United States Auto Extended Warranty Market

Rapid Growth Projected in the United States Auto Extended Warranty Market

According to the report by Expert Market Research (EMR), the United States auto extended warranty market size is projected to grow at a CAGR of 6.1% between 2024 and 2032. Aided by the increasing consumer desire for financial protection against unexpected vehicle repair costs, the market is expected to grow significantly by 2032.

An auto extended warranty, also known as a vehicle service contract, provides extended coverage for vehicle repairs and maintenance beyond the manufacturer's warranty. These warranties cover various parts and systems of a vehicle and offer peace of mind to vehicle owners against unexpected repair costs. As the average lifespan of vehicles increases and the cost of automotive repairs escalates, more consumers are turning towards extended warranties to manage potential expenses effectively.

One of the primary drivers of the United States auto extended warranty market growth is the rising cost of automotive repairs. With vehicles becoming more technologically advanced, the cost associated with repairing complex systems has surged. This increase in repair costs is compelling vehicle owners to opt for extended warranty plans to avoid hefty repair bills. Additionally, the growing awareness of the benefits of extended warranties in managing long-term vehicle maintenance costs is fuelling the market growth.

Another factor contributing to the United States auto extended warranty market demand is the increasing average age of vehicles in the United States. As vehicles age, they are more likely to require repairs, thereby creating a demand for extended warranty services. The trend of owning vehicles for longer periods, coupled with the high cost of new vehicles, is prompting consumers to invest in extended warranties to prolong the life of their existing vehicles.

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The United States auto extended warranty market is also benefiting from the rise in the sales of used vehicles. Used vehicle owners are particularly inclined towards purchasing extended warranties to protect themselves from high repair costs associated with older vehicles. Moreover, the proliferation of certified pre-owned (CPO) programs by automobile manufacturers, which often include extended warranty coverage, is further influencing the United States auto extended warranty market outlook.

The market landscape is characterised by the presence of numerous warranty providers, ranging from third-party providers to automakers offering their own extended warranty plans. These providers are increasingly focusing on offering comprehensive and customisable warranty plans to cater to diverse consumer needs. Moreover, advancements in technology, such as the integration of telematics and artificial intelligence in warranty management, are enhancing the efficiency and customer experience, thereby supporting market growth.Top of Form

Market Segmentation

The market can be divided based on coverage, vehicle age, application, distribution channel, and region.

Market Breakup by Coverage

·         Powertrain Coverage

·         Stated Component Coverage

·         Exclusionary Coverage

Market Breakup by Vehicle Age

·         Used Vehicle

·         New Vehicle

Market Breakup by Application

·         Personal 

·         Commercial

Market Breakup by Distribution Channel

·         Auto Dealers/Manufacturers

·         Third Party Providers

Market Breakup by Region

·         New England

·         Mideast

·         Great Lakes

·         Plains

·         Southeast

·         Southwest

·         Rocky Mountain

·         Far West

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States auto extended warranty market. Some of the major players explored in the report by Expert Market Research are as follows:

·         Mercedes Benz Group AG 

·         Volkswagen AG 

·         BMW AG 

·         Renault–Nissan–Mitsubishi Alliance 

·         Repair Ventures, LLC 

·         ForeverCar LLC

·         Concord Auto Protect 

·         AXA Partners Holding SA 

·         AmTrust Warranty & Specialty Risk 

·         Endurance Warranty Services, LLC 

·         Others

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