Global Motor Vehicle Insurance Market Growth (Status and Outlook) 2023-2029

Global Motor Vehicle Insurance Market Growth (Status and Outlook) 2023-2029

Vehicle insurance (also known as car insurance, motor insurance or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.

LPI (LP Information)' newest research report, the “Motor Vehicle Insurance Industry Forecast” looks at past sales and reviews total world Motor Vehicle Insurance sales in 2022, providing a comprehensive analysis by region and market sector of projected Motor Vehicle Insurance sales for 2023 through 2029. With Motor Vehicle Insurance sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Motor Vehicle Insurance industry.

This Insight Report provides a comprehensive analysis of the global Motor Vehicle Insurance landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Motor Vehicle Insurance portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Motor Vehicle Insurance market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Motor Vehicle Insurance and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Motor Vehicle Insurance.

The global Motor Vehicle Insurance market size is projected to grow from US$ 731.6 million in 2022 to US$ 992.4 million in 2029; it is expected to grow at a CAGR of 4.5% from 2023 to 2029.

The increase in automobile sales globally is the primary growth driver for this market. An increase in per capita income in emerging economies has led to an increase in the sales of automobiles. This is driving the global motor vehicle insurance market because governments across the world are making it mandatory to buy insurance policy while purchasing a new vehicle.

This report presents a comprehensive overview, market shares, and growth opportunities of Motor Vehicle Insurance market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Third Party Only
Third Party Fire & Theft Insurance
Comprehensive Insurance

Segmentation by application
Passenger Car
Commercial Car

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Allianz
Allstate Insurance
American International
Berkshire Hathaway Homestate
People’s Insurance of China
Ping An Insurance

Please note: The report will take approximately 2 business days to prepare and deliver.