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Report
United States Auto Extended Warranty Market Report and Forecast 2024-2032
Market Report I 2024-06-17 I 162 Pages I EMR Inc.
United States Auto Extended Warranty Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the United States auto extended warranty market size reached a value of USD 17.65 billion in 2023. Aided by the growing popularity of the flexible extended warranty plans and increasing adoption of electric vehicles, the market is projected to further grow at a CAGR of 6.1% between 2024 and 2032 to reach a value of USD 30.36 billion by 2032.
Auto extended warranties, often referred to as vehicle service contracts, provide additional coverage beyond the standard warranty period offered by manufacturers. These warranties cover various mechanical and electrical breakdowns, helping consumers manage the costs of repairs and replacements of vehicle parts.
The rising cost of vehicle repairs is a significant factor driving of the United States auto extended warranty market growth. With advancements in automotive technology, the cost of repairing or replacing vehicle components has increased substantially. As a result, consumers are increasingly seeking extended warranties to protect themselves from the financial burden of unexpected repairs.
Furthermore, the growing awareness of the benefits of extended warranties is contributing to market growth. Consumers are becoming more informed about the potential savings and peace of mind that extended warranties can offer. This is particularly relevant for individuals purchasing used vehicles, which are more prone to mechanical issues compared to new cars. Extended warranties provide an added layer of protection for these consumers, enhancing the appeal of used vehicles.
The increasing complexity of modern vehicles is another factor driving the demand for extended warranties. Today's vehicles are equipped with advanced electronic systems, complex engine components, and sophisticated safety features. While these innovations enhance the driving experience, they also increase the likelihood of malfunctions and the associated repair costs. Extended warranties offer a safeguard against these potential issues, making them an attractive option for vehicle owners while increasing the United States auto extended warranty market share.
The increasing cost of vehicle repairs is a primary driver for the extended warranty market. As automotive technology advances, the components used in vehicles become more complex and expensive to repair or replace. This trend is particularly evident in the electronics and safety systems of modern vehicles, where repairs can be prohibitively costly without warranty coverage.
The average lifespan of vehicles has increased significantly, with many cars remaining on the road for over a decade. As vehicles age, the likelihood of mechanical issues rises, making extended warranties an attractive option for owners looking to avoid large out-of-pocket expenses for repairs. The used vehicle market in the United States is expanding, driven by factors such as affordability and a wide selection of available models. Extended warranties play a crucial role in this market, providing buyers with confidence in their purchase and protection against potential future repairs.
As per the United States auto extended warranty market analysis, consumers are becoming more educated about the benefits of extended warranties, including cost savings and the convenience of having repair costs covered. This increased awareness is driving demand, as more vehicle owners seek the peace of mind that comes with extended warranty coverage. As vehicles continue to evolve with advanced technologies such as electric powertrains, autonomous driving capabilities, and sophisticated infotainment systems, the demand for extended warranties is expected to rise. These technologies, while enhancing the driving experience, also increase the potential for costly repairs, making extended warranties a valuable investment for consumers.
The integration of telematics and connected car technologies is expected to revolutionize the auto extended warranty market in United States. Telematics can provide real-time data on vehicle performance and maintenance needs, allowing warranty providers to offer more personalized and proactive services. This can enhance the customer experience and improve the overall value of extended warranties. The growing popularity of eco-friendly vehicles, such as electric and hybrid cars, is another trend influencing the market. Extended warranties tailored to the unique needs of these vehicles, including coverage for battery replacement and electric drivetrain components, are expected to see increased demand.
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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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Auto Extended Warranty Market Overview
8.1 Key Industry Highlights
8.2 North America Auto Extended Warranty Historical Market (2018-2022)
8.3 North America Auto Extended Warranty Market Forecast (2023-2028)
8.4 North America Auto Extended Warranty Market Share by Country
8.4.1 United States
8.4.2 Canada
9 United States Auto Extended Warranty Market Overview
9.1 Key Industry Highlights
9.2 United States Auto Extended Warranty Historical Market (2018-2022)
9.3 United States Auto Extended Warranty Market Forecast (2023-2028)
10 United States Auto Extended Warranty Market by Coverage
10.1 Powertrain Coverage
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Stated Component Coverage
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 Exclusionary Coverage
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
11 United States Auto Extended Warranty Market by Vehicle Age
11.1 Used Vehicle
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 New Vehicle
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
12 United States Auto Extended Warranty Market by Application
12.1 Personal
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Commercial
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
13 United States Auto Extended Warranty Market by Distribution Channel
13.1 Auto Dealers/Manufacturers
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 Third Party Providers
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
14 United States Auto Extended Warranty Market by Region
14.1 New England
14.1.1 Historical Trend (2018-2022)
14.1.2 Forecast Trend (2023-2028)
14.2 Mideast
14.2.1 Historical Trend (2018-2022)
14.2.2 Forecast Trend (2023-2028)
14.3 Great Lakes
14.3.1 Historical Trend (2018-2022)
14.3.2 Forecast Trend (2023-2028)
14.4 Plains
14.4.1 Historical Trend (2018-2022)
14.4.2 Forecast Trend (2023-2028)
14.5 Southeast
14.5.1 Historical Trend (2018-2022)
14.5.2 Forecast Trend (2023-2028)
14.6 Southwest
14.6.1 Historical Trend (2018-2022)
14.6.2 Forecast Trend (2023-2028)
14.7 Rocky Mountain
14.7.1 Historical Trend (2018-2022)
14.7.2 Forecast Trend (2023-2028)
14.8 Far West
14.8.1 Historical Trend (2018-2022)
14.8.2 Forecast Trend (2023-2028)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter's Five Forces Analysis
15.2.1 Supplier's Power
15.2.2 Buyer's Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Mercedes Benz Group AG
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Volkswagen AG
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 BMW AG
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Renault-Nissan-Mitsubishi Alliance
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Repair Ventures, LLC
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 ForeverCar LLC
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Concord Auto Protect
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 AXA Partners Holding SA
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 AmTrust Warranty & Specialty Risk
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Endurance Warranty Services, LLC
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Auto Extended Warranty Market: Key Industry Highlights, 2018 and 2028
2. United States Auto Extended Warranty Market: Key Industry Highlights, 2018 and 2028
3. United States Auto Extended Warranty Historical Market: Breakup by Coverage (USD Billion), 2018-2022
4. United States Auto Extended Warranty Market Forecast: Breakup by Coverage (USD Billion), 2023-2028
5. United States Auto Extended Warranty Historical Market: Breakup by Vehicle Age (USD Billion), 2018-2022
6. United States Auto Extended Warranty Market Forecast: Breakup by Vehicle Age (USD Billion), 2023-2028
7. United States Auto Extended Warranty Historical Market: Breakup by Application (USD Billion), 2018-2022
8. United States Auto Extended Warranty Market Forecast: Breakup by Application (USD Billion), 2023-2028
9. United States Auto Extended Warranty Historical Market: Breakup by End Use (USD Billion), 2018-2022
10. United States Auto Extended Warranty Market Forecast: Breakup by End Use (USD Billion), 2023-2028
11. United States Auto Extended Warranty Historical Market: Breakup by Region (USD Billion), 2018-2022
12. United States Auto Extended Warranty Market Forecast: Breakup by Region (USD Billion), 2023-2028
13. United States Auto Extended Warranty Market Structure
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