Summary
The global Automotive Insurance Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Automotive insurance is basically insurance for automobiles, trucks, motorcycles, and virtually any road vehicle. Its primary function is to offer financial protection against damage or injury resulting from accidents in a motor vehicle and from liability that may also arise in a car. They can be classified into full coverage car insurance and liability auto insurance
An increasing number of accidents coupled with the growing strict regulations for the adoption of auto insurance is fueling the growth of automotive insurance. According to the Insurance Institute for Highway Safety, there were 33,654 fatal motor vehicle crashes in the United States in 2018. Auto insurance offers financial protection against car damage, resulting from traffic collisions and theft of vehicles. Moreover, it also covers the cost related to injuries, death, or property damage caused by the insured owner of the vehicle to the vehicle, another driver, or property. An increase in the sale of automobiles due to growing disposable income is further projected to propel the growth of automotive insurance.
The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the expanding automobile production which is increasing the market of automotive insurance in the region. According to the India Brand Equity Foundation, domestic automobile production increased at 2.36% CAGR between FY16-20 with 26.36 million vehicles being manufactured in the country in FY20. Passenger vehicle (PV) sales stood at 3, 10,294 units in October 2020, compared with 2, 71,737 units in October 2019, registering a 14.19% growth. Premium motorbike sales in India recorded a seven-fold jump in domestic sales, reaching 13,982 units during April-September 2019.
Key Developments:
- In October 2020, PhonePe, India’s digital payments platform announced the launch of Car and Bike Insurance products on its platform for owners of private cars and two-wheelers, in association with Bajaj Allianz General Insurance, one of India’s leading general insurers
- In October 2020, Daimler Insurance Services and Swiss Re announced that they have entered into a partnership for automotive and mobility insurance and launched a new company called Movinx
- In July 2020, Amazon’s India business announced that it has started offering auto insurance to cover two and four-wheelers in the country, marking the American giant’s first foray into this financial services category globally
- In February 2021, Greater Than announces that the company further extends its cooperation with Mitsui Sumitomo Insurance (MSI).
The Automotive Insurance Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Automotive Insurance Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- Allstate Insurance Company
- RAC Motoring Services
- Progressive Casualty Insurance Company
- Clements Worldwide
- GEICO
- NFU Mutual
- Zhongan Insurance
- ABIC Inc
- CPIC
- State Farm Mutual Automobile Insurance Company
- RSA Insurance Group plc
- Zurich Insurance Group
- Allianz SE
- PICC
- Assicurazioni Generali
By the Product Type, the market is primarily segmented into:
- Third-Party
- Comprehensive
- Theft
- Fire
- Others
By Applications, the market is segmented into:
- split into
- Personal User
- Company
- Fleet
- Other
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Automotive Insurance Market Report:
- To assess the size of the market by value and volume
- Analyze the Automotive Insurance Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Automotive Insurance Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Automotive Insurance Market
The Automotive Insurance Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Automotive Insurance Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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