Press release
Commercial Auto Insurance Market Reach $307.10 billion By 2030
According to a recent report published by Allied Market Research, titled, "Commercial Auto Insurance Market By Distribution Channel, Coverage Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global commercial auto insurance market size was valued at $128.44 billion in 2020, and is projected to reach $307.10 billion by 2030, growing at a CAGR of 9.2% from 2021 to 2030.📝𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 https://www.alliedmarketresearch.com/request-sample/A14156
Factors such as stringent government guidelines regarding commercial auto insurance, rise in number of road accidents, and increase in usage of commercial vehicles propel the growth of the global market. Furthermore, there is a rise in trends of food trucks and increase in number of vehicle owners using their personal vehicles for commercial purpose as a food truck. This, as a result requires a commercial auto insurance, since personal vehicles cannot be used for business purpose.
Furthermore, the global commercial auto insurance market is growing exponentially in the U.S. and exhibits high growth potential due to rise in number of road accidents. For instance, according to a recent survey from National Institute of Occupational Safety & Health, 47% of commercial drivers surveyed admitted to reading text messages while driving. However, other distractions are equally dangerous with nearly 34% of drivers projected that they have fallen asleep while driving.
By distribution channel, the brokers & agents segment is acquired major commercial auto insurance market share. Due to an increase in demand for customized & personalized services, brokers & agents are utilizing several websites and online selling platforms, which is becoming a major trend in the market.
📝𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @https://www.alliedmarketresearch.com/checkout-final/c4fb8209d56d89657a45a0962fef5a8d
Region wise, North America dominated the market in 2020, and is expected to maintain the commercial auto insurance market trends during the forecast period. Increase in logistics business has accelerated the growth of commercial auto insurance, since owners of these commercial vehicles purchase insurance to cover losses incurred due to accidents, third party injury, which therefore propels the market growth in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. There is an increasing number of vehicles used for commercial purposes & rapid growth in logistics industry due to surge in e-commerce sectors propels the market growth in the region.
COVID-19 Impact Analysis
The commercial auto insurance industry has been severely affected, due to sudden business shutdown and a complete ban on transportation of goods & services. Furthermore, dealing with travel bans, fall in the sales of automobiles, and rising changes across regulatory frameworks are some of the critical challenges faced by commercial auto insurance providers in the market. As a result, these major factors affected the growth of the commercial auto insurance market during the pandemic situation.
Key Findings Of The Study
By distribution channel, the brokers & agents segment led the highest commercial auto insurance market share, in terms of revenue in 2020.
On the basis of coverage type, the collision/comprehensive/optional coverage segment is expected to exhibit the fastest commercial auto insurance market growth rate during the forecast period.
Region wise, North America generated the highest revenue in 2020.
📝𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A14156
The key players operating in the commercial auto insurance market analysis include Allianz, American International Group Inc., Aon plc, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Liberty Mutual Insurance Company, Willis Towers Watson, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
📝𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:
Credit Card Payment Market https://www.alliedmarketresearch.com/credit-card-payments-market-A11836
Merchant Banking Services Market https://www.alliedmarketresearch.com/merchant-banking-services-market-A06931
Financial Wellness Benefits Market https://www.alliedmarketresearch.com/financial-wellness-benefits-market-A230607
Australia and Canada Travel Insurance Market https://www.alliedmarketresearch.com/australia-and-canada-travel-insurance-market-A267105
Takaful Insurance Market https://www.alliedmarketresearch.com/takaful-insurance-market-A11835
Peer to Peer Lending Market https://www.alliedmarketresearch.com/peer-to-peer-lending-market
Fuel Cards Market https://www.alliedmarketresearch.com/fuel-cards-market
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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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each 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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