Westford, USA, Oct. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global car insurance market will reach a value of USD 1610.13 Billion by 2031, with a CAGR of 7.38% during the forecast period (2024-2031). This market is a crucial sector belonging to the insurance industry. It is notably impacted by regulatory needs, growing vehicle ownership, and increasing awareness about the benefits of insurance coverage. The market is also fueled by the growing vehicle sales that impact on the demand for insurance. Furthermore, advancements in usage-based insurance and telematics are gaining traction, enabling personalized policies. With the growth of urbanization, car insurances are also rising because of high traffic density.
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Browse in-depth TOC on the "Car Insurance Market" Pages – 197, Tables – 95, Figures – 76
Car Insurance Market Report Overview:
| Report Coverage | Details |
| Market Revenue in 2024 | $978.12 Billion |
| Estimated Value by 2031 | $1610.13 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.38% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Coverage, Distribution Channel, Vehicle Age, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growth of Telematics and Progressing Markets Offer Opportunities for Expansion |
| Key Market Drivers | Growing Vehicle Ownership and Need for Auto Insurance |
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Third-Party Liability Coverage Segment to Hold Significant Market Share Owing to Cost-Efficiency and Basic Protection
By coverage, the third-party liability coverage segment led the car insurance market with maximum share and will continue dominance over the forecast period owing to basic protection and cost-effectiveness. Third-party liability coverage offers necessary protection for legal claims for property damage and bodily injury caused to others. This makes it a primary choice for the vehicle owners. These policies are usually more cost-friendly than comprehensive coverage, which attracts budget-conscious groups.
Nonetheless, the comprehensive segment is the fastest-growing segment observed in the car insurance market owing to broader protection and the growing cost of vehicles. Comprehensive coverage provides broader protection for different types of risks like natural disasters, theft, vandalism, and accidents, attracting a large number of vehicle owners with peace of mind. Moreover, with the increasing cost of vehicles, more consumers are preferring comprehensive insurance coverage to protect their investment, mainly for modern and high-value cars.
Insurance Agents & Brokers Segment to Lead Market Owing to Personalized Service Offering
By distribution channel, the insurance agents & brokers segment is projected to lead the market owing to personalized service and guidance and expertise. Brokers and agents offer personalized help, aiding consumers in better understanding their requirements and choosing suitable coverage. This type of interaction builds consumer relationships and enhances trust. Brokers and agents hold thorough knowledge of different policies and products, and local regulations. They can best guide consumers for complex insurance scenarios and help them in well-informed decisions.
Nonetheless, the direct response segment is observed to be the fastest-growing owing to its cost-efficiency and speed and convenience. Direct response models remove the need for intermediaries like brokers and agents and enable insurers to provide comparatively less premiums. This cost-effective option is gaining traction among budget-conscious individuals. Consumers can access quotations, purchase online insurance, and compare policies over the phone call immediately. This simplified process is an attraction to value-seeking consumers.
Higher Rate of Vehicle Ownership to Drive the Market in North America
North America held a larger share of the market owing to increased vehicle ownership, regulatory needs, and established insurance infrastructure. The region holds heavy vehicle ownership rates, which ultimately drives the need for car protection via insurance. Moreover, mandatory regulations of insurance in numerous nations have created a steady demand for insurance coverage. Also, a well-established and highly competitive insurance market with multiple providers increases choice for consumers.
Asia-Pacific is the fastest-growing region and is projected to lead the market over the forecast period owing to speedy vehicle growth, growing urbanization, and steady economic development. Major increases in vehicle ownership have been seen in the past few years, mainly in the developing regions. This increases the demand for insurance. Growing population in the urban areas is also resulting in high vehicle ownership, thus raising the need for insurance. Furthermore, growing disposable income contributes to more individuals and families buying cars and insurance.
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Car Insurance Market Insight
Drivers:
- Growing Awareness for the Importance of Insurance
- Increasing Government Mandate for Car Insurance
- Progressing Economic Conditions
Restraints:
- Increasing Cases of Fraudulent Claims
- Heavy Competition Among Insurers
- Economic Downturns like Recessions
Prominent Players in Car Insurance Market
- Allianz (Germany)
- State Farm (US)
- AXA (France)
- Geico (US)
- Progressive (US)
- Zurich Insurance Group (Switzerland)
- Liberty Mutual Insurance Group (US)
- Travelers Companies Inc. (US)
- Berkshire Hathaway Inc. (US)
- Generali Group (Italy)
Key Questions Answered in Car Insurance Market Report
- What is the expected size of the market, according to SkyQuest Technology?
- Which region is expected to lead the market by 2031?
- Which distribution channel segment registered maximum share of the market in 2023?
This report provides the following insights:
Analysis of key drivers (expansion of multinational insurance companies, innovations in pricing and offerings, growth in road traffic accidents), restraints (data privacy concerns, variations in interest rates and inflation, low awareness in emerging markets), opportunities (growing digital transformations, inclination towards mobility insurance, safety and health coverage), and challenges (technological disruptions, consumer trust issues, high competition from insurtechs) influencing the growth of car insurance market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the car insurance market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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