About Electric & Hybrid Car Insurance
Electric and hybrid car insurance is designed to cover the unique aspects of electric vehicles (EVs) and hybrid cars, which combine an electric motor with a conventional engine. These insurance policies typically offer additional coverage for components specific to EVs and hybrids, such as the battery, electric motor, and charging equipment. The Hybrid and EV Insurance Market plays a pivotal role in supporting the growing adoption of eco-friendly vehicles, ensuring that drivers have comprehensive coverage that aligns with the distinctive features and challenges posed by hybrid and electric automobiles.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Electric & Hybrid Car Insurance market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AXA (France), Allstate Insurance (United States), Berkshire Hathaway (United States), Generali (Italy), RSA Insurance Group (United Kingdom), Swiss Re (Switzerland), AIA Group (Hong Kong), China Life Insurance (China), Nippon Life Insurance (Japan) and People's Insurance Company of China (PICC) (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Ping An Insurance (China), AIA Australia (Australia), Samsung Life Insurance (South Korea), HSBC Holdings (United Kingdom) and Suncorp Group (Australia).
Segmentation Overview
AMA Research has segmented the market of Global Electric & Hybrid Car Insurance market by Type (Electric Vehicle Insurance and Hybrid Vehicle Insurance), Application (Private Vehicles and Commercial Vehicles) and Region.
On the basis of geography, the market of Electric & Hybrid 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 Insurance Plan, the sub-segment i.e. Third Party Plan will boost the Electric & Hybrid Car Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. 2 & 3-Wheeler will boost the Electric & Hybrid Car Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising adoption of Usage-based Insurance
Market Growth Drivers:
Increasing adoption rates of electric and hybrid vehicles and Growing concern about environmental issues
Challenges:
Limited Availability of Electric & Hybrid Vehicle insurance Data
Restraints:
High cost of Electric Vehicle Insurance
Opportunities:
The Rise of Telematics in Electric & Hybrid Insurance
Market Leaders and their expansionary development strategies
In September 2023, Singlife with Aviva, has started providing cover for electric vehicles (EVs) as part of its car insurance policies, offering special discounts to EV owners. Singlife becomes one of the few local providers of EV insurance solutions as Singapore grows its EV ecosystem and gears towards a sustainable land transport hub. Singlife will provide a 10 per cent Go Green discount on Singlife Car Insurance for EV owners.
In April 2023, ACKO General Insurance launched the "Extended Battery Warranty" plan, targeting electric vehicle (EV) owners. The policy is designed to boost EV affordability by enabling banks to lengthen loan terms and reduce monthly installments. This will indeed ease the lives of our customers and promote nationwide rapid adoption of EVs
Key Target Audience
Manufacturing Companies, Service Providers, Potential Investors, Market Research & Consultancy Firm, Government & Regulatory Bodies 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.