Analysis of Automobile Extended Warranty Software Industry Trend in China
Automobile extended warranty refers to the paid service provided by the extended warranty provider to extend the warranty period, or extend the scope of product services, or derivative services beyond the warranty period and service scope provided by the automobile manufacturer. Extended auto warranty can help consumers avoid the risk of auto failure, improve the service level of the auto aftermarket, and broaden the profit margin of the auto industry chain.
According to the "China Automobile Extended Warranty Industry Development Status Analysis and Investment Trend Research Report (2022-2029)" released by Guanyan Report Network, with the continuous improvement of the penetration rate and awareness of my country's auto extended With the continuous improvement of car ownership, my country's auto extended warranty market has been able to continue to expand, and because there is still a huge room for improvement in penetration rate, and the per capita car ownership is still far behind compared with developed countries, it is expected that the scale of my country's auto extended warranty market will continue to grow in the future .
According to statistics from the Ministry of Public Security, by the end of 2022, the number of motor vehicles nationwide will reach 417 million, of which 319 million are cars². Calculated on the basis of the car extension premium of 2,000 yuan per unit, this will be a "big cake" with a total amount of more than 600 billion. According to the analysis of Zhihu's column "Compound Interest Thinking", the 2021 China Automobile Extended Warranty Industry Analysis Report shows that the market size of China's auto extended warranty industry in 2021 is about 9.14 billion yuan³. This shows that my country's auto extended warranty industry still has a lot of room for development and potential demand.
At present, my country's auto extended warranty industry mainly has four business models: provided by OEMs, dealers, insurance companies or third-party companies. Among them, the third-party company model is a new model that has emerged in recent years, with higher flexibility and innovation. For example, Beijing Huizhong Baoyan Automobile Technology Service Co., Ltd. is a third-party company specializing in automobile extended warranty services. Its products cover a full range of important parts warranty, comprehensive parts warranty, comprehensive parts warranty + free rescue and other types.
In addition, there are some large domestic automobile extended warranty companies worthy of attention, such as Huaao Anxin Technology Service (Group) Co., Ltd., Yimeng (Shenzhen) Automobile Service Consulting Co., Ltd., Lizhen (Shanghai) Automobile Co., Ltd. Service Consulting Co., Ltd., etc. These companies have their own product design capabilities, technical support capabilities, risk control capabilities and customer service capabilities, and have established long-term strategic partnerships with many partners and insurance companies.
With the gradual resolution of problems such as consumers' insufficient understanding of extended warranty products, imperfect design and irregular sales of extended warranty products, and weak sustainable operation capabilities of extended warranty service providers, as well as the establishment and improvement of relevant laws, regulations and industry norms , my country's automobile extended warranty industry will usher in a broader development prospect. Personalized customization, diversified services, intelligent management, etc. will be the future development direction of the automobile extended warranty industry.
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