0

U.S. Auto Extended Warranty Market Expected to Reach $24.48 Billion By 2030

 
2022
U.S. Auto Extended Warranty Market

Report Code : A15995

quote Technological advancement in field of auto extended warranty, including artificial intelligence and blockchain is expected to provide numerous opportunities for growth of market as customers in the country are willing to purchase extended warranty for their vehicles based on such technologies quote

Aarti Goswami
Research Analyst, BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, U.S. Auto Extended Warranty Market By Coverage, Distribution Channel, Vehicle Age, and Application: Opportunity Analysis and Industry Forecast, 2021-2030”, the U.S. auto extended warranty market size was valued at $18.36 billion in 2020, and is projected to reach $24.48 billion by 2030, growing at a CAGR of 2.9% from 2021 to 2030.

Auto extended warranty helps to keep smooth and hassle-free operation of vehicle post manufacturers or retailers warranty period. This is one of the major trends for the market growth, owing to increase in incidences of traffic collision, accidents, and injuries in the country. This increases chances of unexpected failure of various components and systems of car including engine, gearbox, electrics, steering, and suspension, which, in turn, increase repair bills. However, this bill is not covered by manufacturer’s warranty. Thus, to reduce operational and other expenses vehicle owners adopt extended car warranty services that drive the growth of the market.

Rise in number of road accidents, which causes damage to vehicle is one of the major driver for the market growth. In addition, rise in costly repair bills fuel the U.S. auto extended warranty market growth. However, decline in sale of cars is expected to negatively impact the growth of the market. On the contrary, surge in innovative services offered by major auto extended warranty players in the U.S. and rise in demand for endurance extended warranty coverage in automobiles are expected to provide lucrative growth opportunities for the market in future.

Depending on distribution channel, auto dealers/manufacturers channel segment dominated the U.S. auto extended warranty market trends in 2020, and is projected to maintain its dominance during the forecast period. This channel helps in expanding coverage beyond OEMs warranty and provides cost of replacement and other such defects caused from a manufacturing defect or poor workmanship.   

COVID-19 negatively impacted the market, owing to decline in demand for vehicles during the pandemic. Furthermore, work from home trends and fear of travelling on public transport, due to spread of virus hampered the growth of the market.   

Key Findings of the Study

  • By coverage, the exclusionary coverage segment led the U.S. auto extended warranty market in terms of revenue in 2020.
  • By distribution channel, auto dealers/manufacturers segment accounted for the highest share of revenue in 2020.
  • By vehicle age, the used vehicle segment is anticipated to grow at the highest CAGR in U.S. auto extended warranty market share in 2020.
  • By application, personal segment generated the highest revenue in 2020.

The key players profiled in the U.S. auto extended warranty market analysis are AmTrust Financial, ASSURANT INC., AXA, CARCHEX, CarShield, LLC, Concord Auto Protect, Endurance Warranty Services, LLC, Repair Ventures, LLC dba olive, Protect My Car, and Infinite Auto Protection. These players have adopted various strategies to increase their market penetration and strengthen their position in the U.S. auto extended warranty industry.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote U.S. Auto Extended Warranty Market By Coverage (Powertrain Coverage, Stated Component Coverage, and Exclusionary Coverage), Distribution Channel (Auto Dealers/Manufacturers and Third Party Providers), Vehicle Age (New Vehicle and Used Vehicle), and Application (Personal and Commercial): Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"U.S. Auto Extended Warranty Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers