The latest market report published by Credence Research, Inc. “Global Auto Insurance Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Auto Insurance Market generated revenue of around USD 750.8 billion in 2021 and is anticipated to grow a CAGR of over 8.90% during the forecast period from 2022 to 2028 to reach around USD 1252.2 billion in 2028.
Auto insurance protects against financial loss in an accident or theft. In exchange for paying a premium, the insurance company agrees to pay losses as outlined in the policy. Auto insurance provides coverage for property, such as damage to or theft of the car. Liability – legal responsibility to others for bodily injury or property damage and medical – the cost of treating injuries, rehabilitation, and sometimes lost wages and funeral expenses.
The global auto insurance market is bifurcated into coverage, distribution channel, vehicle age, application and geography. Based on coverage, the auto insurance market is categorized into third-party liability coverage, collision/comprehensive/ other optional coverages. The global market is segmented based on distribution channels into insurance agents/brokers, direct response, banks, and others. The global market is segmented on vehicle age into new and used vehicles. The global auto insurance market is segmented based on application: personal and commercial. The market is segmented based on geography: Europe, North America, Asia Pacific, Latin America, the Middle East and Africa.
Browse Global Auto Insurance Market report-https://www.credenceresearch.com/report/auto-insurance-market
In 2021, the Asia-Pacific region was expected to be the market’s most important region in the coming years. This growth is attributable to rapidly increasing automotive production and sales in emerging markets such as India, China, and Japan. Furthermore, developing applications that provide consolidated information about existing insurance companies and competitive pricing boosts the market growth. In addition, with the accessibility of digital vehicle insurance, consumers can purchase and regenerate insurance plans from the convenience of their own homes, which is yet another factor contributing to the growth of the regional vehicle insurance market.
Why Buy This Report-
- The report provides a qualitative and quantitative analysis of the global auto insurance market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global auto insurance market segmentation based on coverage, distribution channel, vehicle age and application.
- Major countries in each region with their import/export statistics
- The global auto insurance market report also includes analyzing the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.
The Global Auto Insurance Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|By Coverage (2016–2028; US$ Bn)|
|By Distribution Channel (2016–2028; US$ Bn)|
|By Vehicle Age (2016–2028; US$ Bn)|
|By Application (2016–2028; US$ Bn)|
|By Geography Segment (2016–2028; US$ Bn)|