About Electric Car Insurance
Electric car insurance provides financial aid for unforeseen loss or damages caused to the policyholder’s electric car. Electric cars gaining a rise in the market coupled with an increase in electric car insurance buyers. The insurance covers injuries to third-party or damages to their property, car damage by accident, fire or explosion, accidental death or injury of the owner-driver, natural disaster, man-made disasters, and the theft of the vehicle.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Global Electric Car Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Electric Car Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Axa (France), State Farm (United States), Direct Line (United Kingdom), Allianz SE (Germany), Aviva (United Kingdom), Allstate (United States), Progressive Corporation (United States), Liberty Mutual (United States), The AA (United Kingdom), Zurich Insurance Group (Switzerland) and Nationwide Mutual Insurance Company (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are American International Group (United States), Liverpool Victoria (United Kingdom), Direct Line (United Kingdom), Esure (United Kingdom) and Tesla (United States).
Segmentation Overview
AMA Research has segmented the market of Global Electric Car Insurance market by Type (Principal Insurance and Additional Insurance) and Region.
On the basis of geography, the market of Electric Car Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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). If we see Market by Distribution Channel, the sub-segment i.e. Insurance Agents/Brokers will boost the Electric Car Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Car Type, the sub-segment i.e. Battery Electric Car will boost the Electric Car Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Accidental Damage will boost the Electric Car Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Plan, the sub-segment i.e. Third-Party Insurance will boost the Electric Car Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction of New and Low-Cost Electric Cars and Higher Adoption of EV insurance for covering accidental damages
Market Growth Drivers:
Increasing Electric Vehicle Registration across Emerging Economies, Wide Adoption of Electric Cars and Growing Road Traffic coupled with Road Accidents
Challenges:
Regulatory Guidelines on the Electric Car Insurance Providers
Restraints:
Concerns Related to Fraud Activities in Electric Car Insurance
Opportunities:
Fruitful Policies & tax index for Evs, Surging Awareness and Demand for Electric Car Insurance and The demand for Electric Vehicles (EVs) is slowly gathering pace
Market Leaders and their expansionary development strategies
In May 2021, Allianz SE acquired the majority stakes of Jubilee General Insurance Limited in Kenya. The acquisition follows a 66 percent stake in the company, representing 1,522,622 ordinary shares, from Jubilee Holdings Limited (JHL), East Africa’s largest insurance group which is retaining a 34 percent shareholding in the company. After this acquisition, Jubilee General Insurance Limited in Kenya is now a company of the Allianz Group, and upon completion of corporate filings.
In October 2021, Tesla offers Tesla insurance for cars in Texas. The insurance calculates customers’ insurance premiums using their real-time driving behavior. With Tesla insurance customers can claims and schedule repairs right from the Tesla app.
According to the Insurance Regulatory and Development Authority (IRDA) Guidelines, "The general insurers offering vehicle insurance should adhere to at all times."
Key Target Audience
Electric Car Insurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.