Motor Vehicle Insurance Market 2022-2028

Description

List of Tables

Title:Global Motor Vehicle Insurance Market Size, Share, and Trends Analysis Report by Vehicle Type (Personal Vehicle and Commercial Vehicle), and By Policy Type (Third-Party Vehicle Insurance, Fire & Theft Vehicle Insurance, and Comprehensive Vehicle Insurance), Forecast Period (2022-2028).

The global motor vehicle insurance market is anticipated to grow at a CAGR of 6.2% during the forecast period. The rapid shift of consumers towards electric vehicles due to rising rates of conventional vehicle fuels is generating new opportunities for the market. According to the International Energy Agency, more than 10 million electric vehicles are on the roads in 2020. The Electric Vehicles Initiative (EVI) is a policy forum launched by the governments of Canada, Chile, China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Sweden, and the UK to accelerate the adoption of electric vehicles. Such supportive government initiatives are expected to propel the sales of new vehicles, which in turn will drive the motor vehicle market during the forecast period. This report will further analyze all the primary and secondary factors that are directly or indirectly influencing the market growth.

The global motor vehicle insurance market is segmented based on the vehicle type and policy type. Based on the vehicle type, the market is segmented into personal vehicle and commercial vehicle. Based on the policy type, the market is sub-segmented into third-party vehicle insurance, fire & theft vehicle insurance, and comprehensive vehicle insurance. Among these policy types, fire & theft vehicle insurance holds a significant share in the market as it is the most basic and economical type of insurance policy generally purchased with every vehicle.

Geographically, the global motor vehicle insurance market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The market can also be analyzed for a particular region or country level as per the requirement. The European region holds a considerable share in the market owing to the rising penetration of online and card payment technology.

The major companies serving the global motor vehicle insurance market include State farm, All State, USAA, Allianz SE, Geico (Berkshire Hathaway Inc.), AXA SA, Zurich AG, Bajaj FinServ Ltd., PICC Property & Casualty Co. Ltd., IFFCO Tokio General Insurance, Royal Sundaram General Insurance, The Oriental Insurance Company Co., and HDFC ERGO General Insurance, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, AXA S.A introduced STeP in August 2021, a new digital claims solution to help customers simplify their motor insurance process. AXA claimed that through STeP the time taken from customer notification to partners arranging repair or salvage is now down to minutes.

Research Methodology

The market study of the global motor vehicle insurance market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

Financial reports of companies involved in the market.

Whitepapers, research papers, and news blogs.

Company websites and their product catalog.

The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

Global Motor Vehicle Insurance Market Research and Analysis by Vehicle Type.
Global Motor Vehicle Insurance Market Research and Analysis by Policy Type.

The Report Covers:

Comprehensive research methodology of the global motor vehicle insurance market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global motor vehicle insurance market.
Insights about market determinants that are stimulating the global motor vehicle insurance market.
Detailed and extensive market segments with the regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.

Product Code: OMR2026706

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
Impact of COVID-19 on the Global Motor Vehicle Insurance Market
Recovery Scenario of Global Motor Vehicle Insurance Market
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
- 3.1.1. Overview
- 3.1.2. Financial Analysis
- 3.1.3. SWOT Analysis
- 3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players

4. Market Segmentation

4.1. Global Motor Vehicle Insurance Market by Vehicle Type
- 4.1.1. Personal Vehicle
- 4.1.2. Commercial Vehicle
4.2. Global Motor Vehicle Insurance Market by Policy Type
- 4.2.1. Third-Party Vehicle Insurance
- 4.2.2. Fire & Theft Vehicle Insurance
- 4.2.3. Comprehensive Vehicle Insurance

5. Regional Analysis

5.1. North America
- 5.1.1. US
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. Rest of Asia-Pacific
5.4. Rest of the World

6. Company Profiles

6.1. Allianz SE
6.2. Allstate
6.3. American Family Insurance
6.4. Assicurazioni Generali
6.5. AXA SA
6.6. Bajaj FinServ Ltd.
6.7. GEICO (Berkshire Hathaway Inc.)
6.8. HDFC ERGO General Insurance
6.9. IFFCO Tokio General Insurance
6.10. Liberty Mutual
6.11. National Insurance Co.
6.12. PICC Property & Casualty Co. Ltd.
6.13. Ping An Insurance
6.14. Progressive
6.15. Royal Sundaram General Insurance
6.16. State Farm
6.17. TATA AIG GIC, Ltd.
6.18. The Oriental Insurance Co.
6.19. United India Insurance Co. Ltd.
6.20. USAA
6.21. Zurich AG