Europe Insurance Brokerage Market - By Type (General Insurance, Life Insurance, Health Insurance, Others); By Mode (Online, Offline); By Commission (Policy Basis, Premium Basis, Fixed); By Country (Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, Netherlands, Rest of Europe), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Europe Insurance Brokerage Market Size Set to Grow at Steady CAGR of about 6% During 2023–2029
Europe insurance brokerage market is growing due to an increasing demand for insurance products, growing awareness of the benefits of insurance, and the rise in digitalization in the insurance industry.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Europe insurance brokerage market size to grow at a steady CAGR of 5.84% during the forecast period between 2023 and 2029. Europe insurance brokerage industry is projected to grow at a moderate rate in the coming years, due to rising demand for insurance products in a variety of industries, including automotive, healthcare, and real estate. Insurtech and digitalization are projected to have a substantial impact on the sector, with many brokers investing in technology to improve customer experience and streamline operations. However, regulatory pressures and economic uncertainty may stymie market growth, with some industry consolidation expected. Overall, the market is expected to remain competitive, with established players competing for market share alongside new entrants.
Europe Insurance Brokerage Market – Overview
Insurance brokers serve as a liaison between clients and insurance firms, assisting clients in locating and purchasing insurance coverage that is appropriate for their needs. A variety of brokerage firms, from huge international organizations to smaller individual businesses, are present on the market. Risk evaluation, policy selection, claims handling and other associated services are provided by insurance brokers. Brokers compete on issues like pricing, service level, and specialization in particular insurance types in this highly competitive sector.
Impact of COVID-19 on Europe Insurance Brokerage Market
The COVID-19 pandemic significantly impacted the Europe insurance brokerage market, as it affected the overall economic environment and consumer behavior. The insurance industry witnessed a surge in demand for certain types of insurance policies, such as health and life insurance, while demand for others, such as travel insurance, decreased significantly. The pandemic also forced many companies to adapt to remote work, which impacted the way insurance brokers operate and communicate with clients. Despite these challenges, the Europe insurance brokerage market is expected to recover as the region emerges from the pandemic, and brokers are adapting to the changing landscape by leveraging digital channels and technology.
Europe Insurance Brokerage Market – By Type
On the basis of type, Europe insurance brokerage market is divided into General Insurance, Life Insurance, and Health Insurance segments. The general insurance segment, which includes property and casualty coverage, liability insurance, and other non-life insurance products, is the largest segment of the market. Life insurance, which includes policies that provide benefits upon death or disability, is the second-largest segment. Health insurance, which includes policies that cover medical expenses and other health-related costs, is the fastest-growing segment of the market. Insurance brokers play a crucial role in helping consumers and businesses navigate the complex landscape of insurance products and policies offered by various insurers.
Competitive Landscape
Europe insurance brokerage market is significantly competitive. Major companies in the market include Marsh & McLennan Companies, Aon plc, Willis Towers Watson, Howden Group Holdings, BMS Group Limited, Arthur J. Gallagher & Co., Lockton Companies, Inc., JLT Group, RFIB Group Limited, UIB Holdings (UK) Limited, Ecclesiastical Insurance Office plc, Miller Insurance Services LLP, Oval Insurance Broking Limited, Towergate Insurance Brokers, and Bluefin Insurance Services Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Europe insurance brokerage market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Europe Insurance Brokerage Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Europe Insurance Brokerage Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Global Automotive Engineering Services Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing demand for advanced and innovative automotive technologies
- 3.2.1.2. Growing need for automotive engineering services to design and develop innovative technologies
- 3.2.1.3. Increasing complexity of automotive engineering and manufacturing processes
- 3.2.2. Restraints
- 3.2.2.1. Limited availability of skilled automotive engineers
- 3.2.2.2. Concerns over intellectual property protection and data security
- 3.2.3. Opportunities
- 3.2.3.1. Growing demand for electric and autonomous vehicles
- 3.2.3.2. Increasing adoption of digital technologies, such as artificial intelligence and machine learning
- 3.2.4. Challenges
- 3.2.4.1. Need to balance cost competitiveness with maintaining high quality standards
- 3.3. Product Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Global Automotive Engineering Services Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share and Forecast
- 4.2.1. By Vehicle Type
- 4.2.1.1. Passenger Car (PC)
- 4.2.1.2. Commercial Vehicle (CV)
- 4.2.2. By Service Type
- 4.2.2.1. Concept/Research
- 4.2.2.2. Designing
- 4.2.2.3. Prototyping
- 4.2.2.4. System Integration
- 4.2.2.5. Testing
- 4.2.2.6. Others
- 4.2.3. By Application
- 4.2.3.1. ADAS & Safety
- 4.2.3.2. Electrical
- 4.2.3.3. Electronics & Body Controls
- 4.2.3.4. Chassis
- 4.2.3.5. Connectivity Services
- 4.2.3.6. Interior
- 4.2.3.7. Exterior & Body Engineering
- 4.2.3.8. Powertrain & Exhaust
- 4.2.3.9. Simulation
- 4.2.3.10. Others
- 4.2.4. By Region
- 4.2.4.1. North America
- 4.2.4.2. Europe
- 4.2.4.3. Asia Pacific (APAC)
- 4.2.4.4. Latin America (LATAM)
- 4.2.4.5. Middle East and Africa (MEA)
- 5. North America Automotive Engineering Services Market
- 5.1. Market Size & Forecast, 2019–2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Vehicle Type
- 5.2.2. By Service Type
- 5.2.3. By Application
- 5.2.4. By Country
- 5.2.4.1. United States
- 5.2.4.1.1. By Vehicle Type
- 5.2.4.1.2. By Service Type
- 5.2.4.1.3. By Application
- 5.2.4.2. Canada
- 5.2.4.2.1. By Vehicle Type
- 5.2.4.2.2. By Service Type
- 5.2.4.2.3. By Application
- 6. Europe Automotive Engineering Services Market
- 6.1. Market Size & Forecast, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Vehicle Type
- 6.2.2. By Service Type
- 6.2.3. By Application
- 6.2.4. By Country
- 6.2.4.1. Germany
- 6.2.4.1.1. By Vehicle Type
- 6.2.4.1.2. By Service Type
- 6.2.4.1.3. By Application
- 6.2.4.2. United Kingdom
- 6.2.4.2.1. By Vehicle Type
- 6.2.4.2.2. By Service Type
- 6.2.4.2.3. By Application
- 6.2.4.3. Italy
- 6.2.4.3.1. By Vehicle Type
- 6.2.4.3.2. By Service Type
- 6.2.4.3.3. By Application
- 6.2.4.4. France
- 6.2.4.4.1. By Vehicle Type
- 6.2.4.4.2. By Service Type
- 6.2.4.4.3. By Application
- 6.2.4.5. Spain
- 6.2.4.5.1. By Vehicle Type
- 6.2.4.5.2. By Service Type
- 6.2.4.5.3. By Application
- 6.2.4.6. Belgium
- 6.2.4.6.1. By Vehicle Type
- 6.2.4.6.2. By Service Type
- 6.2.4.6.3. By Application
- 6.2.4.7. Russia
- 6.2.4.7.1. By Vehicle Type
- 6.2.4.7.2. By Service Type
- 6.2.4.7.3. By Application
- 6.2.4.8. Netherlands
- 6.2.4.8.1. By Vehicle Type
- 6.2.4.8.2. By Service Type
- 6.2.4.8.3. By Application
- 6.2.4.9. Rest of Europe
- 6.2.4.9.1. By Vehicle Type
- 6.2.4.9.2. By Service Type
- 6.2.4.9.3. By Application
- 7. Asia-Pacific Automotive Engineering Services Market
- 7.1. Market Size & Forecast, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Vehicle Type
- 7.2.2. By Service Type
- 7.2.3. By Application
- 7.2.4. By Country
- 7.2.4.1. China
- 7.2.4.1.1. By Vehicle Type
- 7.2.4.1.2. By Service Type
- 7.2.4.1.3. By Application
- 7.2.4.2. India
- 7.2.4.2.1. By Vehicle Type
- 7.2.4.2.2. By Service Type
- 7.2.4.2.3. By Application
- 7.2.4.3. Japan
- 7.2.4.3.1. By Vehicle Type
- 7.2.4.3.2. By Service Type
- 7.2.4.3.3. By Application
- 7.2.4.4. South Korea
- 7.2.4.4.1. By Vehicle Type
- 7.2.4.4.2. By Service Type
- 7.2.4.4.3. By Application
- 7.2.4.5. Australia & New Zealand
- 7.2.4.5.1. By Vehicle Type
- 7.2.4.5.2. By Service Type
- 7.2.4.5.3. By Application
- 7.2.4.6. Indonesia
- 7.2.4.6.1. By Vehicle Type
- 7.2.4.6.2. By Service Type
- 7.2.4.6.3. By Application
- 7.2.4.7. Malaysia
- 7.2.4.7.1. By Vehicle Type
- 7.2.4.7.2. By Service Type
- 7.2.4.7.3. By Application
- 7.2.4.8. Singapore
- 7.2.4.8.1. By Vehicle Type
- 7.2.4.8.2. By Service Type
- 7.2.4.8.3. By Application
- 7.2.4.9. Vietnam
- 7.2.4.9.1. By Vehicle Type
- 7.2.4.9.2. By Service Type
- 7.2.4.9.3. By Application
- 7.2.4.10. Rest of APAC
- 7.2.4.10.1. By Vehicle Type
- 7.2.4.10.2. By Service Type
- 7.2.4.10.3. By Application
- 8. Latin America Automotive Engineering Services Market
- 8.1. Market Size & Forecast, 2019–2029
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Vehicle Type
- 8.2.2. By Service Type
- 8.2.3. By Application
- 8.2.4. By Country
- 8.2.4.1. Brazil
- 8.2.4.1.1. By Vehicle Type
- 8.2.4.1.2. By Service Type
- 8.2.4.1.3. By Application
- 8.2.4.2. Mexico
- 8.2.4.2.1. By Vehicle Type
- 8.2.4.2.2. By Service Type
- 8.2.4.2.3. By Application
- 8.2.4.3. Argentina
- 8.2.4.3.1. By Vehicle Type
- 8.2.4.3.2. By Service Type
- 8.2.4.3.3. By Application
- 8.2.4.4. Peru
- 8.2.4.4.1. By Vehicle Type
- 8.2.4.4.2. By Service Type
- 8.2.4.4.3. By Application
- 8.2.4.5. Rest of LATAM
- 8.2.4.5.1. By Vehicle Type
- 8.2.4.5.2. By Service Type
- 8.2.4.5.3. By Application
- 9. Middle East & Africa Automotive Engineering Services Market
- 9.1. Market Size & Forecast, 2019–2029
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Vehicle Type
- 9.2.2. By Service Type
- 9.2.3. By Application
- 9.2.4. By Country
- 9.2.4.1. Saudi Arabia
- 9.2.4.1.1. By Vehicle Type
- 9.2.4.1.2. By Service Type
- 9.2.4.1.3. By Application
- 9.2.4.2. UAE
- 9.2.4.2.1. By Vehicle Type
- 9.2.4.2.2. By Service Type
- 9.2.4.2.3. By Application
- 9.2.4.3. Qatar
- 9.2.4.3.1. By Vehicle Type
- 9.2.4.3.2. By Service Type
- 9.2.4.3.3. By Application
- 9.2.4.4. Kuwait
- 9.2.4.4.1. By Vehicle Type
- 9.2.4.4.2. By Service Type
- 9.2.4.4.3. By Application
- 9.2.4.5. South Africa
- 9.2.4.5.1. By Vehicle Type
- 9.2.4.5.2. By Service Type
- 9.2.4.5.3. By Application
- 9.2.4.6. Nigeria
- 9.2.4.6.1. By Vehicle Type
- 9.2.4.6.2. By Service Type
- 9.2.4.6.3. By Application
- 9.2.4.7. Algeria
- 9.2.4.7.1. By Vehicle Type
- 9.2.4.7.2. By Service Type
- 9.2.4.7.3. By Application
- 9.2.4.8. Rest of MEA
- 9.2.4.8.1. By Vehicle Type
- 9.2.4.8.2. By Service Type
- 9.2.4.8.3. By Application
- 10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. Global Automotive Engineering Services Market Share Analysis, 2022
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 11. Impact of Covid-19 on Global Automotive Engineering Services Market
- 12. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 12.1. Bertrandt AG
- 12.2. AVL List GmbH
- 12.3. Alten GmbH
- 12.4. IAV GmbH
- 12.5. Ricardo plc
- 12.6. EDAG Engineering GmbH
- 12.7. AKKA Technologies SE
- 12.8. Tata Technologies Ltd.
- 12.9. Assystem Technologies
- 12.10. FEV Group GmbH
- 12.11. L&T Technology Services Limited
- 12.12. Ricardo Strategic Consulting
- 12.13. HORIBA MIRA Ltd.
- 12.14. Tata Consultancy Services Limited
- 12.15. Wipro Limited
- 12.16. Other Prominent Players
- 13. Key Strategic Recommendations
- 14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
Research Assistance
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