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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Europe Automotive Extended Warranty Market Share
Based on end use, passenger cars account for a significant share of the market
In 2023, new passenger car vehicle registrations in Germany increased by 7.3% to 2,844,609 cars, an increase of more than the 2,651,357 cars sold in 2022. Passenger car warranties typically cover various components of the vehicle for a certain period after purchase, protecting against defects or malfunctions. Extended warranties for cars can be provided by manufacturers, dealers, or a third-party entity, in addition to the existing warranty. Volkswagen AG, the world's largest passenger car manufacturer based in Germany is considered the largest warranty provider on a global scale.
Warranty options for these types of vehicles differs based on the manufacturer and region. LCVs and MCVs come with standard warranties that cover a certain period or mileage. From January to April 2023, France and the UK had the highest LCV registration volumes followed by Germany, Italy, and Spain.
Based on operating model, used passenger cars significantly contribute to the Europe automotive extended warranty market revenue
Used vehicles with extended warranty are considered to have higher resale value. Used vehicles are typically regularly maintained and in best condition, making it a more attractive purchase for any potential new owner over another car that isn’t covered.
A warranty product for new vehicles offers protection against mechanical and electrical failures, shielding drivers from costly repair expenses. In today's climate of escalating repair costs due to inflation and supply chain challenges, pre-purchased warranty products prove to be exceptionally valuable, providing financial security to vehicle owners.
Europe Automotive Extended Warranty Market Report Snapshots
Europe Automotive Extended Warranty Market Size
Europe Automotive Extended Warranty Market Growth
Europe Automotive Extended Warranty Market Trends
Europe Automotive Extended Warranty Market Share
Europe Automotive Extended Warranty Companies
Europe Automotive Extended Warranty Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market reached a value of USD 7,321.30 million in the year 2023.
This market is expected to grow at a CAGR of 5.41% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach to a value of USD 11,750.37 million by 2032.
The coverages for extended warranties include mileage-based, more than 24 months, 12 months to 24 months, and up to 12 months.
The key countries include the United Kingdom, Germany, France, Italy, Spain, Poland, and others.
The end uses include passenger cars, LCV and MCV, bus, and others.
The operating models of vehicles are used passenger cars and new passenger cars.
The key players in the market include Volkswagen AG, Canopius Group, BMW AG, Renault Group, Stellantis N.V., Ford Motor Company, Mercedes-Benz Group AG, and CG Car-Garantie Versicherungs-AG, among others.
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