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Navigating the Future: Bicycle Insurance Market Trends and Forecast Insights, 2025 Edition
Bicycle Insurance
Bicycle Insurance Market Size Growth Forecast: What to Expect by 2025?
Over the past few years, the bicycle insurance market has experienced swift expansion. Projections indicate that it will rise from a value of $69.48 billion in 2024 to $76.73 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.4%. The historical growth of this sector can be linked to factors like a surge in bicycle use, an escalating risk of accidents, an increase in the number of cyclists, a heightened trend towards adventure sports, and an increasing understanding of the advantages of cycling.
How Will the Bicycle Insurance Market Size Evolve and Grow by 2029?
Anticipated expansion in the bicycle insurance market size is projected to be substantial in the coming years, surging to $113.22 billion in 2029 with a compound annual growth rate (CAGR) of 10.2%. The predicted surge during this period is a result of the increasing popularity of multi-modal transport, surging acceptance of e-bikes, escalating traffic congestion, growing awareness among the population about health and environment, and rising prices of crude oil. Key trends to watch for during this prediction period include technology advancements, digitalisation in operations and claims processing, government-led initiatives, flexible coverage plans, and discounts encouraging environmental sustainability.
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What Drivers Are Propelling the Growth of Bicycle Insurance Market Forward?
The bicycle insurance market is poised for growth, driven by the rising number of cycling accidents. Cycling mishaps typically involve cyclists getting involved in crashes or collisions. They are usually caused by a multitude of reasons including, infrastructure issues, inadequate safety instruction, unawareness of drivers, and distractions. By footing bills for repairs, medical costs, and liabilities resulting from accidents, bicycle insurance offers financial security and tranquility to its users. For example, statistics from the National Coalition for Safety Roadways, a U.S. organization, revealed that about 850 cyclists died from collisions with cars and trucks in 2022, marking a 12% surge from the prior year. Therefore, the continual escalation of cycling accidents is fuelling the expansion of the bicycle insurance market.
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Which Emerging Trends Are Transforming the Bicycle Insurance Market in 2025?
Top contenders in the bicycle insurance market are focusing on devising innovative insurance services to promote enhanced user experience and cater to cyclists' specific insurance requirements. This innovation in insurance services extends to technology-aided, bespoke policies that offer adaptable insurance coverage, instant claim handling, and individualized protection matching unique needs of customers. To exemplify, Laka Ltd., an insurance firm based in the UK, introduced its bicycle insurance service in France in July 2024, providing a wide range of coverage choices customized for cyclists. The new insurance offering includes protection against theft, coverage for accidental damage, on-road assistance, and insurance for racing and travel. This new offering underscores a crucial move in Laka's expansion plan in the European cycling market, while simultaneously backing green mobility strategies.
What Are the Key Segments in the Bicycle Insurance Market?
The bicycle insurancemarket covered in this report is segmented -
1) By Type: Third-Party Insurance Policy, Standalone Own-Damage Insurance Policy, Comprehensive Insurance Policy
2) By Platform: Online, Offline
3) By Coverage: Injury, Sickness, Death, Other Coverages
4) By Distribution Channel: Insurance Agents Or Brokers, Direct Response, Banks, Other Distribution Channels
5) By Application: Pedal Cycle, Exercise Cycle, Other Applications
Subsegments:
1) By Third-Party Insurance Policy: Liability Coverage, Bodily Injury Coverage, Property Damage Coverage
2) By Standalone Own-Damage Insurance Policy: Theft Protection, Accidental Damage Coverage, Natural Calamity Protection
3) By Comprehensive Insurance Policy: Third-Party Liability Coverage, Own-Damage Coverage, Personal Accident Coverage
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Who Are the Key Players Shaping the Bicycle Insurance Market's Competitive Landscape?
Major companies operating in the bicycle insurance market are Allianz SE, Progressive Corporation, Zurich Insurance Group Ltd., Chubb, Liberty Mutual Insurance, GEICO, Aviva Plc, Farmers Insurance Group, QBE Insurance Group Limited, Markel Group Inc., Suncorp Bank, Hiscox Ltd., Direct Line Insurance Group plc, HDFC Ergo General Insurance Company Limited, Admiral Group plc, Axa SA, Laka Ltd., Bikmo UK, Qover SA, BTA Baltic Insurance Company, AAS, Yellow Jersey LLP, Pedal Cover, Velosurance, Symbo Southasia Enterprises Pvt. Ltd
What Geographic Markets Are Powering Growth in the Bicycle Insurance Market?
North America was the largest region in the bicycle insurance market in 2024. The regions covered in the bicycle insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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