![]() They offer their own extended warranty program or partner with third-party providers to offer extended warranties to their customers. These refer to companies that design and manufacture vehicles. The automotive extended warranty industry supply chain involves various stakeholders who contribute to the creation and delivery of extended warranty programs for vehicles. In the supply chain process, the value of the product increases as it passes through various stages of the supply chain. These procedures include production, distribution, design, marketing, and customer support services. The word, ‘supply chain’, refers to all procedures involved in transforming an idea into a tangible good or service, through a series of intermediate production, distribution, and disposal phases. Some extended warranties also include roadside assistance, rental car reimbursement, and other benefits. These include coverage for parts such as the engine, transmission, electrical systems, and air conditioning. Extended warranties often come with different levels of coverage, ranging from original equipment manufacturers and aftermarket or third-party administrators. ![]() However, once this warranty expires, the vehicle owner is responsible for any repairs or replacements needed, which are costly. The manufacturer's warranty, also known as the factory warranty, is a guarantee that covers the cost of repairs for a certain period of time or mileage, usually for three to five years or up to a certain number of miles driven. This type of warranty is typically purchased separately from the vehicle and is provided by the manufacturer, dealership, or third-party providers. Automotive extended warranty, also known as a service contract, is a type of protection plan that covers the cost of repairs or replacement of certain parts and systems in a vehicle after the manufacturer's warranty has expired. Technological advancements associated with automotive extended warranty are expected to create opportunities in the market. ![]() Conversely, high cost associated with extended warranty, and regulations governing warranty hamper the growth of the automotive extended warranty market. Key factors that are anticipated to fuel the demand for the global automotive extended warranty market during the forecast period are the increasing vehicle sales, limited OEM warranty period, rising awareness among young population. Get Sample Report As per Growth Market Reports industry analyst Akash Vedpathak, “The automotive extended warranty market” is anticipated to witness significant growth during the forecast period 2022-2030. Increasing vehicle sales, limited OEM warranty period, rising awareness among young population are expected to fuel the market during the forecast period. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.Īs a matter of policy, BBB does not endorse any product, service or business.According to a recent market study published by Growth Market Reports, titled, “ Global Automotive Extended Warranty Market” by coverage, vehicle age, distribution channel, application, and regions: size, volume, share, trends and opportunity analysis, 2015-2030”, the market was valued at USD 49.18 Billion in 2021 and is expected to grow at a moderate growth rate of 5.4% by the year 2030. BBB Business Profiles are subject to change at any time. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.īBB Business Profiles generally cover a three-year reporting period. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. BBB Business Profiles may not be reproduced for sales or promotional purposes.īBB Business Profiles are provided solely to assist you in exercising your own best judgment.
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