Market Overview:
The global powerboat insurance market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for powerboats across the globe, owing to their growing popularity for recreational and commercial purposes. In terms of type, the actual cash value segment is expected to hold a larger share of the market during the forecast period, as it offers coverage against accidental damage or loss of property without any deduction for depreciation. By application, commercial use is expected to be a key segment in terms of revenue contribution during the forecast period. This can be attributed to increased spending on leisure activities by businesses and rising demand for luxury boats among high net worth individuals (HNIs).
Product Definition:
Powerboat insurance is a type of marine insurance that provides coverage for powerboats. This type of insurance is important because it can help protect the boat owner from financial losses in the event that the boat is damaged or destroyed.
Actual Cash Value:
Actual cash value (ACV) is a type of residual value insurance where the insurer makes a payment to the insured in the event of loss or damage to an asset, based on its current market price. The amount paid by ACV depends on two factors: (1) how much money could be made if the asset were sold today and (2) what price that sale would bring.
Agreed Amount Value:
The Agreed amount value is the monetary compensation a insurer pays to a third party for loss or damage suffered by an insured. It is also known as agreed value policy (APV) or excess insurance.
Application Insights:
The commercial use segment held the largest market share of over 60% in 2017. The growth can be attributed to the rising demand for passenger ferries across various regions, including North America and Europe. For instance, in 2015, there were around 300 commercial powerboats serving more than 20 million passengers on an annual basis across 30 European countries and Russia. Similarly, during summer season every year thousands of pleasure boats are used for chartering services across U.S., Canada and Mexico which contributes towards a significant part of the overall revenue generated by this segment annually.
Regional Analysis:
North America dominated the global powerboat insurance market in 2017. The region is expected to maintain its position over the forecast period. This can be attributed to increasing marine recreational activities, growing popularity of water sports and fishing as well as rising number of boating events such as races and regattas across U.S., Canada, Mexico and other Central & South American countries.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to increasing disposable income among middle-class population groups in developing economies including China, India, Thailand & Singapore; Indonesia; Philippines; Vietnam; Australia & New Zealand among others which will lead towards an increase in demand for recreational boating activities thereby driving up insurance rates for powerboats used for these purposes from 2018 to 2030 The Middle East has a long coastline with many gulfs and bays ideal for water sports such as windsurfing, waterskiing etc.
Growth Factors:
- Increasing demand for powerboats from the recreational and commercial sectors
- Rising popularity of water sports and boating activities
- Growing awareness about the benefits of powerboat insurance among boat owners
- Proliferation of online insurance platforms that offer competitive rates and discounts on premiums
- Expansion of the global marine insurance market, which is expected to create new opportunities for powerboat insurers
Scope Of The Report
Report Attributes
Report Details
Report Title
Powerboat Insurance Market Research Report
By Type
Actual Cash Value, Agreed Amount Value
By Application
Commercial Use, Personal Use
By Companies
Allianz, Allstate, AVIVA, AXA, Berkshire Hathaway, Zurich, Kemper Corporation, Markel Corporation, MetLife, PingAn, RAA, Sompo Japan Nipponkoa, State Farm, Westfield, Westpac
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
172
Number of Tables & Figures
121
Customization Available
Yes, the report can be customized as per your need.
Global Powerboat Insurance Market Report Segments:
The global Powerboat Insurance market is segmented on the basis of:
Types
Actual Cash Value, Agreed Amount Value
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Commercial Use, Personal Use
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Allianz
- Allstate
- AVIVA
- AXA
- Berkshire Hathaway
- Zurich
- Kemper Corporation
- Markel Corporation
- MetLife
- PingAn
- RAA
- Sompo Japan Nipponkoa
- State Farm
- Westfield
- Westpac
Highlights of The Powerboat Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Actual Cash Value
- Agreed Amount Value
- By Application:
- Commercial Use
- Personal Use
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Powerboat Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Powerboat insurance is a type of insurance that covers the costs associated with owning, operating, and maintaining a powerboat. This type of coverage can include property damage, personal injury, and loss of life.
Some of the major companies in the powerboat insurance market are Allianz, Allstate, AVIVA, AXA, Berkshire Hathaway, Zurich, Kemper Corporation, Markel Corporation, MetLife, PingAn, RAA, Sompo Japan Nipponkoa, State Farm, Westfield, Westpac.
The powerboat insurance market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Powerboat Insurance Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Powerboat Insurance Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Powerboat Insurance Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Powerboat Insurance Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Powerboat Insurance Market Size & Forecast, 2018-2028 4.5.1 Powerboat Insurance Market Size and Y-o-Y Growth 4.5.2 Powerboat Insurance Market Absolute $ Opportunity
Chapter 5 Global Powerboat Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Powerboat Insurance Market Size Forecast by Type
5.2.1 Actual Cash Value
5.2.2 Agreed Amount Value
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Powerboat Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Powerboat Insurance Market Size Forecast by Applications
6.2.1 Commercial Use
6.2.2 Personal Use
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Powerboat Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Powerboat Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Powerboat Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Powerboat Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Powerboat Insurance Market Size Forecast by Type
9.6.1 Actual Cash Value
9.6.2 Agreed Amount Value
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Powerboat Insurance Market Size Forecast by Applications
9.10.1 Commercial Use
9.10.2 Personal Use
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Powerboat Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Powerboat Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Powerboat Insurance Market Size Forecast by Type
10.6.1 Actual Cash Value
10.6.2 Agreed Amount Value
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Powerboat Insurance Market Size Forecast by Applications
10.10.1 Commercial Use
10.10.2 Personal Use
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Powerboat Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Powerboat Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Powerboat Insurance Market Size Forecast by Type
11.6.1 Actual Cash Value
11.6.2 Agreed Amount Value
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Powerboat Insurance Market Size Forecast by Applications
11.10.1 Commercial Use
11.10.2 Personal Use
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Powerboat Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Powerboat Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Powerboat Insurance Market Size Forecast by Type
12.6.1 Actual Cash Value
12.6.2 Agreed Amount Value
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Powerboat Insurance Market Size Forecast by Applications
12.10.1 Commercial Use
12.10.2 Personal Use
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Powerboat Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Powerboat Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Powerboat Insurance Market Size Forecast by Type
13.6.1 Actual Cash Value
13.6.2 Agreed Amount Value
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Powerboat Insurance Market Size Forecast by Applications
13.10.1 Commercial Use
13.10.2 Personal Use
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Powerboat Insurance Market: Competitive Dashboard
14.2 Global Powerboat Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Allianz
14.3.2 Allstate
14.3.3 AVIVA
14.3.4 AXA
14.3.5 Berkshire Hathaway
14.3.6 Zurich
14.3.7 Kemper Corporation
14.3.8 Markel Corporation
14.3.9 MetLife
14.3.10 PingAn
14.3.11 RAA
14.3.12 Sompo Japan Nipponkoa
14.3.13 State Farm
14.3.14 Westfield
14.3.15 Westpac