Market Overview:
The global electric vehicle insurance market is expected to grow at a CAGR of XX% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing adoption of electric vehicles, especially in developed countries such as the U.S., Canada, and Europe. In addition, stringent government regulations mandating the use of electric vehicles are also contributing to the growth of this market. The global electric vehicle insurance market can be segmented on the basis of type and application. On the basis of type, it can be divided into personal accident cover and without personal accident cover segments. The without personal accident cover segment is expected to account for a larger share in terms of revenue in 2018 owing to its lower premiums as compared with personal accident cover policies. On the basis of application, it can be classified into battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) segments.
Product Definition:
Electric Vehicle Insurance is a policy that covers damages to an electric vehicle that are not the result of a collision. This type of insurance is important because it can help protect the owner of an electric vehicle from costly repairs or replacements in the event that something goes wrong with their car.
With Personal Accident Cover:
With the growing popularity of electric vehicles, there is a need to address issues related to insurance and safety. The conventional auto insurance model does not cater to these needs. Hence, it has been observed that several countries are looking for alternatives that will help them address these issues while ensuring safety on roads. With personal accident cover being one of the essential requirements in most countries across the globe, it is expected that this segment will grow at a significant rate over the forecast period.
Without Personal Accident Cover:
Personal accident cover is a type of insurance policy that provides protection against bodily injuries and loss of life caused by an accident. It also covers medical expenses, loss of income, and other costs that are a resultant of an injury or a disease. The cost associated with the medical examination to determine the nature and extent of the injury is covered under this policy.
Application Insights:
Based on the application, the global electric vehicle insurance market has been segmented into battery electric vehicles and plug-in hybrid electric vehicles. The battery electric vehicle segment dominated the overall market in terms of revenue in 2017. This is attributed to increasing R&D investments by major players such as Tesla Inc., BMW AG, and Daimler AG for developing affordable and advanced batteries. Moreover, favorable government policies towards promoting adoption of EVs are expected to drive demand over the forecast period.
The plug-in hybrid Electric Vehicle (PHEV) segment is expected to witness significant growth over the forecast period owing to rising demand for fuel efficient cars with high driving ranges that can be charged using public charging stations or home garage units. PHEVs combine elements from both HEVs and conventional gasoline fueled cars due to their ability to operate on electricity alone without requiring a connection with external power sources like gas stations or diesel pumps.
Regional Analysis:
North America accounted for the largest market share of over 40% in 2017. The region is expected to maintain its lead throughout the forecast period owing to increasing awareness about vehicle insurance among consumers, along with a rise in sales of electric vehicles. In addition, presence of key companies such as Allstate Corporation; American International Group, Inc.; and State Farm Automobile Mutual Insurance Company is also expected to drive growth over the next eight years.
Asia Pacific regional market captured significant revenue share in 2017 owing to growing sales of electric vehicles across countries such as China and Japan. Countries like China have witnessed high demand for EVI because it helps reduce carbon footprint by reducing vehicular emissions which are major causes global warming. Moreover, government initiatives encouraging adoption of eco-friendly transportation modes are anticipated to further fuel growth during the forecast period from 2018 through 2030 (forecast).
Growth Factors:
- Increasing demand for electric vehicles due to environmental concerns and government initiatives for promotion of electric vehicles.
- Rising income levels and growing consumer awareness about the benefits of electric vehicles, which is expected to boost the market growth.
- Proliferation of charging infrastructure across major cities in developed countries is anticipated to fuel the growth of Electric Vehicle Insurance market over the forecast period.
- Stringent emission norms by regulatory authorities are likely to propel the uptake of electric vehicles, thereby propelling demand for Electric Vehicle Insurance products over the forecast period.
Scope Of The Report
Report Attributes
Report Details
Report Title
Electric Vehicle Insurance Market Research Report
By Type
With Personal Accident Cover, Without Personal Accident Cover
By Application
Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle
By Companies
Liverpool Victoria, Admiral, U K Insurance Limited, Hastings Insurance Services Limited, ACKO, Zurich Insurance plc, pluginsure, The Automobile Association, carwow Ltd., AXA, Allstate Insurance Company, PICC, PING AN INSURANCE (GROUP) COMPANY OF CHINA ，LTD.
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
212
Number of Tables & Figures
149
Customization Available
Yes, the report can be customized as per your need.
Global Electric Vehicle Insurance Market Report Segments:
The global Electric Vehicle Insurance market is segmented on the basis of:
Types
With Personal Accident Cover, Without Personal Accident Cover
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
Battery Electric Vehicle, Plug-in Hybrid Electric 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:
- Liverpool Victoria
- Admiral
- U K Insurance Limited
- Hastings Insurance Services Limited
- ACKO
- Zurich Insurance plc
- pluginsure
- The Automobile Association
- carwow Ltd.
- AXA
- Allstate Insurance Company
- PICC
- PING AN INSURANCE (GROUP) COMPANY OF CHINA ，LTD.
Highlights of The Electric 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:
- With Personal Accident Cover
- Without Personal Accident Cover
- By Application:
- Battery Electric Vehicle
- Plug-in Hybrid Electric 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 Electric 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?
Electric vehicle insurance is a type of insurance that covers the cost of damages to your electric car if it is in an accident.
Some of the key players operating in the electric vehicle insurance market are Liverpool Victoria, Admiral, U K Insurance Limited, Hastings Insurance Services Limited, ACKO, Zurich Insurance plc, pluginsure, The Automobile Association, carwow Ltd., AXA, Allstate Insurance Company, PICC, PING AN INSURANCE (GROUP) COMPANY OF CHINA ，LTD..
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Electric 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 Electric Vehicle Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Electric 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 Electric 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 Electric Vehicle Insurance Market Size & Forecast, 2020-2028
4.5.1 Electric Vehicle Insurance Market Size and Y-o-Y Growth
4.5.2 Electric 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 With Personal Accident Cover
5.2.2 Without Personal Accident Cover
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 Battery Electric Vehicle
6.2.2 Plug-in Hybrid Electric Vehicle
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Electric 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 Electric 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 With Personal Accident Cover
9.6.2 Without Personal Accident Cover
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 Battery Electric Vehicle
9.10.2 Plug-in Hybrid Electric 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 With Personal Accident Cover
10.6.2 Without Personal Accident Cover
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 Battery Electric Vehicle
10.10.2 Plug-in Hybrid Electric 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 With Personal Accident Cover
11.6.2 Without Personal Accident Cover
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 Battery Electric Vehicle
11.10.2 Plug-in Hybrid Electric 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 With Personal Accident Cover
12.6.2 Without Personal Accident Cover
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 Battery Electric Vehicle
12.10.2 Plug-in Hybrid Electric 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 With Personal Accident Cover
13.6.2 Without Personal Accident Cover
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 Battery Electric Vehicle
13.10.2 Plug-in Hybrid Electric 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 Electric Vehicle Insurance Market: Competitive Dashboard
14.2 Global Electric Vehicle Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Liverpool Victoria
14.3.2 Admiral
14.3.3 U K Insurance Limited
14.3.4 Hastings Insurance Services Limited
14.3.5 ACKO
14.3.6 Zurich Insurance plc
14.3.7 pluginsure
14.3.8 The Automobile Association
14.3.9 carwow Ltd.
14.3.10 AXA
14.3.11 Allstate Insurance Company
14.3.12 PICC
14.3.13 PING AN INSURANCE (GROUP) COMPANY OF CHINA ，LTD.
