Extended Warranty Market, including market size and trends, product mix, distribution channels, and supplier analysis. Global Auto Extended Warranty is designed for cars to tackle the tear and wear of cars. This is done after the expiration process of the warranty of the manufacturers. It is a kind of insurance policy. This warranty is optional and is provided at an extra cost by manufacturers, independent providers, and dealerships. The global auto extended warranty provides protection on various electrical and mechanical components. Those components do not come under the general auto warranty services such as the electrical system, air conditioning, powertrain and others.
- The global auto extended warranty market will show robust growth during their period of forecast. The factors which impact market growth involve awareness increase for the extended warranty and also an increase in the costly repair bills.
Market Opportunities and Challenges
For market participants, the global auto extended warranty market offers both opportunities and challenges.
Opportunities:
- The use of electronic devices increased because of increments in job opportunities, digitalization, and the advancement of technology. So, the demand for electronic devices is increasing. The rapid increase in digitalization and development worldwide is beneficial for the growth of the market.
- Continuous growth has been seen in the transportation and the automotive sector. The warranty extension demand will increase continuously, with the increase in auto sales.
Challenges:
- In underdeveloped regions, consumers based in Africa and South America are less aware of the extended warranty. When they were aware of it, they do not want to pay more towards the extended warranty. In the regions, where the spend capacity is less and also the per capita income, then the consumers will only be able to buy the basic products. This is the major critical threat to the growth of the market in developing regions.
- There are inbuilt systems that give warning before any product stops functioning. This warning sign will allow the consumers to fix the problem without any damage to the automobile and electronic products.
Market Competitive Landscape
The key players in the global auto extended warranty market size include TATA Motors Limited, Olive, Endurance Warranty Services, LLC, Concord Auto Protect, CarShield LLC, CARCHEX, AXA, ASSURANT, Inc., AmTrust Financial, AAA Warranty Services Others. There are various strategies that are adopted by these key players such as the expansion of the product portfolio, agreements, collaborations, acquisitions and mergers, others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Coverage, By Distribution Channel, By Vehicle Age, By Application |
| Regions covered | Asia-Pacific, Middle East and Africa, Europe, North America, Latin America |
| Companies Covered | AAA Warranty Services, AmTrust Financial, ASSURANT INC., AXA, CARCHEX, Carshield LLC, Concord Auto Protect, Olive, TATA Motors Limited, Others |
COVID-19 Impact on the Global Auto Extended Warranty Market
The global economic slowdown due to the surge in COVID-19 cases has particularly affected the world negatively. The auto extended market leads to a decline in sales based on vehicles when the travel ban is imposed by the government. At that time, the vehicles were not in use, so the chances based on the breakdown of vehicles were more. The market players were then providing services to those owners. This particular key factor helps in the increment in sales. The policies based on work-from-home and social distancing reduce the use of vehicles.
Key Target Audience:
- Used car buyers
- New car buyers
- Vehicle owners
- High-mileage vehicle owners
- Automobile enthusiasts
- Consumers seeking financial security
- Business owners and fleet managers
- Others
Our in-depth analysis of the Auto Extended Warranty Market includes the following segments:
| By Coverage: |
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| By Distributional Channel: |
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| By Vehicle Age: |
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| By Application: |
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Key Topics Covered in the Report:
- Global Auto Extended Warranty Market Size (FY’2023-FY’2033)
- Overview of the Global Auto Extended Warranty Market
- Segmentation of Global Auto Extended Warranty Market By Coverage (Power strain, Stated Component, Exclusionary)
- Global Auto Extended Warranty Market By Distribution Channel (Auto Dealers/ manufacturers, Third-party providers)
- Global Auto Extended Warranty Market By Vehicle Age (New Vehicle, Used Vehicle)
- Global Auto Extended Warranty Market By Application (Personal, & Commercial)
- Statistical Snap of Global Auto Extended Warranty Market
- Expansion Analysis of the Global Auto Extended Warranty Market
- Problems and Obstacles in Global Auto Extended Warranty Market
- Competitive Landscape in the Global Auto Extended Warranty Market
- Impact of COVID-19 and Demonetization on the Global Auto Extended Warranty Market
- Details on Current Investment in Global Auto Extended Warranty Market
- Competitive Analysis of the Global Auto Extended Warranty Market
- Prominent Players in the Global Auto Extended Warranty Market
- SWOT Analysis of the Global Auto Extended Warranty Market
- Global Auto Extended Warranty Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Auto Extended Warranty Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Auto Extended Warranty Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Auto Extended Warranty Market
7. Global Auto Extended Warranty Market, By Coverage (USD Million)
7.1. Global Auto Extended Warranty Market Value Share and Forecast, By Coverage, 2023-20337.2. Powertrain7.3. Stated component7.4. Exclusionary
8. Global Auto Extended Warranty Market, By Distributional Channel (USD Million)
8.1. Global Auto Extended Warranty Market Value Share and Forecast, By Distribution Channel, 2023-20338.2. Auto Dealers/ Manufacturers8.3. Third-party providers
9. Global Auto Extended Warranty Market, By Vehicle Age (USD Million)
9.1. Global Auto Extended Warranty Market Value Share and Forecast, By Vehicle Age, 2023-20339.2. New Vehicle9.3. Used Vehicle
10. Global Auto Extended Warranty Market, By Application (USD Million)
10.1. Global Auto Extended Warranty Market Value Share and Forecast, By Application, 2023-203310.2. Commercial10.3. Personal10.4. Others
11. Global Auto Extended Warranty Market Forecast, 2019-2033 (USD Million)
11.1. Global Auto Extended Warranty Market Size and Market Share
12. Global Auto Extended Warranty Market Forecast, By Coverage, 2019-2033 (USD Million)
12.1. Global Auto Extended Warranty Market Size and Market Share By Coverage (2019-2026)12.2. Global Auto Extended Warranty Market Size and Market Share By Coverage (2027-2033)
13. Global Auto Extended Warranty Market Forecast, By Distributional Channel, 2019-2033 (USD Million)
13.1. Global Auto Extended Warranty Market Size and Market Share By Distribution Channel (2019-2026)13.2. Global Auto Extended Warranty Market Size and Market Share By Distribution Channel (2027-2033)
14. Global Auto Extended Warranty Market Forecast, By Vehicle Age, 2019-2033 (USD Million)
14.1. Global Auto Extended Warranty Market Size and Market Share By Vehicle Age (2019-2026)14.2. Global Auto Extended Warranty Market Size and Market Share By Vehicle Age (2027-2033)
15. Global Auto Extended Warranty Market Forecast, By Application, 2019-2033 (USD Million)
15.1. Global Auto Extended Warranty Market Size and Market Share By Application (2019-2026)15.2. Global Auto Extended Warranty Market Size and Market Share By Application (2027-2033)
16. Global Auto Extended Warranty Market, By Region, 2019-2033 (USD Million)
16.1. Global Auto Extended Warranty Market Size and Market Share By Region (2019-2026)16.2. Global Auto Extended Warranty Market Size and Market Share By Region (2027-2033)16.3. Asia-Pacific16.3.1. Australia16.3.2. China16.3.3. India16.3.4. Japan16.3.5. South Korea16.3.6. Rest of Asia-Pacific16.4. Europe16.4.1. France16.4.2. Germany16.4.3. Italy16.4.4. Spain16.4.5. United Kingdom16.4.6. Rest of Europe16.5. Middle East and Africa16.5.1. Kingdom of Saudi Arabia16.5.2. United Arab Emirates16.5.3. Rest of Middle East & Africa16.6. North America16.6.1. Canada16.6.2. Mexico16.6.3. United States16.7. Latin America16.7.1. Argentina16.7.2. Brazil16.7.3. Rest of Latin America
17. Company Profile
17.1. AAA Warranty Services17.1.1. Company details17.1.2. Financial outlook17.1.3. Product summary17.1.4. Recent developments17.2. AmTrust Financial17.2.1. Company details17.2.2. Financial outlook17.2.3. Product summary17.2.4. Recent developments17.3. ASSURANT, Inc.17.3.1. Company details17.3.2. Financial outlook17.3.3. Product summary17.3.4. Recent developments17.4. AXA17.4.1. Company details17.4.2. Financial outlook17.4.3. Product summary17.4.4. Recent developments17.5. CARCHEX17.5.1. Company details17.5.2. Financial outlook17.5.3. Product summary17.5.4. Recent developments17.6. CarShield LLC17.6.1. Company details17.6.2. Financial outlook17.6.3. Product summary17.6.4. Recent developments17.7. Concord Auto Protect17.7.1. Company details17.7.2. Financial outlook17.7.3. Product summary17.7.4. Recent developments17.8. Endurance Warranty Services, LLC17.8.1. Company details17.8.2. Financial outlook17.8.3. Product summary17.8.4. Recent developments17.9. Olive17.9.1. Company details17.9.2. Financial outlook17.9.3. Product summary17.9.4. Recent developments17.10. TATA Motors Limited17.10.1. Company details17.10.2. Financial outlook17.10.3. Product summary17.10.4. Recent developments17.11. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
The factors which impact market growth involve awareness increase for the extended warranty and also an increase in the costly repair bills.
Auto Extended Warranty Market is projected to reach USD 68.51 billion by 2033, growing at a CAGR of 6.13% during the forecast period.
Auto Extended Warranty Market grew in market size from 2023. The Market is expected to reach USD 68.51 billion by 2033, at a CAGR of 6.13% during the forecast period.
Auto Extended Warranty Market CAGR of 6.13% during the forecast period.
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Auto Extended Warranty Market size is USD 68.51 billion from 2023 to 2033.
Auto Extended Warranty Market Segment is Covered By Coverage, By Distribution Channel, By Vehicle Age, By Application
The North America region is anticipated to have the highest market share in Auto Extended Warranty Market.
The key players in the market include Companies Covered AAA Warranty Services, AmTrust Financial, ASSURANT INC., AXA, CARCHEX, Carshield LLC, Concord Auto Protect, Olive, TATA Motors Limited, Others
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