Vehicle Protection Service Market, By Service Type, By Vehicle Type, By Coverage, By Provider, By Distribution Channel, By Vehicle Age, By Customer Segment, By Claim Process, By Geography

Description

The Global Vehicle Protection Service Market size is estimated to be valued at US$ 146.01 Bn in 2023 and is expected to reach US$ 288.3 Bn by 2030, grow at a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.

Report Coverage		Report Details
Base Year:	2022	Market Size in 2023/2024:	US$ 146.01 Bn
Historical Data for:	2018 to 2021	Forecast Period:	2023 - 2030
Forecast Period 2023/2024 to 2030/2031 CAGR:	10.20%	2030/2031 Value Projection:	US$ 288.3 Bn

Figure 1. Global Vehicle Protection Service Market Share (%), by Region, 2023

Vehicle Protection Service Market - IMG1

Vehicle protection services provide comprehensive solutions to safeguard vehicles from risks, ensuring peace of mind for owners. These services include theft prevention, tracking and recovery systems, and damage protection. In a world where vehicle theft and vandalism are on the rise, these services have become crucial in maintaining the value and integrity of automobiles. Utilizing advanced technologies like Global Positioning System (GPS) tracking, immobilizers, and alarm systems, they deter theft and aid in recovering the stolen vehicles. Additionally vehicle protection services offer coverage against accidents, natural disasters, and other unforeseen events, providing financial security and reducing repair costs.

Market Dynamics:

Growth in vehicle complexity and increasing ownerships of vehicles is anticipated to drive the growth of the global vehicle protection service market over the forecast period. Moreover, demand for extended warranty programs and emphasis on vehicle maintenance is also expected to boost the growth of the global vehicle protection service market over the forecast period. Technological advancements, customization and personalization, electric and hybrid vehicle market, and partnerships with automotive Original Equipment Manufacturer (OEMs) are expected to create growth opportunities for the global vehicle protection service market during the forecast period. The vehicle protection services market is driven by the rapidly rising number of vehicle operation across both developed and developing nations worldwide. As more vehicles hit the roads annually, the demand for after-sales services like repairs and warranty programs is surging. Furthermore, vehicles are growing more sophisticated over time with growing electronic and complex mechanical components, making them more susceptible to component failures. This has boosted the need for customizable protection plans among owners.

However, price sensitivity, limited awareness and education, and competing alternatives are expected to hamper the growth of the vehicle protection service market over the forecast period.

Key features of the study:

This report provides an in-depth analysis of the global vehicle protection service market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023-2030), considering 2022 as the base year
It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global vehicle protection service market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study Endurance Warranty Services LLC, CarShield, Protect My Car, Ally Financial Inc., CARCHEX, Toco Warranty, American Auto Shield, Warranty Direct, Royal Administration Services, Inc., EasyCare (Automotive Development Group, Inc.), Autopom!, AA Auto Protection, and CarSure
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global vehicle protection service market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global vehicle protection service market

Vehicle Protection Service Market Detailed Segmentation:

By Service Type:
- Extended Warranty
- Vehicle Maintenance Plans
- Roadside Assistance
- Tire and Wheel Protection
- Paintless Dent Repair
- Key Replacement
- Theft Protection
- GAP (Guaranteed Asset Protection) Insurance
- Others
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Motorcycles
- Recreational Vehicles (RVs)
- Others
By Coverage:
- Comprehensive Coverage
- Specific Component Coverage
- Customizable Coverage Plans
By Provider:
- Original Equipment Manufacturer (OEM)
- Third-Party Providers
- Dealerships
- Insurance Companies
By Distribution Channel:
- Direct Sales (B2C)
- Automotive Dealerships
- Online Platforms
- Insurance Agents
By Vehicle Age:
- New Vehicles
- Used Vehicles
- Pre-owned Certified Vehicles
By Customer Segment:
- Individual Vehicle Owners
- Fleet Owners
- Commercial Businesses
- Rental Car Companies
- Others
By Claim Process:
- Direct Claims Handling
- Reimbursement Claims
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Company Profiles:
- Endurance Warranty Services LLC
- CarShield
- Protect My Car
- Ally Financial Inc.
- CARCHEX
- Toco Warranty
- American Auto Shield
- Warranty Direct
- Royal Administration Services, Inc.
- EasyCare (Automotive Development Group, Inc.)
- Autopom!
- AA Auto Protection
- CarSure

Product Code: CMI5949

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snippet, By Service Type
- Market Snippet, By Vehicle Type
- Market Snippet, By Coverage
- Market Snippet, By Provider
- Market Snippet, By Distribution Channel
- Market Snippet, By Vehicle Age
- Market Snippet, By Customer Segment
- Market Snippet, By Claim Process
- Market Snippet, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Growing vehicle complexity
- Increasing vehicle ownership
- Restraints
- Price sensitivity
- Limited awareness and education
- Opportunities
- Technological advancements
- Customization and personalization
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER's Analysis
Merger and Acquisition Scenario

4. Vehicle Protection Service Market - Impact of Coronavirus (COVID-19) Pandemic

COVID-19 Epidemiology
Supply Side and Demand Side Analysis
Economic Impact

5. Vehicle Protection Service Market, By Service type, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Extended Warranty
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Vehicle Maintenance Plans
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Roadside Assistance
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Tire and Wheel Protection
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Paintless Dent Repair
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Key Replacement
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Theft Protection
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Guaranteed Asset Protection (GAP) Insurance
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)

6. Vehicle Protection Service Market, By Vehicle Type, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Passenger Vehicles
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Commercial Vehicles
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Motorcycles
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Recreational Vehicles (RVs)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)

7. Vehicle Protection Service Market, By Coverage, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Comprehensive Coverage
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Specific Component Coverage
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Customizable Coverage Plans
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)

8. Vehicle Protection Service Market, By Provider, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Original Equipment Manufacturer (OEM)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Third-Party Providers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Dealerships
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Insurance Companies
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)

9. Vehicle protection service Market , By Distribution Channel, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Direct Sales (B2C)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Automotive Dealerships
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Online Platforms
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)
Insurance Agents
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Bn)

10. Vehicle Protection Service Market, By Vehicle Age, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
New Vehicles
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Used Vehicles
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Pre-owned Certified Vehicles
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)

11. Vehicle Protection Service Market, By Customer Segment, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Individual Vehicle Owners
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Billion)
Fleet Owners
Commercial Businesses
Rental Car Companies
Others

12. Vehicle Protection Service Market, By Claim Process, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, 2018 - 2030
- Segment Trends
Direct Claims Handling
Reimbursement Claims

13. Vehicle Protection Service Market, By Region, 2018-2030, (US$ Bn)

Introduction
- Market Share Analysis, By Region, 2023 and 2030 (%)
- Y-o-Y Growth Analysis, For Region, 2018 -2030
- Country Trends
North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Service Type , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Vehicle Type , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Coverage , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Provider , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Distribution Channel , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Vehicle Age , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Customer Segment , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Claim Process , 2018-2030,(US$ Bn)
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2018-2030,(US$ Bn)
U.S.
Canada
Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Middle East & Africa
GCC Countries
Israel
South Africa
North Africa
Central Africa
Rest of Middle East

14. Competitive Landscape

Endurance Warranty Services LLC
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
CarShield
Protect My Car
Ally Financial Inc.
CARCHEX
Toco Warranty
American Auto Shield
Warranty Direct
Royal Administration Services, Inc.
EasyCare (Automotive Development Group, Inc.)
Autopom!
AA Auto Protection
CarSure
Analyst Views

15. Section

Research Methodology
About us