Press release
Global Auto Insurance Market To Be Driven By The Rising Sale Of Automobiles In The Forecast Period Of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2020): USD 704.8 Billion
Forecast CAGR (2022-2027): 7.1%
Forecast Market Size (2026): USD 1,170.9 Billion
The rising demand for personal vehicles across the world is consequently leading to an augmented auto insurance market. The propelling sale of automobiles is reasoned to be an effect of industrialisation in both developing and developed countries along and rising disposable income of people which has augmented their purchasing power.
Accidents or theft of automobile can be unpredictable, and this gives rise to the need of protecting the vehicles via insurance, which is boosting the sale of auto insurance. Additionally, auto insurance encompasses the cost of injury, death or property damage caused by the insured vehicle. Also, the cases of negligence or rash driving on roads further trigger the need to have an insurance. Government regulations mandating auto insurance, in various countries, is significantly pushing the market higher.
Market Segmentation
Auto insurance, also known as vehicle or motor insurance, is a contract between the person taking the insurance for his/her vehicle (insured) and the insurance company to offer protection against the case of financial loss due to situations like accident or theft of the vehicle. The insurance company charges a premium amount to pay for losses.
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On the basis of coverage, the market is segmented into:
Third Party Liability Coverage
Comprehensive
Others
The market is divided into the following, based on distribution channel:
Insurance Agents
Direct Response
Banks
Others
On the basis of vehicle age, the division of the market is as follows:
New Vehicles
Used Vehicles
On the basis of application, the market is bifurcated into:
Personal
Commercial
The major regional markets include:
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
Market Trends
The Asia Pacific region is significantly contributing towards the auto insurance market owing to the presence of big automobile players in countries including Japan, China, and India. Their product innovation is helping to keep up with the growing demand for personal vehicle. Consequently, the demand for vehicle protection through automobile insurance is flourishing as well. Furthermore, the digitisation of financial services is aiding the market growth.
For instance, in India, the 'Digital India' initiative of the government is strengthening awareness among people with respect to different options available under automobile insurance. Adding to this, development of application providing consolidation information, online availability of vehicle insurance, online renewal facilities are also significant factors aiding the market growth.
Key Market Players
The major players in the market are Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, GEICO, Allstate Insurance Company, and Admiral Group plc, among others.
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