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Acumen Research and Consulting recently published report titled“Vehicle Insurance Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
NEW YORK, Aug. 16, 2022 (GLOBE NEWSWIRE) — The Vehicle Insurance Market is projected to grow at a CAGR of around 7.2% from 2022 to 2030 and expected to reach the market value of around USD 1,223.5 Billion by 2030.
With the insurance industry’s evolving role in the transportation ecosystem, the vehicle insurance market is projected to undergo significant changes in the not-too-distant future. The rise in demand for passenger and commercial vehicles across the globe is boosting the global vehicle insurance market. The increase in the number of traffic incidents, the incorporation of strict government guidelines for the acceptance of vehicle insurance, and the growth of international vehicle sales due to the rise in consumer per capita income are the major factors driving the global vehicle insurance market size. Furthermore, the adoption of self-driving vehicles is further increasing the vehicle insurance market growth. Besides that, the incorporation of new technologies into existing services and product lines, as well as an increase in demand for third-party liability insurance and usage-based insurance in emerging nations, are expected to provide lucrative possibilities for the growth of the vehicle insurance market shares throughout the projected period.
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|Market||Vehicle Insurance Market|
|Vehicle Insurance Market Size 2021||USD 628 Billion|
|Vehicle Insurance Market Forecast 2030||USD 1,223.5 Billion|
|Vehicle Insurance Market CAGR||7.2% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Coverage, By Vehicle Type, By Distribution Channel, By Application And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled|| Admiral Group Plc, Allianz SE, Allstate Insurance Company, Berkshire Hathaway Inc.,
China Pacific Insurance (Group) Co., Ltd., GEICO, People’s Insurance Company of China,
Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance Company,
and Tokio Marine Group.
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Global Vehicle Insurance Market Dynamics
Vehicle insurance covers cars, trucks, motorbikes, as well as other commercial vehicles. Its primary objective is to offer financial assurance against physical bodily harm and damage caused by traffic collisions, as well as liability that may result from occurrences in a vehicle. Vehicle insurance may also provide financial assistance against vehicle damage and theft caused by circumstances apart from vehicle collisions, like keying, climate or environmental disasters, and colliding with adjacent structures. The global vehicle insurance market is growing due to an increase in the number of traffic incidents, the execution of stringent regulations requiring the purchase of vehicle insurance, and an increase in vehicle sales around the world.
Growing Demand for Usage-Based Insurance Is Driving the Vehicle Insurance Market Growth
The growing usage of usage-based insurance due to advantages such as lower insurance rates than regular insurance and the widespread acceptance of integrated car services are significant contributors to market growth. As a result, consumers in the automotive sector are increasingly inclined toward usage-based insurance. Moreover, growing sales of pre-equipped telematics cars and trucks and federal regulations for car safety are two factors that are expected to drive market opportunity. The implementation of telematics-based insurance coverage has resulted from the evolving business dynamics of the vehicle insurance market.
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Vehicle Insurance Market Segmentation
The global vehicle insurance market is segmented by coverage, distribution channel, vehicle type, and application, according to Acumen Research and Consulting.
Market by Coverage
- Third-party only
- Comprehensive insurance
- Third-party fire & theft insurance
In terms of coverage, the third-party liability segment is expected to dominate the market in 2021. Third-party insurance is an insurance policy purchased by the insured (first party) from the insurance provider (second party) to defend against third-party claims (third party). Third-party insurance coverage is growing as a result of massive investments in the insurance industry by different companies. Due to rising demand, it will also have the highest significant growth during the forecast timeframe.
Market by Vehicle Type
- Passenger Cars
- Heavy Commercial Vehicle (HCV)/Trucks & Buses
- Light Commercial Vehicle (LCV)
According to the vehicle insurance market analysis, the passenger vehicle segment is expected to grow significantly in the market over the next few years. The growing consumer demand for personal vehicles, rising disposable income, and the increasing threat of car theft and robbery are all primary drivers in the passenger segment. Furthermore, a significant shift in passenger vehicle production and sales will increase demand for the vehicle insurance market.
Market by Distribution Channel
- Insurance Agents/Brokers
- Direct Response
Based on the distribution channel, the direct response segment is expected to hold significant market shares in the coming few years. It contributes significantly to economic growth by serving as a go-between for insurers and policyholders. It provides technical and professional insurance product information and guidance. They collaborate closely with their customers to meet their vehicle insurance need, which increases segment demand.
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Vehicle Insurance Market Regional Overview
The vehicle insurance market is divided into several regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. Geographically, the Asia-Pacific region is expected to be the market’s most important region in the coming years. This growth is attributable to rapidly increasing automotive production and sales in emerging markets such as India, China, and Japan. Furthermore, the development of applications that provide consolidated information about existing insurance companies as well as competitive pricing is boosting the market growth. In addition, with the accessibility of digital vehicle insurance, consumers can purchase and regenerate insurance plans from the convenience of their own homes, which is yet another factor contributing to the growth of the regional vehicle insurance market.
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Vehicle Insurance Market Players
Some of the prominent vehicle insurance market companies are State Farm Mutual Automobile Insurance Company, Admiral Group Plc, China Pacific Insurance (Group) Co., Ltd., People’s Insurance Company of China, Allianz SE, Tokio Marine Group, Ping An Insurance (Group) Company of China, Ltd., GEICO, Berkshire Hathaway Inc., and Allstate Insurance Company.
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About Acumen Research and Consulting :
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
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