VEHICLE INSURANCE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global vehicle insurance market is estimated to be valued at US$ 993.88 billion in 2024 and is expected to reach US$ 1,729.64 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.

Report Description:

Global vehicle insurance market has witnessed significant growth over the past few years, owing to rising motorization across the world. Vehicle insurance provides financial protection against losses incurred due to accidents, vehicle theft, and natural calamities. It has become mandatory in many countries to obtain insurance coverage for motor vehicles. Factors such as rising per capita incomes, urbanization, and availability of vehicle financing options has boosted demand for both personal and commercial vehicles, and this is expected to drive the global  vehicle insurance market growth. However, increasing adoption of autonomous vehicles and mobility-as-a-service models could impact traditional insurance business models in the long run.

Market Dynamics:

Global vehicle insurance market growth is driven by rising motorization accompanied by government mandates regarding minimum insurance coverage. According to the World Bank, the global vehicle has increased from approximately 1 billion vehicles in 2010 to over 1.4 billion vehicles in 2020. Demand for both passenger and commercial vehicles has increased strongly from emerging economies. However, high premium rates in some countries restrain the market growth. Introduction of usage-based and pay-as-you-drive insurance models present new opportunities for insurers to expand their customer base. Meanwhile, the shift towards electric vehicles and shared mobility services are influencing risk profiles and insurance requirements posing both threats and opportunities.

Key features of the study:

• This report provides in-depth analysis of the global vehicle insurance market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global vehicle insurance market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include People’s Insurance Company of China, Allstate Insurance Company, China Pacific Insurance Co., Allianz, State Farm Mutual, Tokio Marine Group, Automobile Insurance, Geico, Ping An Insurance (Group) Company of China, Ltd., Admiral Group Plc, Berkshire Hathaway Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global vehicle insurance market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global vehicle insurance market.

Detailed Segmentation:

• By Motor Insurance Type
  • Own Damage  
  • Third Party       
• By Application
  • Commercial Vehicle
  • Personal Vehicle
• By Vehicle Age
  • New Vehicle
  • Old Vehicle
• By Distribution Channel
  • Individual Agents
  • Brokers
  • Banks
  • Online
  • Other Distribution Channels
• By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Key Players Insights
• • People’s Insurance Company of China
  • Allstate Insurance Company
  • China Pacific Insurance Co.
  • Allianz
  • State Farm Mutual
  • Tokio Marine Group
  • Automobile Insurance
  • Geico
  • Ping An Insurance (Group) Company of China, Ltd.
  • Admiral Group Plc
  • Berkshire Hathaway Inc.
  • State Farm
  • Ping An Insurance
  • Zurich AG
  • AXA SA
  • Assicurazioni Generali
  • GEICO
  • Bajaj Finserv