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Europe Automotive Extended Warranty Market Share, Trends, Growth, Analysis, Forecast: By Coverage: Up to 12 months, 12 Months to 24 Months, More Than 24 Months, Mileage Based; By End Use: Passenger Cars, Bus, LCV and MCV, Others; By Operating Model: Used Vehicles, New Vehicles; Regional Analysis; Competitive Landscape; 2024-2032
Europe Automotive Extended Warranty Market Outlook
The Europe automotive extended warranty market is expected to grow at a CAGR of 5.70% between 2024 and 2032, driven by growing automotive industry and the rise in awareness for extended warranties among consumers.
Key Trends in the Market
Automotive extended warranty is an additional warranty that an individual can buy while purchasing a new car, or before the standard warranty expires. It offers a protection plan for vehicles that is valid for certain periods of time.
- The rise in awareness of the extended warranty among consumers is expected to drive the automotive extended warranty market demand in Europe. This is due to its benefits as it offers warranty coverage ahead of the warranty period to aid sustain the vehicle for an extended period.
- The increasing demand to extend the warranty to reduce the maintenance cost is likely to boost the Europe automotive extended warranty market as it extends the product life. Its demand among price-sensitive consumers is likely to increase as it is considered a cost-efficient after-sales experience. This is because an automotive extended warranty helps in providing consumers with quick and affordable service.
- Several extended car warranties are negotiable for a small fee, which means manufacturers are likely to offer comprehensive vehicle protection for new vehicles. Individual buyers are likely to see extra value in the vehicle owing to its service contract, resulting in better interest as well as a higher overall selling price. This is further expected to boost the growth opportunities for the market.
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Market Analysis
Based on coverage, the Europe automotive extended warranty market can be segmented into up to 12 months, 12 months to 24 months, more than 24 months, and mileage based. On the basis of end-use, the market is categorised into passenger cars, buses, and LCV and MCV, among others. Based on the operating model, the market can be bifurcated into used vehicles and new vehicles. The automotive extended warranty market in Europe can be divided based on countries into the United Kingdom, Germany, France, Italy, Spain, and Poland, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Europe automotive extended warranty market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Volkswagen
- BMW AG
- Renault Nissan Group
- Peugeot S.A.
- Ford Motor Company
- Mercedes-Benz Group AG
- Warrantywise Ltd
- Trygg Hansa
- Folksam
- If P&C Insurance Company Ltd
- Others
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Market Share by Operating Model
The new vehicle segment is expected to gain momentum in the Europe automotive extended warranty market on account of the increasing adoption of new vehicles and high concern among consumers regarding the high cost of replacement materials. The increasing purchase of luxury or premium cars is likely to increase the demand for automotive extended warranties and is also expected to fuel the segment growth in the market over the coming years. Manufacturers and support service providers are also more inclined to offer extended warranties for new vehicles as it encourages purchase and parts are also easily available.
Market Share by Country
Geographically, Germany is expected to augment the Europe automotive extended warranty market share on account of the growing automotive industry in the country. Germany has the largest automotive market in Europe, as well as one of the largest in the world, resulting in strong potential for automotive extended warranties.
The increasing awareness among consumers regarding the benefits of extended warranty and an upsurge in consumption of it is likely to drive the market growth of automotive extended warranty across Germany. With large-scale production of automotives, more manufacturers are offering automotive extended warranties, fuelling the market growth across the country.
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Competitive Landscape
Renault Nissan Group is a subsidiary of the Renault-Nissan-Mitsubishi Alliance which is a global leading automotive partnership designed to help members with profitability and competitiveness. The company focuses on maximum productivity with the least resources and is becoming a leading generalist company of electric vehicles across the globe.
Ford Motor Company is United States-based multinational automobile company. The company designs, manufactures, services, and markets a complete line of trucks, cars, electrified vehicles, and sports utility vehicles. It offers vehicle-related financing as well as leasing services. Ford deals its products under the brand names of Ford and Lincoln.
Mercedes-Benz Group AG, formerly known as Daimler AG, is one of the most successful automotive companies across the globe. It is one of the top worldwide suppliers of luxury and premium vans and cars. It offers leasing, financing, car rental, car subscription, digital services for payment and charging, fleet management, innovative mobility services as well as insurance brokerage with Mercedes-Benz Mobility AG.
Other market players include Volkswagen, BMW AG, Peugeot S.A., Warrantywise Ltd, Trygg Hansa, Folksam, and If P&C Insurance Company Ltd, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Coverage |
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| Breakup by End Use |
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| Breakup by Operating Model |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Europe Automotive Extended Warranty Market Analysis
8.1 Key Industry Highlights
8.2 Europe Automotive Extended Warranty Historical Market (2018-2023)
8.3 Europe Automotive Extended Warranty Market Forecast (2024-2032)
8.4 Europe Automotive Extended Warranty Market by Coverage
8.4.1 Up to 12 months
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 12 Months to 24 Months
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 More Than 24 Months
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Mileage Based
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Europe Automotive Extended Warranty Market by End Use
8.5.1 Passenger Cars
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Bus
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 LCV and MCV
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Europe Automotive Extended Warranty Market by Operating Model
8.6.1 Used Vehicles
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 New Vehicles
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Europe Automotive Extended Warranty Market by Country
8.7.1 United Kingdom
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.1.3 Market Share by Product Type (Automotive)
8.7.1.3.1 Used Passenger Cars
8.7.1.3.2 New Passenger Cars
8.7.2 Germany
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.2.3 Market Share by Product Type (Automotive)
8.7.2.3.1 Used Passenger Cars
8.7.2.3.2 New Passenger Cars
8.7.3 France
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.3.3 Market Share by Product Type (Automotive)
8.7.3.3.1 Used Passenger Cars
8.7.3.3.2 New Passenger Cars
8.7.4 Italy
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.4.3 Market Share by Product Type (Automotive)
8.7.4.3.1 Used Passenger Cars
8.7.4.3.2 New Passenger Cars
8.7.5 Spain
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.5.3 Market Share by Product Type (Automotive)
8.7.5.3.1 Used Passenger Cars
8.7.5.3.2 New Passenger Cars
8.7.6 Poland
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.6.3 Market Share by Product Type (Automotive)
8.7.6.3.1 Used Passenger Cars
8.7.6.3.2 New Passenger Cars
8.7.7 Others
9 Competitive Landscape
9.1 Market Structure
9.2 Company Profiles
9.2.1 Volkswagen
9.2.1.1 Company Overview
9.2.1.2 Product Portfolio
9.2.1.3 Demographic Reach and Achievements
9.2.1.4 Certifications
9.2.2 BMW AG
9.2.2.1 Company Overview
9.2.2.2 Product Portfolio
9.2.2.3 Demographic Reach and Achievements
9.2.2.4 Certifications
9.2.3 Renault Nissan Group
9.2.3.1 Company Overview
9.2.3.2 Product Portfolio
9.2.3.3 Demographic Reach and Achievements
9.2.3.4 Certifications
9.2.4 Peugeot S.A.
9.2.4.1 Company Overview
9.2.4.2 Product Portfolio
9.2.4.3 Demographic Reach and Achievements
9.2.4.4 Certifications
9.2.5 Ford Motor Company
9.2.5.1 Company Overview
9.2.5.2 Product Portfolio
9.2.5.3 Demographic Reach and Achievements
9.2.5.4 Certifications
9.2.6 Mercedes-Benz Group AG
9.2.6.1 Company Overview
9.2.6.2 Product Portfolio
9.2.6.3 Demographic Reach and Achievements
9.2.6.4 Certifications
9.2.7 Warrantywise Ltd
9.2.7.1 Company Overview
9.2.7.2 Product Portfolio
9.2.7.3 Demographic Reach and Achievements
9.2.7.4 Certifications
9.2.8 Trygg Hansa
9.2.8.1 Company Overview
9.2.8.2 Product Portfolio
9.2.8.3 Demographic Reach and Achievements
9.2.8.4 Certifications
9.2.9 Folksam
9.2.9.1 Company Overview
9.2.9.2 Product Portfolio
9.2.9.3 Demographic Reach and Achievements
9.2.9.4 Certifications
9.2.10 If P&C Insurance Company Ltd
9.2.10.1 Company Overview
9.2.10.2 Product Portfolio
9.2.10.3 Demographic Reach and Achievements
9.2.10.4 Certifications
9.2.11 Others
10 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Europe Automotive Extended Warranty Market: Key Industry Highlights, 2018 and 2032
2. Europe Automotive Extended Warranty Historical Market: Breakup by Coverage (USD Million), 2018-2023
3. Europe Automotive Extended Warranty Market Forecast: Breakup by Coverage (USD Million), 2024-2032
4. Europe Automotive Extended Warranty Historical Market: Breakup by End Use (USD Million), 2018-2023
5. Europe Automotive Extended Warranty Market Forecast: Breakup by End Use (USD Million), 2024-2032
6. Europe Automotive Extended Warranty Historical Market: Breakup by Operating Model (USD Million), 2018-2023
7. Europe Automotive Extended Warranty Market Forecast: Breakup by Operating Model (USD Million), 2024-2032
8. Europe Automotive Extended Warranty Historical Market: Breakup by Country (USD Million), 2018-2023
9. Europe Automotive Extended Warranty Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Automotive Extended Warranty Market Structure
Key Questions Answered in the Report
The market is assessed to grow at a CAGR of 5.70% between 2024 and 2032.
The major market drivers are the growing automotive industry and the rise in awareness for extended warranties among consumers.
The key market trends include increasing disposable income among people, growing penetration of premium vehicles, and preference of manufacturers to include extended warranties for new vehicles.
The various coverages for automotive extended warranties in the market include 12 months, 12 months to 24 months, more than 24 months, and mileage based.
The various end-uses in the market for automotive extended warranty include passenger cars, buses, and LCV and MCV, among others.
The major players in the Europe automotive extended warranty market are Volkswagen, BMW AG, Renault Nissan Group, Peugeot S.A., Ford Motor Company, Mercedes-Benz Group AG, Warrantywise Ltd, Trygg Hansa, Folksam, and If P&C Insurance Company Ltd, among others.
Warranty is significant in automotive sector as it helps consumers get quick and affordable service for their vehicles. Several car manufacturers as well as their dealers use extended warranties to win and retain customers.
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