Global Automotive Insurance Market
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Market Highlights: Several influential factors are driving the growth of the global automotive insurance market, such as the increasing awareness among end-use industry verticals, the advent of advanced technologies and products, and the availability of third-party insurance suppliers in emerging economies such as Brazil, India, Indonesia, Vietnam, and China to offer substantial traction for the automotive insurance market over the review period. Moreover, automotive insurance companies are likely to work with software providers to deliver big data-based solutions to fulfill the end user’s concerns and available market demand during a car-related transaction in the near future. The global off-road equipment market is estimated to witness 4.4% CAGR during the forecast period, 2019–2024.
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Segmentation: The global market for automotive insurance is bifurcated on the basis of vehicle type and insurance type. On the basis of vehicle type, the global market for automotive insurance has been segmented into light commercial vehicles (LCV), passenger cars, and heavy commercial vehicle (HCV). On the basis of the insurance type, the global automotive insurance market has been segmented into comprehensive, third-party, third theft and fire, and others
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Regional Analysis: On the basis of the region, the global market for automotive insurance is studied in Europe, North America, Asia-Pacific, and the rest of the world. Asia-Pacific is one of the major markets for automotive insurance and is projected to account for the largest market share in the global automotive insurance market due to the flourishing automotive industry in the region, significant vehicle sales, and the augmented consumer awareness to evade financial inconvenience during repairs and theft. The Europe automotive insurance market, on the other hand, is expected to expand progressively over the review period due to economic recovery in the past few years, with a focus on compulsory motor third-party liability insurance. North America is also assessed as one of the significant markets for automotive insurance and is estimated to register substantial growth in the global automotive insurance market due to the remarkable sales of light commercial vehicles over the review period.
Scope of the Report: This study provides an overview of the global automotive insurance market, tracking three market segments across four geographic regions. The report studies key players and provide a six-year annual trend analysis, which highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, which focuses on the market opportunities for the next five years for each region. The scope of the study segments the global automotive insurance market by orientation, capacity, dimensions, end-use, and region. By Vehicle Type • Passenger Cars • Light Commercial Vehicle • Heavy Commercial Vehicle
Key players: The major market players involved in the global automotive insurance market as identified by MRFR are RAC Motoring Services (UK), Allstate Insurance Company (US), Progressive Casualty Insurance Company (US), GEICO (US), Clements Worldwide (US), NFU Mutual (UK), ABIC Inc. (China), Zhongan Insurance (China), CPIC (China), RSA Insurance Group plc (UK), State Farm Mutual Automobile Insurance Company (US), and Zurich Insurance Group (Switzerland). The market players operating in the global insurance market are expected to increase the investments towards research and development activities and expand the competitive dynamics of the global automotive insurance market with business strategies such as mergers, acquisitions, joint ventures, and partnerships, among others. These are expected to create growth opportunities in the market over the review period.
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