Surging incidence rate of vehicle theft and road accidents have significantly driven the automotive insurance market. Market Research Future (MRFR)'s latest report on the global motor insurance market has identified the megatrends as well as micro-economic factors affecting the growth of the market. MRFR has projected a CAGR of 4.4% in the automotive insurance market over the forecast period of 2019-2024.
Strengthening of multiple economies has led to more and more cars hitting the road. Increase in vehicle ownership has directly impacted the automotive insurance market. Elevation in the level of awareness among consumers regarding minimization of legal and financial risks associated with car theft or accidents has led to the increased adoption of insurance among vehicle owners.
Both the automotive as well as the insurance sector, in general, are subject to strict monitoring. Multiple governments mandate insuring vehicles in the event of new car purchase. Besides, various attractive offered provided by insurance companies also lure consumers, which are expected to push the automotive insurance market further.
The availability of telematics devices and ubiquity of smartphones has prompted automotive insurers to experiment with usage-based insurance. The emergence of various automotive insurance applications has provided fuel for the growth of the automotive insurance market. Such applications help in actual tracking of driving and offer discounts and rewards for safe driving. Such initiatives also help to encourage consumers for safe driving. Discounts and offers act as incentives for users to keep such apps running. Automotive OEMs venturing into the insurance space, generally known as OEM captive finance, is likely to push the automotive insurance market further.
Sustained growth in mature markets along with a greater share of emerging markets is expected to fare well for the growth of the market. Growth in emerging markets is primarily driven by the continued expansion of the Chinese insurance market. Regulatory changes along with a rebound in LatAm, Central, and Eastern Europe and Africa. Furthermore, improvement in interest policies is expected to reflect positively on the automotive insurance market.
On the contrary, the proliferation of autonomous cars is anticipated to deter the growth of the automotive car insurance market. Autonomous cars reduce accident rates and shift liability from drivers to manufacturers, which is a major impediment to the market growth. Additionally, motor fellets, car-sharing, and driverless taxis are also anticipated to result in reduced car ownership which will ultimately constrain the growth of the automotive insurance market.
Segmentation
The global automotive insurance market has been segmented based on vehicle type, insurance type.
By vehicle type, the automotive insurance market has been segmented into passenger cars, light commercial vehicle (LCV), and heavy commercial vehicle (HCV).
By insurance type, the automotive insurance market has been segmented into third-party, comprehensive, third-party theft and fire, and others.
Regional Analysis
By region, the automotive vehicle insurance market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC automotive insurance market accounts for the maximum share of the global automotive insurance market. Economic upturn along with increasing purchasing power in the region has driven the sales of the vehicle significantly which translates into accelerated growth within the automotive insurance market. Additionally, the presence of several automotive insurance providers has created a conducive environment for the growth of the market.
Economy recovery in Europe has created favorable grounds for the growth of the automotive insurance market. Heightened sales of light commercial vehicles are anticipated to boost the growth of the North America automotive insurance market.
Competitive Landscape
Clements Worldwide (US), Zhongan Insurance (China), CPIC (China), RAC Motoring Services (UK), ABIC Inc. (China), Progressive Casualty Insurance Company (US), Zurich Insurance Group (Switzerland), RSA Insurance Group plc (UK), Allstate Insurance Company (US), NFU Mutual (UK), State Farm Mutual Automobile Insurance Company (US), and GEICO (US) are the key players in the automotive insurance market.
The global Motor Insurance Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the motor insurance market include Allianz SE, PICC Property and Casualty Co Ltd., Ping An Insurance (Group) Co of China Ltd., ICICI Lombard General Insurance Co Ltd., Sompo Holdings Inc., Samsung Fire and Marine Insurance Co Ltd., Aviva Plc, State Farm Mutual Automobile Insurance Company, GEICO, Porto Seguro S.A.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Motor Insurance Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/motor-insurance-market/download-sampleMarket DynamicsThe global auto insurance market is gaining popularity worldwide due to increased automobile sales globally and government mandatory regulation.
This move has gone about as an impetus in the expanded deal in the auto insurance market.
Innovative and lucrative product launches are relied upon to help market growth.
Free Sample Report + All Related Graphs & Charts @ : https://www.advancemarketanalytics.com/sample-report/157754-global-private-motor-insurance-market Latest released the research study on Global Private Motor Insurance Market offers a detailed overview of the factors influencing the global business scope.
This Report also covers the emerging player’s data, including: competitive situation, sales, revenue and global market share of top manufacturers are Aviva plc (United Kingdom) CIS General Insurance Limited (United Kingdom),Admiral Group plc (United Kingdom),Liberty Mutual Group (United States),Zurich Insurance Group Ltd. (Switzerland),Axa S.A. (France),Progressive Corporation (United States),Berkshire Hathaway (United States).
Private Motor Insurance Market Data Breakdown and Market Segmentation: by Type (Private Car Motor Insurance Policy, Two-Wheeler Insurance Policy, Commercial Vehicle Insurance Policy, Others), Application (Passenger Vehicle, Commercial Vehicle), Service (Online, Offline), Coverage (Engine Protection Cover, Roadside Assistance, Tyre Protect Cover, Consumable Cover, Others) What's Trending in Market:Rising Importance of Private Motor Vehicle Coverage and Telematics for IndividualsChallenges:Stringent regulatory Guidelines on the Private Motor InsuranceRestraints:High-Cost Premium Policies of Private Motor InsuranceMarket Growth Drivers:Rising Number of Private Vehicle AccidentsNeed for Reducing the Burden of Cost in Case of Any Uncertainty related to Private motor Vehicle Enquire for customization in Report @: https://www.advancemarketanalytics.com/enquiry-before-buy/157754-global-private-motor-insurance-market Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & AfricaCountry Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
– Latest industry influencing trends and development scenario – Open up New Markets – To Seize powerful market opportunities – Key decision in planning and to further expand market share – Identify Key Business Segments, Market proposition & Gap Analysis – Assisting in allocating marketing investments Strategic Points Covered in Table of Content of Global Private Motor Insurance Market:Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Market Keyword without Region marketChapter 2: Exclusive Summary – the basic information of the Private Motor Insurance Market.Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Private Motor Insurance MarketChapter 4: Presenting the Private Motor Insurance Market Factor Analysis, Post COVID Impact Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.Chapter 5: Displaying the by Type, End User and Region/Country 2015-2020Chapter 6: Evaluating the leading manufacturers of the Private Motor Insurance Market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company ProfileChapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2021-2026)Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source Finally, Private Motor Insurance Market is a valuable source of guidance for individuals and companies in their decision framework.
When it comes to secondary sources Company's Annual reports, press Releases, Websites, Investor Presentation, Conference Call transcripts, Webinar, Journals, Regulators, National Customs and Industry Associations were given primary weight-age.
Definitively, this report will give you an unmistakable perspective on every single reality of the market without a need to allude to some other research report or an information source.
