Press release
Travel Insurance Market Growth with CAGR of 24.7% Implies to Reach Industry size of USD 124.8 billion by 2031
The global travel insurance market was valued at $14.2 billion in 2021, and is projected to reach $124.8 billion by 2031, growing at a CAGR of 24.7% from 2022 to 2031.
The research provides an extensive analysis of driving factors, restraints, and opportunities of the global Travel Insurance market. These insights are helpful in availing insights about drivers, determining strategies, and implementing necessary steps to avail competitive advantage and sustainable growth. Moreover, market players, investors, and startups can determine new opportunities, exploit the market potential, and achieve a competitive edge.
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Top market players analyzed in the research include :
They have implemented various strategies such as new product launches, mergers and acquisitions, joint ventures, partnerships, expansion, collaborations, and others to gain a competitive advantage across the global market.
These companies have adopted various business strategies such as new product launches, mergers & acquisitions, partnerships, and collaborations to maintain market position.
The study provides an in-depth analysis of the dynamic driving and restraining factors, major challenges, and lucrative opportunities. Moreover, the study offers a SWOT analysis that helps understand the restraining and driving factors in the industry. The global Travel Insurance Market report covers an overview of the market and outlines market definition and scope.
The drivers and opportunities aid in understanding the ever-changing industry trends and how companies can leverage such trends. On the other hand, the challenges and restraints included in the report aid in recognizing lucrative market investments. The global Travel Insurance report offers a quantitative and qualitative analysis of the market. The qualitative study highlights the value chain analysis, pain point analysis, and key regulations.
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The report offers a detailed impact of the Covid-19 pandemic on the global Travel Insurance market to assist investors, market players, and others in reassessing their strategies and taking necessary steps accordingly.
Covid-19 Scenario:
Manufacturing activities of Travel Insurance were halted due to partial or complete lockdowns adopted in many countries. In addition, disruption in the supply chain and unavailability of a sufficient workforce presented hindrances in manufacturing activities.
The Covid-19 pandemic presented economic uncertainty lowered down business confidence and surged panic among customers. However, the market is projected to recover soon.
Post-lockdown, manufacturing activities began at full capacity, and the supply chain was reestablished. Moreover, the demand from end-user industries is expected to increase gradually.
Key Market Segments:
Insurance Cover
- Single-Trip Travel Insurance
- Annual Multi-Trip Travel Insurance
- Long-Stay Travel Insurance
Distribution Channel
- Insurance Intermediaries
- Insurance Companies
- Banks
- Insurance Brokers
- Insurance Aggregators
End User
- Senior Citizens
- Education Travelers
- Business Travelers
- Family Travelers
- Others
Age Group
- 1-17 Years Old
- 18-30 Years Old
- 31-49 Years Old
- Above 50
By Region:
1) North America- (U.S., Canada, Mexico)
2) Europe- (Germany, UK, France, Spain, Italy, Rest of Europe)
3) Asia-Pacific- (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
4) LAMEA- (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
A comprehensive analysis of each segment and sub-segment is provided in the research. In addition, the tabular and graphical representation of each segment and sub-segment will assist market players in understanding the largest revenue-generating segments and driving factors thoroughly. This analysis is valuable in identifying the fastest-growing segments as well and strategizing to gain long-term growth.
The research provides a detailed analysis of various regions and countries for the global Travel Insurance market. Regions discussed in the study include North America (the U.S., Canada, and Mexico), Europe (the U.K., France, Italy, Germany, and the rest of Europe), Asia-Pacific (China, Japan, India, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). These insights are valuable in devising strategies of expansion, identifying growth potential, and tapping on opportunities in new regions. AMR also provides customization services for a specific region, country, and segment as per requirements.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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