+91-8668442535

Auto Insurance Market By Coverage (Third Party Liability Coverage, Collision/Comprehensive/ Other Optional Coverages) By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, Others) By Vehicle Age (New Vehicles, Used Vehicles) By Application (Personal, Commercial) - Growth, Future Prospects & Competitive Analysis, 2016 - 2028

About this report

The global auto insurance market report explores the analysis of the auto insurance industry using major parameters. The auto insurance market report consists of investment strategies, the need for investments in the auto insurance industry, and several benefits for investors. This report sets out significant changes in the global technical regulations for the Auto insurance industry and economic and non-economic barriers that are helping the auto insurance market grow. Moreover, the report analyses the regional, global, and country-level historic and forecasted market size. The report provides a comprehensive analysis of major investment propositions, demand and supply gap, STAR analysis, competitors positioning, Tornado analysis and SRC analysis. Major technological developments and other analyses include PESTEL analysis, porter's five forces analysis, value chain analysis, etc.

REPORT ATTRIBUTE DETAILS

Auto insurance Market by Volume

Yes

Auto insurance Market by Value

Yes

Auto insurance Market, Tornado Analysis

Yes

Auto insurance Market, STAR Analysis

Yes

Auto insurance Market, SRC Analysis

Yes

Auto insurance Market Pricing Analysis

Yes (On Demand)

Auto insurance Market Segment Analysis

By Coverage (Third Party Liability Coverage, Collision/Comprehensive/ Other Optional Coverages)

By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, and Others)

By Vehicle Age (New Vehicles and Used Vehicles)

By Application (Personal, and Commercial)

Auto insurance Market, Regional Analysis

North America (the US and Canada)

Europe (Germany, UK, France, Italy, Spain, and the Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, Southeast Asia, and the Rest of Asia Pacific)

Latin America (Brazil, Mexico, and the Rest of Latin America)

The Middle East and Africa (GCC Countries, South Africa, and the Rest of the Middle East and Africa)

Auto insurance Market Key Companies

PEOPLE’S INSURANCE COMPANY OF CHINA, CHINA PACIFIC INSURANCE CO., STATE FARM MUTUAL, AUTOMOBILE INSURANCE, PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD., BERKSHIRE HATHAWAY INC., ADMIRAL GROUP PLC, GEICO, TOKIO MARINE GROUP, ALLIANZ, ALLSTATE INSURANCE COMPANY

Auto insurance Market Competitive Landscape

Market Share Analysis

Competitive Benchmarking

Key Players Market Positioning

Geographical Presence Analysis

Major Strategies Adopted

 

Key Highlights of the report

How are the major segments performing in the auto insurance market?

  • In 2021, the collision/comprehensive/ other optional coverage segment accounted for the maximum share of the global market due to growing massive investments in the insurance industry by different companies.
  • In 2021, the direct response segment was anticipated to hold the maximum share of the global market due to it contributes significantly to economic growth by serving as a go-between for insurers and policyholders.
  • In 2021, the new vehicles segment was anticipated to hold the maximum share of the global market due to growing consumer demand for personal vehicles and rising disposable income.
  • In 2021, the commercial segment was anticipated to hold the maximum share of the global market due to damage in case of an accident and provide repair coverage.

Which region dominated the auto insurance market?

In 2021, the Asia-Pacific region was expected to be the market's most important region. This is attributable to increasing automotive production and sales in emerging countries such as China, India, and Japan. Moreover, the development of applications provides consolidated information about insurance companies, and competitive pricing is fuelling the market growth. Also,  accessibility of digital vehicle insurance, consumers can purchase and regenerate insurance plans from the convenience of their own homes, which is yet another factor supporting the growth of the regional auto insurance market.

How is China Market Performing in the auto insurance market?

In 2021, the Asia-Pacific region was anticipated to have the highest global auto insurance market revenue share. Since China implemented the comprehensive auto insurance reform, consumers have generally benefited, especially in the passenger car market.

What is the competitive environment of the auto insurance market?

Major players in the market are engaged in strategic alliances to expand their portfolios and gain a robust footing in the market. The competitive intensity in the global market is very high as several businesses function in it. To sustainably perform in the competitive market, key business players have adopted new strategic approaches to increase their auto insurance market share. Several businesses have shifted towards technological advancement and innovation to deliver better automotive insurance solutions to their customers. Auto insurance firms have been working with software providers to deliver big data-based insurance solutions that satisfy their exact needs and wants. These strategic changes could play an influential role and impact market growth in the future.

Executive Summary

How does auto insurance used in the commercial?

Auto insurance is expected to register significant growth in commercial due to offering financial assurance against physical bodily harm and damage caused by traffic collisions, as well as liability that may result from occurrences in a vehicle.

Which are the key investments by the auto insurance market players?

The presence of leading companies in the market growth of the automobile sector is a result of innovations in product designs to keep up with the heightened consumer demand for personal vehicles. As a result, the auto insurance industry is flourishing due to the rising awareness regarding the importance of vehicle insurance. Furthermore, the digitization of business operations is furthering the region's auto insurance market.

auto-insurance-market

For instance, in India, the push for digitizing financial services led by the government’s Digital India initiative is bringing enhanced awareness regarding the available options for automobile insurance. Furthermore, the development of applications providing consolidated information regarding existing insurance providers and price analysis further boosts the market growth. Moreover, with the online availability of vehicle insurance, customers can purchase and renew insurance policies from the comfort of their homes, which is another factor aiding the market growth of auto insurance.

What are the major driving factors for the auto insurance market?

Auto insurance covers trucks, cars, motorbikes, and other vehicles. Its main objective is to offer financial assurance against the physical bodily harm, damage caused by traffic collisions, and liability that result from occurrences in a vehicle. Auto insurance may provide financial assistance against damage and theft caused by circumstances apart from vehicle collisions, keying, climate or environmental disasters, and colliding with adjacent structures. The global auto insurance market is growing due to increasing traffic incidents, the execution of stringent rules and regulations requiring the purchase of auto insurance, and an increase in vehicle sales worldwide.

What are the major risks for the auto insurance market?

Numerous challenges exist in the global auto insurance industry setting that diminishes its attractiveness and growth potential. One of the chief challenges relates to the dynamic nature of the industry. The market is undergoing transformational change due to the integration of autonomous technology and changing regulatory landscape. It has increased unpredictability for the key players that function in the market and influence the auto insurance market size at the global level.

Which is the key application in the auto insurance market?

During the forecast period, the commercial segment will hold a major share of the global auto insurance market due to commercial insurance being a policy of damage and liability coverages for situations, amounts, and usage not covered by an auto insurance policy. It provides final protection to the customers against any physical damage resulting from theft of commercial vehicles or traffic collisions such as accidents, weather, natural disasters, etc.

How is the auto insurance market performing in regions?

The Asia Pacific geographical segment will dominate the global auto insurance market during the forecasted period. Some of the reasons for the performance of the specific regional segment are increasing in the sales of automobiles in the region, such as China and India, numerous insurance providers, and third-party insurance providers in the region. Also, it is expected that the Middle East, Africa, and South America will demonstrate strong performance during the forecasted period. The increase in the number of automobiles could act as a major factor that could strengthen the drive of the market segment at the global level.

What is the regulatory landscape for the auto insurance market?

Rules and regulations made by governments across the globe to mandatorily buy insurance policies while purchasing a new vehicle have also boosted the growth of this market. Furthermore, new insurance product launches and innovations are also expected to fuel the growth of this market.

What is the market size of auto insurance regarding value?

The global auto insurance market is anticipated to grow at a significant CAGR of 8.90% in the upcoming years. The global auto insurance industry was estimated to be worth USD 750.8 billion in 2021 and was expected to worth USD 1252.2 billion by 2028.

Segmentation of the Global Auto Insurance Market-

Global Auto insurance Market – By Coverage

  • Third Party Liability Coverage
  • Collision/Comprehensive/ Other Optional Coverages

Global Auto insurance Market – By Distribution Channel

  • Insurance Agents/Brokers
  • Direct Response
  • Banks
  • Others

Global Auto insurance Market – By Vehicle Age

  • New Vehicles
  • Used Vehicles

Global Auto insurance Market – By Application

  • Personal
  • Commercial

Global Auto insurance Market – By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • The U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Frequently asked questions about the global auto insurance market

Asia Pacific auto insurance market is expected for the highest revenue share of the global market. The auto insurance industry in the region is flourishing due to the rising awareness regarding the importance of vehicle insurance. Furthermore, the digitization of business operations is furthering the market for auto insurance in the region.

The citizens' disposable incomes have increased, increasing purchasing power, thereby boosting the sales of automobiles are expected to fuel the growth of the global market.

The collision/comprehensive/ other optional coverage segment had a major global market share in 2021.

The insurance agents/brokers segment had a major share in the global market.

New vehicles had a major share in the global market.

Auto Insurance Market Scope

Report Attribute Details
Market Value in 2021 USD 750.8 billion
Market Value in 2028 USD 1252.2 billion
CAGR 8.90%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Trusted By
Godaddy
Published Date:  Nov 2022
Category:  Automotive & Transportation
Report ID:   60787
Report Format:   PDF
Pages:   140
Rating:    4.6 (40)
Delivery Time: 24 Hours to 48 Hours   
Connect With Us
+91-8668442535
24/7 Research Support