Global Motor Vehicle Insurance Market 2024-2028
Global Motor Vehicle Insurance Market 2024-2028
The motor vehicle insurance market is forecasted to grow by USD 545.9 bn during 2023-2028, accelerating at a CAGR of 10.44% during the forecast period. The report on the motor vehicle insurance market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing government regulations on mandatory insurance coverage in developing countries, surge in automobile sales, and rising number of accidents.
Technavio's motor vehicle insurance market is segmented as below:
By Application
By Distribution Channel
By Geographical Landscape
- North America
- APAC
- Europe
- South America
- Middle East and Africa
This study identifies the digitalization of motor vehicle insurance industry as one of the prime reasons driving the motor vehicle insurance market growth during the next few years. Also, rise in usage-based insurance and insurance telematics in motor vehicle insurance and emergence of third-party liability cover will lead to sizable demand in the market.
The report on the motor vehicle insurance market covers the following areas:
- Motor vehicle insurance market sizing
- Motor vehicle insurance market forecast
- Motor vehicle insurance market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading motor vehicle insurance market vendors that include Allianz SE, American International Group Inc., Aviva insurance Ltd., AXA Group, Berkshire Hathaway Inc., Chubb Ltd., Desjardins Group, Discovery Ltd., Kotak Mahindra Bank Ltd., Liberty Mutual Holding Co. Inc., Navi Technologies Ltd, OCTO Telematics S.p.A, Reliance Capital Ltd., Sompo Holdings Inc., State Farm Mutual Automobile Insurance Co., The Allstate Corp., THE HANOVER INSURANCE GROUP INC., The Progressive Corp., The Travelers Co. Inc., and Zurich Insurance Co. Ltd.. Also, the motor vehicle insurance market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.