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Guaranteed Auto Protection (GAP) Insurance Market Size-By Type, By Application, By Distribution Channel-Regional Outlook, Competitive Strategies and Segment Forecast to 2032

Publisher SPER Market Research Pvt. Ltd.
Published Feb 06, 2023
Length 254 Pages
SKU # SPER18038233

Description

Guaranteed Auto Protection (GAP) Insurance Market Size-By Type, By Application, By Distribution Channel-Regional Outlook, Competitive Strategies and Segment Forecast to 2032


Global GAP Insurance Market Overview

According to SPER Market Research, the Global GAP Insurance Market is estimated to reach USD 9.25 billion by 2032 with a CAGR of 10.13%. The Guaranteed Auto Protection (GAP) insurance covers the difference between the car's actual cash value and the existing loan balance, protecting the borrower in the event that the vehicle is written off. The most popular types of vehicles for which GAP coverage is used are small cars, lorries, and big trucks. Owners and buyers are being compelled to purchase GAP insurance add-on plans due to a rising need for protection against borrowers' unplanned losses among self-financing organisations and car leasing companies.

Impact of COVID-19 on the Global GAP Insurance Market

Numerous global businesses have experienced significant commercial disruptions as a result of COVID-19. The sale of automobiles has decreased significantly as a result of severe lockout regulations in many countries, and the epidemic has affected the market for auto insurance. Additionally, a decline in new policy sales has forced a number of car dealers to temporarily halt their market activities.

Scope of the Report:

Report Metric Details
Market size available for years 2019-2032
Base year considered 2021
Forecast period 2022-2032

Segments covered By Type, By Application, By Distribution Channel.

Regions covered Asia-Pacific, Europe, Middle East and Africa, North America, Latin America

Companies Covered Admiral Group PLC, Allianz, Allstate Insurance Company, American Family Insurance, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Direct Gap, Kemper Corporation.

Global GAP Insurance Market Segmentation:

By Type: Based on the Type, Global GAP Insurance Market is segmented as; Return-to-Invoice GAP Insurance, Finance GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-Value GAP Insurance, Others.

By Distribution Channel: Based on the Distribution Channel, Global GAP Insurance Market is segmented as; Agents & Brokers, Direct Response, Others.

By Region: According to the forecast for the GAP insurance industry, Asia-Pacific would increase at the quickest rate. This is explained by the fact that the majority of vehicles used for business purposes in the Asia-Pacific region strictly require a commercial auto insurance, which also leads to the purchase of GAP insurance to prevent loss of value. As a result, this is a major driving factor for the market.

Table of Contents

254 Pages
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1 Research data source
2.1.1 Secondary data
2.1.2 Primary data
2.1.3 SPER’s internal database
2.1.4 Premium insight from KOL’s
2.2 Market size estimation
2.2.1 Top-down and Bottom-up approach
2.3 Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2. COVID-19 Impacts of the Global GAP Insurance Market
5. Market variables and outlook
5.1. SWOT analysis
5.1.1 Strengths
5.1.2 Weaknesses
5.1.3 Opportunities
5.1.4 Threats
5.2. PESTEL analysis
5.2.1 Political landscape
5.2.2 Economic landscape
5.2.3 Social landscape
5.2.4 Technological landscape
5.2.5 Environmental landscape
5.2.6 Legal landscape
5.3. PORTER’S five forces analysis
5.3.1 Bargaining power of suppliers
5.3.2 Bargaining power of Buyers
5.3.3 Threat of Substitute
5.3.4 Threat of new entrant
5.3.5 Competitive rivalry
5.4. Heat map analysis
6. Competitive Landscape
6.1 Global GAP Insurance Manufacturing Base Distribution, Sales Area, Product Type
6.2 Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global GAP Insurance Market
7. Global GAP Insurance Market, By Type, 2019-2032 (USD Million)
7.1 Return-to-Invoice GAP Insurance
7.2 Finance GAP Insurance
7.3 Vehicle Replacement GAP Insurance
7.4 Return-to-Value GAP Insurance
7.5 Others
8. Global GAP Insurance Market, By Application, 2019-2032 (USD Million)
8.1 Passenger Vehicle
8.2 Commercial Vehicle
9. Global GAP Insurance Market, By Distribution Channel, 2019-2032 (USD Million)
9.1 Agents & Brokers,
9.2 Direct Response,
9.3 Others
10. Global GAP Insurance Market, By Region, 2019-2032 (USD Million)
10.1 Global GAP Insurance Market and Market Share by Region (2019-2025)
10.2 Global GAP Insurance Market and Market Share by Region (2026-2032)
10.3 Asia-Pacific
10.3.1 Australia
10.3.2 China
10.3.3 India
10.3.4 Japan
10.3.5 South Korea
10.3.6 Rest of Asia-Pacific
10.4 Europe
10.4.1 France
10.4.2 Germany
10.4.3 Italy
10.4.4 Spain
10.4.5 United Kingdom
10.4.6 Rest of Europe
10.5 Middle East and Africa
10.5.1 Kingdom of Saudi Arabia
10.5.2 United Arab Emirates
10.5.3 Rest of Middle East & Africa
10.6 North America
10.6.1 Canada
10.6.2 Mexico
10.6.3 United States
10.7 Latin America
10.7.1 Argentina
10.7.2 Brazil
10.73 Rest of Latin America
11. Company Profiles
11.1 Admiral Group PLC
11.1.1 Company details
11.1.2 Financial outlook
11.1.3 Product summary
11.1.4 Recent developments
11.2 Allianz
11.2.1 Company details
11.2.2 Financial outlook
11.2.3 Product summary
11.2.4 Recent developments
11.3 Allstate Insurance Company
11.3.1 Company details
11.3.2 Financial outlook
11.3.3 Product summary
11.3.4 Recent developments
11.4 American Family Insurance
11.4.1 Company details
11.4.2 Financial outlook
11.4.3 Product summary
11.4.4 Recent developments
11.5 Aviva
11.5.1 Company details
11.5.2 Financial outlook
11.5.3 Product summary
11.5.4 Recent developments
11.6 AXA
11.6.1 Company details
11.6.2 Financial outlook
11.6.3 Product summary
11.6.4 Recent developments
11.7 Berkshire Hathaway Inc.
11.7.1 Company details
11.7.2 Financial outlook
11.7.3 Product summary
11.7.4 Recent developments
11.8 Chubb
11.8.1 Company details
11.8.2 Financial outlook
11.8.3 Product summary
11.8.4 Recent developments
11.9 Direct Gap
11.9.1 Company details
11.9.2 Financial outlook
11.9.3 Product summary
11.9.4 Recent developments
11.10 Kemper Corporation
11.10.1 Company details
11.10.2 Financial outlook
11.10.3 Product summary
11.10.4 Recent developments
11.11 Liberty Mutual Insurance Company
11.11.1 Company details
11.11.2 Financial outlook
11.11.3 Product summary
11.11.4 Recent developments
11.12 Majesco
11.12.1 Company details
11.12.2 Financial outlook
11.12.3 Product summary
11.12.4 Recent developments
11.13 Nationwide Mutual Insurance Company
11.13.1 Company details
11.13.2 Financial outlook
11.13.3 Product summary
11.13.4 Recent developments
11.14 Progressive Casualty Insurance Company
11.14.1 Company details
11.14.2 Financial outlook
11.14.3 Product summary
11.14.4 Recent developments
11.15 State Farm Mutual Automobile Insurance Company
11.15.1 Company details
11.15.2 Financial outlook
11.15.3 Product summary
11.15.4 Recent developments
11.16 The Travelers Idemnity Company
11.16.1 Company details
11.16.2 Financial outlook
11.16.3 Product summary
11.16.4 Recent developments
11.17 Zurich
11.17.1 Company details
11.17.2 Financial outlook
11.17.3 Product summary
11.17.4 Recent developments
12.List of Abbreviations
13.Reference Links
14.Conclusion
15.Research Scope

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