What is Commercial Truck Fleet Insurance Market?
Commercial trucking fleet insurance covers three or more vehicles as a part of daily operations by the businesses for transportation of raw material or finished goods. The increasing number of road accidents and growing awareness about the financial benefits of truck fleet insurance among the companies have accelerated the demand. Further, the blanket coverage policy is becoming more popular among businesses where vehicles are frequently driven by different drivers.
Highlights from Commercial Truck Fleet Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Axa S.A. (France), Reliance Partners (United States), Liberty Mutual (United States), Travelers Insurance (United States), Zurich Insurance Group (Switzerland), Progressive Corporation (United States), Tokio Marine Holdings (Japan), Aon PLC (United Kingdom), TATA AIG (India), The Hartford (United States), Nationwide Mutual Insurance Company (United States) and Acuity Insurance (United States) |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Commercial Truck Fleet Insurance market throughout the forecasted period.
Axa S.A. (France), Reliance Partners (United States), Liberty Mutual (United States), Travelers Insurance (United States), Zurich Insurance Group (Switzerland), Progressive Corporation (United States), Tokio Marine Holdings (Japan), Aon PLC (United Kingdom), TATA AIG (India), The Hartford (United States), Nationwide Mutual Insurance Company (United States) and Acuity Insurance (United States) are some of the key players profiled in the study. Commercial Truck Fleet Insurance Market Segmentation:
Scope | Sub-Segments |
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Truck Types | Tow Trucks,Dump Truck,Tankers,Semi-Truck-Tractors,Flatbed Trucks,Others |
End User Industry | Transportation & Logistics,Food & Beverages,Constructions,Manufacturing,Agribusinesses,Others |
Sales Channel | Online,Offline |
Coverage | Collision Coverage,Primary Liability,General Liability,Blanket Coverage,Third-Party Property Damage |
On the basis of geography, the market of Commercial Truck Fleet Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Popularity of Blanket Coverage of Vehicles and Employees
Market Growth Drivers:
Implementation of Regulations by Government for Compulsion of Vehicle Insurance and Increasing Demand of Commercial Truck Fleet Insurance in the Transportation & Logistics Industry
Challenges:
Coverage is not enough to Cover More Serious Accidents and High Deductibles
Restraints:
Growing Preference towards the Autonomous Vehicles May Hamper the Revenue of Insurers
Opportunities:
Increasing Operation of Trucking Businesses Across the Globe
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Commercial Truck Fleet Insurance Companies, Reinsurance Service Providers and Insurance Brokers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-user Industries and Others