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Two-Wheeler Insurance Market to Garner $171.88 Billion By 2030
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Rise in the number of accidents and implementation of strict government rules for the adoption of two-wheeler insurance drive the global two-wheeler insurance market. In addition, an increase in two-wheeler sales due to rising consumer per capita income supplemented the market growth. However, lack of awareness about two-wheeler insurance policies and rise in adoption of autonomous vehicles hamper the market growth. On the contrary, technological advancements in existing products and service lines and increase in demand for third-party liability coverage in developing nations would provide significant opportunities for market players in future.
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The report offers detailed segmentation of the global two-wheeler insurance market based on policy type, distribution channel, vehicle age, and region.
By policy type, the third-party liability insurance segment contributed to the highest market share in 2020, accounting for nearly two-thirds of the market. However, the comprehensive insurance segment is projected to witness highest CAGR of 8.9% from 2021 to 2030.
Based on the vehicle age, the new vehicle segment contributed to the highest market share in 2020, accounting for more than half of the market share. However, the used vehicle segment is expected to grow with highest CAGR of 8.2% during the forecast period.
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key Forces Shaping Two-Wheeler Insurance Market
3.2.1.High bargaining power of buyers
3.2.2.Moderate threat of substitutes
3.2.3.Moderate threat of new entrants
3.2.4.High competitive rivalry
3.3.Market dynamics
3.3.1.Drivers
3.3.1.1.Rise in number of traffic accidents
3.3.1.2.Regulatory requirements for adoption of two-wheeler insurance
3.3.2.Restraint
3.3.2.1.Lack of awareness regarding two-wheeler insurance policy
3.3.3.Opportunities
3.3.3.1.Increase in demand for two-wheeler insurance products and services
3.3.3.2.Implementation of technologies in existing product and service lines
3.4.COVID-19 impact analysis on two-wheeler insurance market
3.4.1.Impact on market size
3.4.2.Change in consumer trends, preferences, and budget impact due to COVID-19
3.4.3.Economic impact
3.4.4.Key player strategies to tackle negative impact in the industry
3.4.5.Opportunity analysis for 2-wheeler providers
CHAPTER 4:TWO-WHEELER INSURANCE MARKET, BY POLICY TYPE
4.1.Overview
4.2.Third-Party Liability Insurance
4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market analysis, by country
4.3.Comprehensive Insurance
4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market analysis, by country
The global two-wheeler insurance market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America held the largest share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 9.5% during the forecast period.
Leading players of the global two-wheeler insurance market analyzed in the research includes Liberty General Insurance Ltd., State Farm Mutual Automobile Insurance, Allstate Insurance Company, Geico, Bajaj Allianz General Insurance, Farmers, ACKO General Insurance Limited, Dairyland, USAA and Progressive Casualty Insurance Company
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Key Benefits For Stakeholders
The study provides an in-depth analysis of the two-wheeler insurance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
The quantitative analysis of the two-wheeler insurance market trends from 2021 to 2030 is provided to determine the market potential.
Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the two-wheeler insurance market.
Two-Wheeler Insurance Market Report Highlights
Aspects Details
By Policy Type
Third Party Liability Insurance
Comprehensive Insurance
By Distribution Channel
Insurance Agents/Brokers
Direct Response
Banks
Others
By Vehicle Age
New Vehicle
Used Vehicle
By Region
North America (U.S., Canada)
Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
By Key Market Players
STATE FARM MUTUAL AUTOMOBILE INSURANCE
GEICO
ALLSTATE INSURANCE COMPANY
Bajaj Allianz General Insurance
Farmers
Dairyland
Liberty General Insurance Ltd.
ACKO General Insurance Limited
Progressive Casualty Insurance Company
USAA
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