Report Scope & Overview:
Automotive Insurance Market Size was valued at USD 939.08 billion in 2022 and is expected to reach USD 1777.1 billion by 2030 and grow at a CAGR of 8.3% over the forecast period 2023-2030.
Automotive insurance is a contract that is made between the owner of the car and the insurance provider. This contract serves to protect the owner of the vehicle against financial loss in the event that their vehicle is stolen or involved in an accident. In return for the owner paying a premium, the insurance company commits to reimburse losses in accordance with the provisions of the policy.
There are a number of variables, including an increasing number of car sales, which are contributing to the expansion of the automobile insurance market. Government regulations and mandates of vehicle insurance in a variety of nations are also contributing to this expansion. A form of car insurance known as usage-based insurance, or UBI for short, allows the insurer to determine the premium based not just on the amount of mileage driven but also on where and how the vehicle is operated. The information is gathered with the use of telematics technology.
MARKET DYNAMICS:
KEY DRIVERS:
An increase in the general public's understanding of the importance of automobile insurance.
The use of innovative technology in automobile insurance goods.
The presence of insurance solution suppliers other than the company itself.
RESTRAINTS:
Financial constraints are one of the most significant impediments to using cutting-edge technology.
The incapacity of market participants to adjust to the changing market environment.
OPPORTUNITIES:
Possibilities presented by the rapid growth of on-demand transportation.
The transfer of responsibility to manufacturers.
The introduction and integration of self-driving technology have improved automotive safety.
There has been an increase in asset utilization and a shift in the ownership patterns of automobiles.
CHALLENGES:
The changing nature of the sector is one of the biggest challenges.
Autonomous technologies and changing regulations are transforming the market. Unpredictability rises.
IMPACT OF COVID-19:
The pandemic that was caused by the Covid 19 virus has had a significant impact on the market for automobile insurance on a global scale. People are choosing to drive in their own private automobiles and vehicles rather than using the public transportation system as a result of the infectious disease outbreak. This pattern has resulted not only in a rise in the number of automobiles being sold but also in an increase in the demand for various forms of automobile insurance. People who drive their own automobiles for the purpose of commuting might benefit from the protection afforded by these insurance alternatives. As a result, the pandemic has led to an increase in the total demand for products related to car insurance, which in turn has led to an expansion of the market.
KEY MARKET PLAYERS:
Allstate Insurance Company, RAC Motoring Services, Progressive Casualty Insurance Company, Zhongshan Insurance, CPIC, ABIC Inc., Zurich Insurance Group, RSA Insurance Group, and Clements Worldwide are some of the major players in the Automotive Insurance Market.
MARKET ESTIMATION:
Market, By Insurance Type:
The market is divided into two categories based on the insurance type: Third-party, Comprehensive, Third-party theft, Fire, and Others. Diverse insurance options have raised global demand. These market segments will affect the growth of the automobile insurance market during the forecast period. Collision, comprehensive, and gap insurance have gained appeal in the current market.
Market, By Vehicle Type:
The market is divided into vehicle types, which are further divided into passenger cars, LCV, and HCV. The growing public knowledge of insurance services and goods is the primary factor that has the potential to influence the performance of each of the industry's subsectors. They might make a considerable contribution to the expansion of the market during the period that is anticipated.
MARKET SEGMENTATION:
By Insurance Type:
Third-party
Comprehensive
Third-party theft and Fire
Others
By Vehicle Type:
Passenger cars
LCV
HCV
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REGIONAL ANALYSIS:
The worldwide market is divisible into a variety of geographical submarkets, including the Americas, Europe, the Asia Pacific, the Middle East, and Africa, as well as the rest of the world. The Asia Pacific geographical segment would most likely dominate the worldwide market and have a significant influence on the growth of the automobile insurance market over the time that is anticipated. There are a large number of insurance providers and third-party insurance providers in the region, as well as numerous insurance providers in the region, which are some of the primary reasons for the solid performance of the particular regional segment. The sales of automobiles in Asian countries like India and China have increased substantially in recent years. During the time period that is being prophesied, it is also anticipated that both the Middle East and Africa, as well as South America, would display excellent performance. The rise in the number of automobiles on the road has the potential to be a significant element that might bolster the contribution of this market segment at the international level.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 939.08 Billion |
| Market Size by 2030 | US$ 1777.1 Billion |
| CAGR | CAGR of 8.3% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Insurance Type (Third-party, Comprehensive, Third-party theft and Fire, Others) • by Vehicle Type (Passenger cars, LCV, HCV) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Allstate Insurance Company, RAC Motoring Services, Progressive Casualty Insurance Company, Zhongshan Insurance, CPIC, ABIC Inc., Zurich Insurance Group, RSA Insurance Group, and Clements Worldwide |
| Key Drivers | •An increase in the general public's understanding of the importance of automobile insurance. •The use of innovative technology in automobile insurance goods. |
| RESTRAINTS | •An increase in the general public's understanding of the importance of automobile insurance. •The use of innovative technology in automobile insurance goods. |
Ans:- The market forecast period is 2021-2028 according to the study report.
Ans:- Insurance Type, Vehicle Type, and Region are the different segments of the market.
Ans:- The use of innovative technology and the presence of insurance solution suppliers are the primary market drivers for Automotive Insurance Market.
Ans:- Yes.
Ans:- The Asia Pacific region is anticipated to be the primary driver of the market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Insurance Market Segmentation, by Insurance Type
8.1 Third-party
8.2 Comprehensive
8.3 Third-party theft and Fire
8.4 Others
9. Global Automotive Insurance Market Segmentation, by Vehicle Type
9.1 Passenger cars
9.2 LCV
9.3 HCV
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 the USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 the UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company Profiles
11.1 RAC Motoring Services,
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Allstate Insurance Company
11.3 RAC Motoring Services
11.4 Progressive Casualty Insurance Company
11.5 Zhongshan Insurance
11.6 CPIC
11.7 ABIC Inc.
11.8 Zurich Insurance Group
11.9 RSA Insurance Group
11.10 Clements Worldwide
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share analysis
12.3 Recent Developments
13. Conclusion
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