Market Overview:
The global vehicle protection service market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The market growth is attributed to the increasing demand for vehicle protection services due to the increase in the number of accidents and thefts across the globe. In addition, rising awareness about safety and security among consumers has led them to adopt various types of vehicle protection services such as vehicle service contracts, creditor insurance programs, pre-paid maintenance plans, roadside assistance, road hazard/wheel and tire protection plans, and others. The global Vehicle Protection Service Market by Type is segmented into Vehicle Service Contracts (VSC), Creditor Insurance Programs (CIP), Pre-Paid Maintenance Plans (PPMP), Roadside Assistance (RSA), Road Hazard/Wheel And Tire Protection Plans (RHW&TPPP) and Other Types. The VSC segment accounted for the largest share in 2017 owing to its benefits such as coverage against mechanical breakdowns or failures that may occur during the term of contract; replacement or repair of parts covered under warranty; 24/7 roadside assistance; rental car reimbursement in case of a breakdown; trip interruption coverage; etc.
Product Definition:
A vehicle protection service is an insurance policy that covers the cost of repairs or replacement for a car that is damaged in an accident. The service can also provide coverage for medical expenses and lost wages resulting from an accident. Vehicle protection services are important because they help protect drivers from the high cost of repairing or replacing a car after an accident.
Vehicle Service Contracts:
Vehicle service contracts are a type of insurance contract between an individual or business and a third-party provider. They provide cover for repairs, servicing, replacement and parts in the event of vehicle failure. The VSC market is expected to witness significant growth over the forecast period owing to factors such as increasing awareness among consumers regarding vehicle protection services along with high demand for aftermarket repair & maintenance services.
Creditor Insurance Programs:
Creditor insurance programs are designed to provide protection to the vehicle owner in case of financial losses due to non-payment by the customer. These programs are also known as deferred presentment plans or security loans. The major benefit of these plans is that they do not affect the customer's credit rating and can be paid off in a short period of time with simple monthly payments.
Application Insights:
The vehicle service segment dominated the global market in terms of revenue share in 2017. The growth can be attributed to the increasing demand for VSP services from end-users as well as automotive companies. For instance, Mercedes-Benz India has introduced a new insurance plan under which the company will repair or replace your vehicle free of charge if it is damaged due to an accident or theft. Similarly, BMW Group India has launched a Roadside Assistance Plan with Allianz wherein they will help you tow your vehicle free of charge if it gets stuck on road and also provide assistance up to Rs 15000 for minor repairs at home. Such initiatives by major players are expected to boost industry growth over the forecast period.
The other application segment includes damage caused by natural disasters such as floods, earthquakes and volcanic eruptions among others that do not fall under any other category mentioned above.
Regional Analysis:
The market in North America accounted for the largest revenue share in 2017. The region is expected to maintain its dominance over the forecast period owing to increasing cases of accidents and breakdowns, growing vehicle theft rates, and stringent regulations regarding road safety. In addition, presence of major players with extensive distribution networks across U.S., Canada, and Mexico is anticipated to support regional growth over the forecast period.
Growth Factors:
- Increasing demand for luxury and customized vehicles
- Growing awareness about the benefits of vehicle protection services
- Rising number of accidents and vehicular thefts
- Proliferation of online platforms for purchasing vehicle protection services
- Government initiatives to promote the use of such services
Scope Of The Report
Report Attributes
Report Details
Report Title
Vehicle Protection Service Market Research Report
By Type
Vehicle Service Contracts, Creditor Insurance Programs, Pre-Paid Maintenance Plans, Roadside Assistance, Road Hazard/Wheel And Tire, Other
By Application
Vehicle Service, Insurance Programs, Other
By Companies
Assurant Solutions, Kolosso Chrysler Dodge Jeep Ram, Otokoc Otomotiv, Warranty
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
147
Number of Tables & Figures
103
Customization Available
Yes, the report can be customized as per your need.
Global Vehicle Protection Service Market Report Segments:
The global Vehicle Protection Service market is segmented on the basis of:
Types
Vehicle Service Contracts, Creditor Insurance Programs, Pre-Paid Maintenance Plans, Roadside Assistance, Road Hazard/Wheel And Tire, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Vehicle Service, Insurance Programs, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Assurant Solutions
- Kolosso Chrysler Dodge Jeep Ram
- Otokoc Otomotiv
- Warranty
Highlights of The Vehicle Protection Service Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Vehicle Service Contracts
- Creditor Insurance Programs
- Pre-Paid Maintenance Plans
- Roadside Assistance
- Road Hazard/Wheel And Tire
- Other
- By Application:
- Vehicle Service
- Insurance Programs
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Vehicle Protection Service Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Vehicle Protection Service is a comprehensive protection plan that covers your car or truck. It includes coverage for theft, damage, and loss.
Some of the major companies in the vehicle protection service market are Assurant Solutions, Kolosso Chrysler Dodge Jeep Ram, Otokoc Otomotiv, Warranty.
The vehicle protection service market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Vehicle Protection Service Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Vehicle Protection Service Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Vehicle Protection Service Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Vehicle Protection Service Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Vehicle Protection Service Market Size & Forecast, 2018-2028
4.5.1 Vehicle Protection Service Market Size and Y-o-Y Growth
4.5.2 Vehicle Protection Service Market Absolute $ Opportunity
Chapter 5 Global Vehicle Protection Service Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Vehicle Protection Service Market Size Forecast by Type
5.2.1 Vehicle Service Contracts
5.2.2 Creditor Insurance Programs
5.2.3 Pre-Paid Maintenance Plans
5.2.4 Roadside Assistance
5.2.5 Road Hazard/Wheel And Tire
5.2.6 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Vehicle Protection Service Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Vehicle Protection Service Market Size Forecast by Applications
6.2.1 Vehicle Service
6.2.2 Insurance Programs
6.2.3 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Vehicle Protection Service Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Vehicle Protection Service Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Vehicle Protection Service Analysis and Forecast
9.1 Introduction
9.2 North America Vehicle Protection Service Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Vehicle Protection Service Market Size Forecast by Type
9.6.1 Vehicle Service Contracts
9.6.2 Creditor Insurance Programs
9.6.3 Pre-Paid Maintenance Plans
9.6.4 Roadside Assistance
9.6.5 Road Hazard/Wheel And Tire
9.6.6 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Vehicle Protection Service Market Size Forecast by Applications
9.10.1 Vehicle Service
9.10.2 Insurance Programs
9.10.3 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Vehicle Protection Service Analysis and Forecast
10.1 Introduction
10.2 Europe Vehicle Protection Service Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Vehicle Protection Service Market Size Forecast by Type
10.6.1 Vehicle Service Contracts
10.6.2 Creditor Insurance Programs
10.6.3 Pre-Paid Maintenance Plans
10.6.4 Roadside Assistance
10.6.5 Road Hazard/Wheel And Tire
10.6.6 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Vehicle Protection Service Market Size Forecast by Applications
10.10.1 Vehicle Service
10.10.2 Insurance Programs
10.10.3 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Vehicle Protection Service Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Vehicle Protection Service Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Vehicle Protection Service Market Size Forecast by Type
11.6.1 Vehicle Service Contracts
11.6.2 Creditor Insurance Programs
11.6.3 Pre-Paid Maintenance Plans
11.6.4 Roadside Assistance
11.6.5 Road Hazard/Wheel And Tire
11.6.6 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Vehicle Protection Service Market Size Forecast by Applications
11.10.1 Vehicle Service
11.10.2 Insurance Programs
11.10.3 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Vehicle Protection Service Analysis and Forecast
12.1 Introduction
12.2 Latin America Vehicle Protection Service Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Vehicle Protection Service Market Size Forecast by Type
12.6.1 Vehicle Service Contracts
12.6.2 Creditor Insurance Programs
12.6.3 Pre-Paid Maintenance Plans
12.6.4 Roadside Assistance
12.6.5 Road Hazard/Wheel And Tire
12.6.6 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Vehicle Protection Service Market Size Forecast by Applications
12.10.1 Vehicle Service
12.10.2 Insurance Programs
12.10.3 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Vehicle Protection Service Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Vehicle Protection Service Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Vehicle Protection Service Market Size Forecast by Type
13.6.1 Vehicle Service Contracts
13.6.2 Creditor Insurance Programs
13.6.3 Pre-Paid Maintenance Plans
13.6.4 Roadside Assistance
13.6.5 Road Hazard/Wheel And Tire
13.6.6 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Vehicle Protection Service Market Size Forecast by Applications
13.10.1 Vehicle Service
13.10.2 Insurance Programs
13.10.3 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Vehicle Protection Service Market: Competitive Dashboard
14.2 Global Vehicle Protection Service Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Assurant Solutions
14.3.2 Kolosso Chrysler Dodge Jeep Ram
14.3.3 Otokoc Otomotiv
14.3.4 Warranty
