Global Commercial Truck Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
Commercial truck insurance is a type of insurance that specifically covers trucks or large vehicles used for business purposes. Commercial truck insurance typically provides coverage for damages caused to the truck and liability in the event that the truck causes injuries or property damage, and policies exist that cover lost or damaged cargo. For trucking businesses, businesses with trucks, or independent truck drivers, commercial truck insurance is a tailored policy that addresses trucking risks.
Market Overview:
The latest research study on the global Commercial Truck Insurance market finds that the global Commercial Truck Insurance market reached a value of USD 121558.66 million in 2022. It’s expected that the market will achieve USD 195701.45 million by 2028, exhibiting a CAGR of 8.26% during the forecast period.
As the trucking industry grows, so does the need for commercial truck insurance, and as technology advances, the commercial truck insurance industry is undergoing technological change. In the past, commercial truck insurance was a cumbersome and time-consuming process, with insurers relying heavily on manual processes to provide insurance policies for commercial trucking companies, an approach that was not only inefficient but also error-prone, resulting in inaccurate premiums, policy coverage, and claims management. With the advancement of technology, such as big data analysis, artificial intelligence, Internet of Things and other technologies, making the industry more efficient, accurate and cost-effective.
1 Drivers
1.1 Product advantages and policy support.
1.2 Global truck freight market developments drive commercial truck insurance.
1.3 New energy trucks bring new opportunities to the commercial truck insurance market.
2 Challenges
2.1 Commercial truck insurance has high operating costs and risks.
2.2 Commercial Truck Insurance Faces Legal and Compliance Risks.
2.3 Market competition is becoming increasingly fierce.
Region Overview:
Europe was the largest revenue market with a market share of 31.84% in 2017 and 30.09% in 2022, a decrease of 1.76%. In 2022, United States market share was 26.93%, ranking second.
Company Overview:
Commercial Truck Insurance companies are mainly from Europe and United States; the industry concentrate rate is low. The market share of the top three companies in 2021 was 14.51%. The top three companies are Zurich Insurance Group, Progressive Corporation and Assicurazioni Generali, with the revenue market share of 6.18%, 4.82% and 3.51% in 2021.
Segmentation Overview:
Compulsory Insurance
Compulsory insurance is any type of insurance an individual or business is legally required to buy.
Optional Insurance
Optional insurance is not mandatory, and there are many types, including third party liability insurance and some additional insurance types.
Among different product types, Compulsory Insurance segment is anticipated to contribute the largest market share in 2027.
Application Overview:
Semi-trailer Truck
Commercial truck insurance can be divided into semi-trailer trucks, dump trucks, tank trucks and other commercial trucks according to the type of truck applied.
A semi-trailer truck, also known as a semitruck, is the combination of a tractor unit and one or more semi-trailers to carry freight.
Dump Truck
A dump truck is used for transporting materials (such as dirt, gravel, or demolition waste) for construction as well as coal.
Tank Truck
A tank truck is a motor vehicle designed to carry liquids or gases on roads. Many variants exist due to the wide variety of liquids that can be transported.
By type, Semi-trailer Truck segment accounted for the largest share of market in 2021.
Key Companies in the global Commercial Truck Insurance market covered in Chapter 3:
Liberty Mutual Group
Progressive Corporation
Chubb
Berkshire Hathaway
Nationwide Insurance
Sompo Holdings, Inc.
Zurich Insurance Group
Assicurazioni Generali
Axa S.A.
Travelers Group
In Chapter 4 and Chapter 14.2, on the basis of types, the Commercial Truck Insurance market from 2018 to 2029 is primarily split into:
Compulsory Insurance
Optional Insurance
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Commercial Truck Insurance market from 2018 to 2029 covers:
Semi-trailer Truck
Dump Truck
Tank Truck
Other
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)
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