Press release
Aircraft Insurance Market Analysis, Industry Demand and Growth, Top Players, Scope and Trends, Outlook 2020-2030
Aircraft Insurance Market
Market Overview:
Aircraft Insurance Market will obtain a value of USD 168.44 billion and a CAGR of 2.78% between 2020-2030.
Aircraft insurance was developed to protect against the hazards associated with the aviation sector and aircraft operations, such as property damage, personal injury, and aircraft damage. In other words, aircraft insurance refers to the customer's indemnity against losses sustained due to maintenance, damage, hanger at the airport, and aircraft usage. Aviation insurance is another name for this coverage for aircraft.
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The aircraft insurance market is expected to be driven by the growth of the global aviation industry during the forecast period. The growth of the aviation industry is attributed to the increasing number of air passengers, rise in air cargo traffic, and growth in aircraft. The growth of the aircraft insurance market is also attributed to the increase in the number of low-cost carriers (LCCs) and the rising demand for air travel among the population.
The aircraft insurance market is projected to grow at a higher rate in emerging countries, such as China and India, due to the expansion of the aviation industry in these countries. The LCCs are expected to play a significant role in the growth of the aircraft insurance market during the forecast period.
Key Players:
Allianz Global Corporate & Specialty (AGCS) (Germany), American International Group (AIG) (US), ACE Holdings W.L.L (Bahrain), Willis Towers Watson (England), Chubb (Switzerland), STARR INTERNATIONAL COMPANY INC.(US), AXA (France), Arthur J. Gallagher & Co. (US), Munich Re (Germany), Marsh LLC (US)
Market Segmentation:
The aircraft insurance market is segmented by type and by region. The global market for aircraft insurance has been divided into three categories based on application: business & general aviation, commercial aviation, and others.
In 2019, the commercial aviation sector dominated the world market for aircraft insurance. Additionally, this market is anticipated to grow at the greatest CAGR from 2020 to 2026. Due to rising air passenger traffic and the expansion of the commercial aircraft industry, this segment is driving the market growth.
Regional Analysis:
The Aircraft Insurance Market Trends have included several geographic areas, including Europe, North America, Asia-Pacific, the Middle East, Africa, and the rest of the world.
Because of notable insurance providers like Berkshire Hathaway Inc. and American International Group, Inc., the North American area was predicted to dominate the industry in 2019. Additionally, the European region is anticipated to lead the global market for aircraft insurance due to major aircraft producers like Airbus SAS.
In addition, it is anticipated that the Asia-Pacific regional market will have the greatest CAGR during the analysis period. This region is growing due to the rise in air travel in nations like China and India. Additionally, the Middle East and Africa area is fueling market expansion due to the region's expanding UAV manufacturing industry and the building of new airports in nations like the United Arab Emirates. Additionally, aircraft OEMs like Embraer SA support the expansion of the global aircraft insurance market.
Industry News:
Due to the growing number of airports and the flourishing global aviation sector, the aviation insurance market is predicted to rise dramatically. According to the application, the commercial aviation sub-segment is the most profitable. It is anticipated that the North American region will have the biggest share during the projected period. By 2030, the global market for aviation insurance will be $5.75 billion.
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Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis with respect to various markets and consumers worldwide. Market Research Future has the distinguished goal of providing customers with optimal quality research and granular research. Our market research by products, services, technologies, applications, end users, and market players for global, regional, and national market segments, allows our customers to see more, learn more, and do more, helping to answer your most important questions
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