Global Automotive & Vehicle Insurance Market Overview:
Automotive or Vehicle Insurance is a type of insurance for personal and commercial road vehicles. The insurance provides financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. In many jurisdictions, it is compulsory to have vehicle insurance before using or keeping a motor vehicle on public roads. However, insurers are offering "pay-as-you-drive" insurance plan which utilizes either a tracking device in the vehicle or vehicle diagnostics that address issues of uninsured motorists by providing additional options and also charge based on the miles driven.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
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:
Adoption of Third-party Liability Vehicle Insurance By Old Vehicle Owners Due to Low Cost
Market Growth Drivers:
Implementation of Regulations By Government for Compulsion of Vehicle Insurance and Increasing Road Accidents and Growing Awareness About Financial Benefits of Vehicle Insurance Among End-users
Challenges:
Coverage is Not enough to Cover More Serious Accidents and High Deductibles
Restraints:
The Evolution of Autonomous Vehicles May Hamper the Revenue of Insurers
Opportunities:
Rise in Ownership of Personal Vehicles Due to Increasing Population Across the Globe
Competitive Landscape:
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.
Some of the key players profiled in the report are State Farm (United States), GEICO (United States), Progressive Corporation (United States), Allstate (United States), USAA (United States), Liberty Mutual (United States), Digit Insurance (India), HDFC ERGO (India), ICICI Lombard (India), Reliance General Insurance (India), American Family Insurance (United States) and Travelers Insurance (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Automotive & Vehicle Insurance market by 2028. Considering Market by Vehicle Type, the sub-segment i.e. New will boost the Automotive & Vehicle Insurance market. Considering Market by Coverage, the sub-segment i.e. Liability Insurance will boost the Automotive & Vehicle Insurance market.
Latest Market Insights:
In March 2022, Liberty Mutual Insurance completed the acquisition of State Auto Group, a transregional property and casualty insurance holding company based in Columbus, Ohio, that distributes personal and small commercial insurance in 33 states through approximately 3,400 independent agents. More than 2,000 State Auto employees will join Liberty Mutual's US operations in global retail markets.
What Can be Explored with the Automotive & Vehicle Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Automotive & Vehicle Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Automotive & 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 Automotive & 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 Automotive & 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 New Entrants/Investors, Analysts and Strategic Business Planners, Automotive & Vehicle Insurance Providers, Reinsurance Service Providers and Insurance Brokers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-users 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.