Market Overview:
The global automotive and vehicle insurance market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for passenger cars and commercial vehicles, coupled with the rising number of road accidents across the globe. In terms of type, liability insurance is expected to hold a major share in the global automotive and vehicle insurance market during the forecast period. This can be attributed to its mandatory nature in most countries across the globe. However, collision coverage is projected to grow at a higher CAGR than other types during the forecast period owing to its increasing demand from consumers for protection against damages caused due to collisions with other vehicles or objects. Geographically, North America is estimated to account for a major share in terms of revenue generated by automotive.
Product Definition:
Automotive & Vehicle Insurance is a type of insurance that covers losses incurred when an automobile or other vehicle is damaged or stolen. It can also provide coverage for injuries to people involved in an accident, and for damages caused by the vehicle to other people's property. Automotive & Vehicle Insurance is important because it can help protect drivers from costly repairs or replacement costs if their car is damaged or stolen.
Liability Insurance:
Liability insurance is a form of third-party insurance that protects the insured against financial losses caused by bodily injuries or damages to property, which are a result of the fault or carelessness of another person. Liability coverage provides protection for damages done to others as a result of your conduct.
Collision Coverage:
Collision coverage is a form of automobile insurance that covers the cost of damages to a vehicle caused by another object. It also covers some costs involved in repairing the vehicle after an accident. Collision coverage provides benefits such as reimbursement for parts and labor, which are generally not covered under car rental or leasing agreements; and discounts on collision repair services.
Application Insights:
Passenger car drivers are generally young and single. As a result, the overall insurance premium for this segment is expected to be higher than that of commercial vehicles. The application of personal injury protection (PIP) is also more in case of passenger cars as compared to trucks and buses.
The rising number of road accidents involving pedestrians and cyclists has become a major concern for governments across the world. For instance, according to Transport Research Laboratory (TRL), about 20-30% bicycle owners insure their vehicle against damage caused by an accident with another vehicle or object such as tree or lamp post while around 50% purchase comprehensive coverage for their bicycles without any excess payment limit specified in the policy form itself.
Regional Analysis:
Asia Pacific region dominated the global market in terms of revenue share in 2017. The growth is attributed to increasing sales of vehicles and rising per capita income. According to OICA, Asia Pacific accounted for over 60% of total vehicle production in 2016. Furthermore, China is projected to be the largest market for new car sales globally by 2020 with India following close behind it.
North America was valued at USD X billion as a premium segment owing to high standards associated with vehicle safety and security coupled with stringent regulations laid down by government organizations such as NHTSA (National Highway Traffic Safety Administration) and IIHS (Insurance Institute for Highway Safety).
Growth Factors:
- Increasing demand for automotive and vehicle insurance from the developing countries due to the increase in the number of vehicles.
- The increasing trend of online purchasing of automotive and vehicle insurance policies, which is making it easier for customers to compare prices and buy policies quickly and easily.
- The increasing use of telematics-based car insurance products, which are helping insurers to better assess risk levels and offer more customized policies to their customers.
- The growing popularity of usage-based car insurance products, which are helping drivers save money on their premiums by rewarding them for driving safely and responsibly.
- The increasing focus on safety features in cars, which is leading to a decline in accidents rates – resulting in lower claims costs for insurers – thus allowing them to offer competitive premiums rates
Scope Of The Report
Report Attributes
Report Details
Report Title
Automotive & Vehicle Insurance Market Research Report
By Type
Liability Insurance, Collision Coverage, Comprehensive Coverage, Personal Injury Protection
By Application
Passenger Car, Commercial Vehicle
By Companies
State Farm, GEICO, Progressive, Allstate, USAA, Liberty Mutual, Farmers, Nationwide, Travelers, American Family
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
226
Number of Tables & Figures
159
Customization Available
Yes, the report can be customized as per your need.
Global Automotive & Vehicle Insurance Market Report Segments:
The global Automotive & Vehicle Insurance market is segmented on the basis of:
Types
Liability Insurance, Collision Coverage, Comprehensive Coverage, Personal Injury Protection
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
Passenger Car, Commercial Vehicle
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:
- State Farm
- GEICO
- Progressive
- Allstate
- USAA
- Liberty Mutual
- Farmers
- Nationwide
- Travelers
- American Family
Highlights of The Automotive & Vehicle 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:
- Liability Insurance
- Collision Coverage
- Comprehensive Coverage
- Personal Injury Protection
- By Application:
- Passenger Car
- Commercial Vehicle
- 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 Automotive & Vehicle 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?
Automotive and vehicle insurance is a type of insurance that covers the costs associated with owning, operating, and maintaining a motor vehicle. This includes coverage for accidents, theft, damage to the car or its contents, and other related expenses.
Some of the key players operating in the automotive & vehicle insurance market are State Farm, GEICO, Progressive, Allstate, USAA, Liberty Mutual, Farmers, Nationwide, Travelers, American Family.
The automotive & vehicle insurance market is expected to register a CAGR of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Automotive & Vehicle 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 Automotive & Vehicle Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Automotive & Vehicle 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 Automotive & Vehicle 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 Automotive & Vehicle Insurance Market Size & Forecast, 2020-2028
4.5.1 Automotive & Vehicle Insurance Market Size and Y-o-Y Growth
4.5.2 Automotive & Vehicle Insurance Market Absolute $ Opportunity
Chapter 5 Global 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 Market Size Forecast by Type
5.2.1 Liability Insurance
5.2.2 Collision Coverage
5.2.3 Comprehensive Coverage
5.2.4 Personal Injury Protection
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global 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 Market Size Forecast by Applications
6.2.1 Passenger Car
6.2.2 Commercial Vehicle
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Automotive & Vehicle 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 Automotive & Vehicle 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 Analysis and Forecast
9.1 Introduction
9.2 North America 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 Market Size Forecast by Type
9.6.1 Liability Insurance
9.6.2 Collision Coverage
9.6.3 Comprehensive Coverage
9.6.4 Personal Injury Protection
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 Market Size Forecast by Applications
9.10.1 Passenger Car
9.10.2 Commercial Vehicle
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 Analysis and Forecast
10.1 Introduction
10.2 Europe 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 Market Size Forecast by Type
10.6.1 Liability Insurance
10.6.2 Collision Coverage
10.6.3 Comprehensive Coverage
10.6.4 Personal Injury Protection
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 Market Size Forecast by Applications
10.10.1 Passenger Car
10.10.2 Commercial Vehicle
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 Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific 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 Market Size Forecast by Type
11.6.1 Liability Insurance
11.6.2 Collision Coverage
11.6.3 Comprehensive Coverage
11.6.4 Personal Injury Protection
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 Market Size Forecast by Applications
11.10.1 Passenger Car
11.10.2 Commercial Vehicle
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 Analysis and Forecast
12.1 Introduction
12.2 Latin America 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 Market Size Forecast by Type
12.6.1 Liability Insurance
12.6.2 Collision Coverage
12.6.3 Comprehensive Coverage
12.6.4 Personal Injury Protection
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 Market Size Forecast by Applications
12.10.1 Passenger Car
12.10.2 Commercial Vehicle
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) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) 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) Market Size Forecast by Type
13.6.1 Liability Insurance
13.6.2 Collision Coverage
13.6.3 Comprehensive Coverage
13.6.4 Personal Injury Protection
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) Market Size Forecast by Applications
13.10.1 Passenger Car
13.10.2 Commercial Vehicle
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 Automotive & Vehicle Insurance Market: Competitive Dashboard
14.2 Global Automotive & Vehicle Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 State Farm
14.3.2 GEICO
14.3.3 Progressive
14.3.4 Allstate
14.3.5 USAA
14.3.6 Liberty Mutual
14.3.7 Farmers
14.3.8 Nationwide
14.3.9 Travelers
14.3.10 American Family
