Global Commercial Vehicle Insurance Market Overview:
A Commercial Vehicle Insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc. To protect insured and uninsured people from accidents, the Motor Vehicle Act imposes consumers to have compulsory third-party liability coverage, which protects the insured party against financial loss in the event of bodily injury, death, and damage of property to a third party. Furthermore, along with the mandatory coverage, the Motor Vehicle Act revised penalties against violation of possession of a basic Compulsory Third-Party Policy, which has brought many uninsured vehicles in the insurance domain. All these factors contributed to increasing the sale of auto insurance policies.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2022-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
High Growth Market | Asia Pacific |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
High demand due to government regulation regarding insurance and The high growth potential due to the increasing number of road accidents
Market Growth Drivers:
The growing demand due to the increased number of sales of new vehicles and Increasing urbanization and rising disposable income among the middle-income population
Restraints:
The concern related to the adoption of autonomous vehicles
Opportunities:
The implementation of technologies in existing products and service lines and rise in demand for third party liability coverage in emerging economies
Competitive Landscape:
Most automobile manufacturers are focusing on gaining market share to maintain their leading position in the competitive automotive industry by creating one-stop-shop or by providing value-added services, such as providing financial support, warranties, and insurances. In terms of market share, the market is highly fragmented with a large number of players operating in the market studied. Companies have been focusing more on providing customized solutions to attract more customers and also enhance their product portfolio.
Some of the key players profiled in the report are PICC (China), Progressive Corporation (United States), Ping An (China), AXA (France), Sompo Japan (France), Tokyo Marine (Japan), Travelers Group (United States), Liberty Mutual Group (United States), Zurich (Switzerland) and CPIC (China). Additionally, following companies can also be profiled that are part of our coverage like Mitsui Sumitomo Insurance (Japan), Aviva (United Kingdom), Berkshire Hathaway (United States), Old Republic International (United States), Auto Owners (United States), Generali Group (Italy), MAPFRE (Spain) and Chubb (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Commercial Vehicle Insurance market by 2028. Considering Market by Distribution Channel, the sub-segment i.e. Insurance Agents/Brokers will boost the Commercial Vehicle Insurance market. Considering Market by Coverage, the sub-segment i.e. Third-Party Liability Coverage will boost the Commercial Vehicle Insurance market.
What Can be Explored with the Commercial Vehicle Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Commercial Vehicle Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Commercial Vehicle Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Commercial Vehicle Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Commercial Vehicle Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Commercial Vehicle Insurance Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.