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Protecting Your Ride: GAP Insurance Market Trends
The Business Research Company recently released a comprehensive report on the Global Guaranteed Auto Protection (GAP) Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
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According to The Business Research Company's, The guaranteed auto protection (gap) insurance market size has grown rapidly in recent years. It will grow from $3.61 billion in 2023 to $3.99 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increase in demand for transportation, rise in vehicle sales, increased income levels, .
The guaranteed auto protection (gap) insurance market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to expansion of online insurance marketplaces, focus on personalized insurance solutions, growth of alternative financing options, expansion into emerging markets. Major trends in the forecast period include adoption of telematics and usage-based insurance (ubi), integration of ai and ml, introduction of digital platforms, collaborations by key players.
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Market Drivers and Trends:
Increasing vehicle sales is significantly contributing to the growth of the guaranteed auto protection (GAP) insurance market going forward. Vehicle sales are increasing mainly due to increasing demand for transportation, customer preference for vehicles as a lifestyle product, increasing income levels, and others. Guaranteed auto protection (GAP) insurance helps users by paying the difference between what a vehicle is currently worth (which the regular insurance will pay) and the amount a person really owes on it in the case of an accident in which they severely damage or total the vehicle. For instance, in June 2023, According to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK are expected to rise by 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Furthermore, in 2022, according to reports shared by the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the sales of passenger vehicles across the globe increased from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the increase in vehicle sales is driving the growth of the guaranteed auto protection (GAP) insurance market.
Product innovation is the key trend gaining popularity in the guaranteed auto protection (GAP) insurance market. Major companies operating in the guaranteed auto protection (GAP) insurance market are developing innovative auto insurance products and services for vehicles to sustain their position in the market. For instance, in April 2021, AXA Affin General Insurance, a Malaysia-based general insurance company, launched Guaranteed Asset Protection - Return to Insured Value (GAP-RTIV), a plan that safeguards a car's complete worth in the event of a total loss scenario. With this product, the company enhanced its product offering, with a purpose to safeguard car owners from such unexpected setbacks so they don't have to bear the financial load of covering the vehicle's uninsured outstanding value but can instead quickly recover and buy a new replacement vehicle. It is accessible for cars with a maximum age of five years through a single upfront payment. Following the resolution of the comprehensive vehicle insurance claim and the owner's submission of the necessary paperwork, the company will swiftly settle the GAP-RTIV claim.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Berkshire Hathaway Inc., Axa S.A., State Farm Mutual Automobile Insurance Company, Nationwide Mutual Insurance Company, Allstate Insurance Company, Liberty Mutual Insurance Company, Progressive Casualty Insurance Company, Zurich Insurance Group Ltd., Chubb Limited, The Travelers Indemnity Company, Government Employees Insurance Company, The Hartford Financial Services Group Inc., American Family Insurance, Allianz SE, Auto-Owners Insurance Group, Arch Insurance Group Inc., Kemper Corporation, Amica Mutual Insurance Company, Erie Insurance, Infinity Auto Insurance, Admiral Group plc, Esurance Insurance Services Inc., American Automobile Association Inc., Assurity Solutions, Motor Gap Limited.
Guaranteed Auto Protection (GAP) Insurance Market 2024 Key Insights:
• The guaranteed auto protection (gap) insurance market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Surging Vehicle Sales Propel Growth Of Gap Insurance Market
• Product Innovation Elevates Guaranteed Auto Protection (GAP) Insurance Sector
• North America was the largest region in the guaranteed auto protection (GAP) insurance market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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