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United States Auto Extended Warranty Market Size, Forecast: By Coverage: Powertrain Coverage, Stated Component Coverage, Exclusionary Coverage; By Vehicle Age: Used Vehicle, New Vehicle; By Application: Personal, Commercial; By Distribution Channel; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
United States Auto Extended Warranty Market Outlook
The United States auto extended warranty market size reached approximately USD 17.65 billion in 2023. The market is estimated to grow at a CAGR of 6.1% in the forecast period of 2024-2032, reaching a value of around USD 30.36 billion by 2032.
Key Trends in the Market
Auto extended warranty is a prolonged warranty or service contract which is offered by manufacturers, auto dealers, and independent providers to cover the cost of labour charges and repair works to the vehicle after the expiration of the warranty.
- The burgeoning popularity of flexible extended warranty plans, which offer different types of coverages, is one of the crucial United States auto extended warranty market trends. It allows car owners to avail the maximum benefits of an extended warranty without any unnecessary spending.
- Several auto dealers and manufacturers in the United States are offering the provision of value-added services such as roadside assistance and emergency tows, along with their auto extended warranty plans.
- With the increased adoption of electric vehicles in the country, market players are also offering extended warranties that cover specific parts of electric vehicles such as electric motors, batteries, charge ports, onboard chargers, and inverter units, among others, which further contributes to the United States auto extended warranty market growth.
Market Analysis
Based on coverage, the market is divided into powertrain coverage, stated component coverage, and exclusionary coverage. On the basis of vehicle age, the market is bifurcated into used vehicle and new vehicle. Based on application, the market is classified into personal and commercial.
The United States auto extended warranty market segmentation, on the basis of distribution channel, includes auto dealers/manufacturers and third party providers. The major regional markets of auto extended warranty in the United States include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
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 United States auto extended warranty market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
Market Share by Coverage
Powertrain coverage occupies a significant portion of the United States auto extended warranty market share as it constitutes essential parts required for a vehicle’s operation. The extended warranty covers the cost of repair and replacement of the essential and most expensive mechanical components of a vehicle.
Similarly, component coverage is also expected to witness sizeable growth in the forecast period due to the growing demand for extended coverage on specific components of a vehicle.
Market Share by Distribution Channel
As per the United States auto extended warranty market analysis, auto dealers/manufacturers account for a substantial share of the market. Manufacturers offer extended warranty services to ease the minds of customers and build trust between them and the auto dealers, providing a positive market outlook. Some auto dealers also offer additional benefits such as rental car reimbursements, emergency roadside service, and travel expenses in case a vehicle breaks down miles from home.
Competitive Landscape
Mercedes Benz Group AG is a multinational automotive company, established in 1926 and based in Stuttgart, Germany. The company is known for its high-end passenger cars, car subscriptions, car rental, and fleet management services.
Volkswagen AG, incorporated in 1937, is a global automotive corporation, with its headquarters in Berlin, Germany. The company promotes sustainability by reducing the usage of raw materials in its vehicles and abiding by environmental compliance.
BMW AG, founded in 1916, is a major manufacturer of luxury vehicles, headquartered in Munich, Germany. It is a major automaker of motorcycles and high-end sports sedans and contributes to the circular economy through the recycling of its vehicles.
Other United States auto extended warranty market players include Renault–Nissan–Mitsubishi Alliance, Repair Ventures, LLC, ForeverCar LLC, Concord Auto Protect, AXA Partners Holding SA, AmTrust Warranty & Specialty Risk, Endurance Warranty Services, LLC, 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 Vehicle Age |
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| Breakup by Application |
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| Breakup by Distribution Channel |
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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 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
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 17.65 billion.
The market is projected to grow at a CAGR of 6.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 30.36 billion by 2032.
The major market drivers are the growth of the automotive sector in the country, the surge in repair activities of vehicles, and the growing demand for long-term auto ownership.
The key trends of the market include the burgeoning popularity of flexible extended warranty plans, the provision of value-added services, and the surging demand for extended warranties that cover specific parts of electric vehicles.
The major regions in the market are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
Various applications are personal and commercial.
Who are the key market players, according to the United States auto extended warranty market report?
The key players in the market are 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.
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