Two-Wheeler Insurance Market Set to Soar to $171.88 Billion by 2030, Driving Global Coverage Trends

Two-wheeler insurance is an insurance policy for two-wheelers, trucks, motorcycles, and other road vehicles that protects customers against financial loss in the event of an accident or theft of vehicles and provides property coverage, liability coverage, and medical coverage. Furthermore, two-wheeler insurance is one of the largest revenue sources in the general insurance industry and accounts more than 35% in overall insurance premium collection.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 :
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According to the report published by Allied Market Research, the global two-wheeler insurance market garnered $91.60 billion in 2020, and is expected to garner $171.88 billion by 2030, manifesting a CAGR of 6.8% from 2021 to 2030. The report provides a detailed analysis of evolving market dynamics, key segments, value chain, regional scenario, top investment pockets, and competitive landscape.

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.

Covid-19 Scenario:

With an unprecedented COVID-19 pandemic, demand for two-wheeler insurance has affected due to rapid increase in premium rates & claim payments, motor liability, continued pressure towards pricing, and rising severity of losses across several industry vertical
The Covid-19 pandemic impacted the two-wheeler insurance market due to government imposed travel ban and reduction in sales of two-wheelers during the pandemic.
However, the Covid-19 outbreak positively improved the online insurance market, owing to the requirement of insuring vehicles through contactless connections.

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.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/A07582

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.

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

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @
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Key Findings Of The Study

By policy type, the third-party liability insurance segment accounted for the largest two-wheeler insurance market share in 2020.
Region wise, North America generated highest revenue in 2020.
Depending on vehicle type, the new vehicle segment generated the highest revenue in 2020.

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:
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