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Motor insurance Market Share, Report And Forecast Period 2023-2028

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imarcsuraj
Motor insurance Market Share, Report And Forecast Period 2023-2028

IMARC Group has recently released a new research study “Motor insurance Market Report : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.


What are the growth prospects of the Motor insurance Industry ?

The global motor insurance market share reached US$ 783.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1,282.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.57% during 2023-2028.


Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.


Request For Sample Report: https://www.imarcgroup.com/motor-insurance-market/requestsample


Year considered to estimate the market size:

Base year of the analysis: 2022

Historical period: 2017-2022

Forecast period: 2023-2028


Industry Definition and Application:

Motor insurance refers to an automotive insurance policy that offers coverage to the owners of cars, two-wheelers, commercial trucks, etc., against financial losses caused by accidents or physical damages. It includes protection against legal liabilities arising on account of an accident and resulting in death, body injuries, property damage, etc., to a third party.


Presently, insurance companies are offering numerous plans and add-ons, including cashless claims, depreciation cover, 24/7 road assistance, towing facilities, etc., to provide improved coverage and assistance during the claim process.


Motor insurance market Trends and Drivers:

The increasing number of private cars has escalated the risk of road accidents and vehicle damage, which is among the key factors stimulating the motor insurance market.


Apart from this, government bodies of several countries are mandating businesses to purchase a motor insurance policy for their commercial vehicles, such as auto-rickshaws, cabs, school buses, tractors, vans, trucks, etc. This, in turn, is also propelling the market growth.


Besides this, the inflating usage of commercial vehicles for inter-city passenger tours, travel, and heavy-duty vehicles for bulk transportation of goods is acting as another significant growth-inducing factor. Additionally, the expanding availability of online insurance solutions by insurers with hassle-free and fully digital insurance comparing, buying, and renewing platforms is also fueling the global market.


Furthermore, the growing internet penetration levels and the rising consumer reliance on smartphones are also driving the market growth. Moreover, the introduction of usage-based vehicle insurance (UBI) that uses individualized data gathered by the Internet of Things (IoT) sensors to determine insurance premiums is expected to positively influence the motor insurance market over the forecasted period.


Click here to view detailed information with table of content: https://www.imarcgroup.com/motor-insurance-market


Report Segmentation:

The report has been segmented the market into following categories:


Breakup by Policy Type:

  • Liability Insurance
  • Comprehensive Coverage
  • Collision Coverage
  • Personal Injury Protection

Breakup by Premium Type:

  • Personal Insurance Premiums
  • Commercial Insurance Premiums


Breakup by Distribution Channel:

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


By Geography:

  • North America
  • United States
  • Canada
  • Asia-PacificChina
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • EuropeGermany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin AmericaBrazil
  • Mexico
  • Others
  • Middle East and Africa


Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape


If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.


IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.


Contact Us:

IMARC Services Private Limited.

30 N Gould St Ste R

Sheridan, WY 82801 USA – Wyoming

Email: [email protected]

Tel No:(D) +91 120 433 0800

Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

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