According to the report by Expert Market Research (EMR), Europe automotive extended warranty market size is projected to grow at a CAGR of 5.70% between 2024 and 2032. Aided by growing automotive industry and rise in awareness for extended warranties among consumers, the market is expected to grow significantly by 2032.
The automotive extended warranty, often referred to as the service agreement, protection plan, or service contract, goes beyond the standard manufacturer’s warranty. It covers unexpected repairs, offering a safety net to consumers against potentially expensive and unforeseen repair bills. The warranty can vary from comprehensive bumper-to-bumper coverage to more specific components of the vehicle.
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Several factors are accelerating the Europe automotive extended warranty market growth. Europe, known for its high standards in automotive manufacturing, has a substantial number of ageing vehicles on its roads. As these vehicles move past their manufacturer warranty period, the demand for extended warranties surges. These warranties provide peace of mind to consumers, ensuring protection against unforeseen expenditures.
Additionally, the modern automobile, with its intricate integration of advanced electronic components and software, can be expensive to repair if any issues arise post the manufacturer’s warranty. Recognising this potential financial burden, consumers are increasingly inclined towards the extended warranty options available in the market.
Furthermore, the competitive landscape of car dealerships in Europe has made extended warranties a strategic offering to enhance customer trust and loyalty. Dealerships, in collaboration with warranty providers, often present customised warranty solutions tailored to the specific needs and budgets of the consumers, further driving the Europe automotive extended warranty market demand.
The market showcases robust resilience and adaptability. Warranty providers are continually evolving their offerings, ensuring greater transparency and simplification of terms. Moreover, the introduction of flexible payment structures and the inclusion of added benefits like roadside assistance, car rental discounts, and trip interruption protection enhance the value proposition for consumers.
As per the Europe automotive extended warranty market analysis, the digital transformation sweeping across industries is impacting the extended warranty segment as well. The rise of online platforms offering easy comparisons and purchases of extended warranties, coupled with AI-driven tools providing custom recommendations based on user profiles, is setting the stage for a more consumer-centric market in the future.
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Europe Automotive Extended Warranty Market Segmentation
The market can be divided based on coverage, end use, operating model, and country.
Market Breakup by Coverage
- Up to 12 months
- 12 Months to 24 Months
- More Than 24 Months
- Mileage Based
Market Breakup by End Use
- Passenger Cars
- Bus
- LCV and MCV
- Others
Market Breakup by Operating Model
- Used Vehicles
- New Vehicles
Market Breakup by Country
- United Kingdom
- Germany
- France
- Italy
- Spain
- Poland
- Others
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 Europe automotive extended warranty market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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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