Press release
GAP Insurance Market 2030: Investment Opportunities and Business Development Strategies by Top Players | American Family Insurance, Aviva, AXA, Berkshire Hathaway Inc
According to the report published by Allied Market Research, the global guaranteed auto protection (gap) insurance market garnered $3.2 billion in 2021, and is estimated to generate $8.0 billion by 2031, manifesting a CAGR of 9.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/7781
COVID-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global gap insurance market, owing to implementation of the global lockdown that resulted to economic slowdown, unpredictability in global financial sectors, and highly volatile market.
In addition, slump in the automobile industry has affected the sales of GAP insurance in 2020, thereby reducing the revenue to a great extent.
Moreover, many gap insurance firms adopted digitalization in their business for maintain smooth communication with their clients. This factor has helped in the growth of the GAP insurance market during the global health crisis. Also, the market has a huge scope to gather exponential growth post-pandemic.
The research provides detailed segmentation of the global gap insurance market based on type, application, distribution channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the finance GAP insurance segment held the highest share in 2021, accounting for more than two-fifths of the global gap insurance market, and is expected to continue its leadership status during the forecast period. However, the return-to-value GAP insurance segment is expected to register the highest CAGR of 14.2% from 2022 to 2031.
Based on application, the passenger vehicle segment accounted for the highest share in 2021, contributing to nearly three-fourths of the global gap insurance market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the commercial vehicle segment is expected to manifest the highest CAGR of 12.4% from 2022 to 2031.
Based on distribution channel, the agents & brokers segment accounted for the highest share in 2021, holding more than half of the global market, and is expected to continue its leadership status during the forecast period. However, the direct response segment is estimated to grow at the highest CAGR of 11.9% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the total market share. However, Asia-Pacific is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 13.2% during the forecast period. The research also analyzes regions including Europe and LAMEA.
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Leading market players of the global gap insurance market analyzed in the research include Admiral Group Plc, Allianz, Allstate Insurance Company, American Family Insurance, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Direct Gap, Kemper Corporation, Liberty Mutual Insurance Company, Majesco, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, The Travelers Idemnity Company, and Zurich.
The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the GAP insurance market analysis from 2021 to 2031 to identify the prevailing GAP insurance market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities in GAP insurance market overview.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the GAP insurance market segmentation assists to determine the prevailing market opportunities and GAP insurance market share.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as GAP insurance market trends, key players, market segments, application areas, and market growth strategies.
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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.
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