Auto Insurance Market 2019 Global Trends, Market Share, Industry Size, Growth, Sales, Opportunities, and Market Forecast to 2024Posted:
Published by Market Research Future, the global automotive insurance market is projected to witness 4.4% CAGR during forecast period of 2019 to 2024.
According to the latest report Automotive Insurance Market by Vehicle Type (Passenger Cars, LCV, and HCV), by Insurance Type (Third-Party, Comprehensive, Third-Party Theft and Fire, and Others), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World) – Forecast till 2024, published by Market Research Future, The global automotive insurance market is projected to witness 4.4% CAGR by 2024.
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Automotive Insurance Market Key Players:
- Allstate Insurance Company (US)
- RAC Motoring Services (UK)
- Progressive Casualty Insurance Company (US)
- Clements Worldwide (US)
- GEICO (US)
- NFU Mutual (UK)
- Zhongan Insurance (China)
- ABIC Inc. (China)
- CPIC (China)
- State Farm Mutual Automobile Insurance Company (US)
- RSA Insurance Group plc (UK)
- Zurich Insurance Group (Switzerland)
Automotive Insurance Market Drivers and Restraints:
Auto insurance is a contract between the insurance company and vehicle owner that protects vehicle owner against financial loss in the event of vehicle theft or accident. The insurance company agrees to pay the covered amount of the losses in exchange for paying a premium. Automotive insurance covers the coverage and loss of property (car damage or theft), liability (bodily injury), and medical (injury and rehabilitation cost). Collision insurance, gap insurance, comprehensive insurance, rental reimbursement collision, classic car insurance, medical payments coverage, and uninsured motorist insurance are some of the most popular automotive insurance options available in the market.
Increasing awareness among end users, introduction of innovative technologies and products, and the availability of third-party insurance providers in developing nations such as India, Vietnam, Indonesia, and China to provide substantial traction for the automotive insurance industry over the forecast period. Automotive insurance companies are working with software providers to offer big data-based solutions to satisfy the end user’s concerns and untapped market demand during a car-related transaction.
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.
Automotive Insurance Market 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.
April 2019 – Tesla, Inc., a premium automotive and energy company, announced that it is foraying into the insurance business. The company announced that it would start offering insurance to vehicle owners based on internal data extracted from the Autopilot driver-assist system.
The report for Global Automotive Insurance Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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List of Tables
Table 1 Global Automotive Insurance Market, by Region, 2018–2024
Table 2 North America: Automotive Insurance Market, by Country, 2018–2024
Table 3 Europe: Automotive Insurance Market, by Country, 2018–2024
Table 4 Asia-Pacific: Automotive Insurance Market, by Country, 2018–2024
Table 5 RoW: Automotive Insurance Market, by Region, 2018–2024
Table 6 Global Automotive Insurance Market, by Vehicle Type, by Regions, 2018–2024
Table 7 North America: Automotive Insurance Market, by Vehicle Type, by Country, 2018–2024
Table 8 Europe: Automotive Insurance Market, by Vehicle Type, by Country, 2018–2024
Table 9 Asia-Pacific: Automotive Insurance Market, by Vehicle Type, by Country, 2018–2024
Table 10 RoW: Automotive Insurance Market, by Vehicle Type, by Country, 2018–2024
List of Figures
Figure 1 Research Process of MRFR
Figure 2 Top-Down and Bottom-Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Automotive Insurance Market Share, by Vehicle Type, 2018 (%)
Figure 9 Global Automotive Insurance Market, by Vehicle Type, 2018–2024 (USD MILLION)
Figure 10 Global Automotive Insurance Market Share, by Insurance Type, 2018 (%)
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