Commercial Auto Insurance Market
Description
The global commercial auto insurance market size was valued at $160.4 billion in 2023, and is projected to reach $390.5 billion by 2033, growing at a CAGR of 9.1% from 2024 to 2033.
Commercial auto insurance typically offers a tailored motor insurance policy to protect against damages and losses to or caused by a business vehicle and its owner-driver. It is mainly acquired by companies for their fleet of vehicles, including trucks, vans, cabs, auto-rickshaws, tractors, commercial vans, school buses, and more. This insurance covers damages from incidents like accidents, collisions, natural disasters, fires, and other events, specifically for vehicles owned by the business.
Several factors, including strict government regulations in the commercial auto insurance industry, increase in road accidents, and rise in use of commercial vehicles, are driving the expansion of the global commercial auto insurance market. In addition, rise in popularity of food trucks and increase in number of vehicle owners using personal vehicles for commercial purposes, such as food trucks, contribute to the market growth. Since personal vehicles cannot be used for business, they require commercial auto insurance, thus leading to market growth.
Moreover, the global commercial auto insurance market is experiencing rapid growth in the U.S., driven by surge in road accidents. For example, a recent survey by the National Institute for Occupational Safety & Health revealed that 47% of commercial drivers admitted to reading text messages while driving. Other distractions are also significant, with nearly 34% of drivers reporting they have fallen asleep at the wheel. Such incidences drive the growth of the market.
Segment Review:
The commercial auto insurance market is segmented into distribution channel, coverage type, vehicle type, and region. By distribution channel, the commercial auto insurance market is segmented into broker and non-broker. By coverage type, it is bifurcated into third party liability coverage and collision/comprehensive/optional coverage. By vehicle type, the commercial auto insurance market is segmented into light commercial vehicle and medium and heavy commercial vehicle. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
By distribution channel, the brokers & agents segment led the highest commercial auto insurance market share, in terms of revenue in 2023.
On the basis of coverage type, the collision/comprehensive/optional coverage segment is expected to exhibit the fastest commercial auto insurance market growth rate during the forecast period.
Region-wise, North America generated the highest revenue in 2023.
Competition Analysis:
The report analyzes the top commercial auto insurance companies operating in the market such as Aviva, AXA S.A., Chubb Limited, Willis Towers Watson PLC., Berkshire Hathaway Inc., Allianz SE, Aon plc., Zurich Insurance Company Ltd., Liberty Mutual Insurance Company, American International Group Inc., Progressive Casualty Insurance Company, The Hartford, Farmers Insurance Group, Nationwide Mutual Insurance Company, Allstate Insurance Company, The Travelers Companies, Inc., The New India Assurance Company Ltd., HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, and state farm. These players have adopted various strategies to increase their commercial auto insurance market penetration and strengthen their position in the commercial auto insurance industry.
Key Market Segments
By Distribution Channel
Broker
Non-Broker
By Coverage Type
Third Party Liability Coverage
Collision/Comprehensive/Optional Coverage
By Vehicle Type
Light Commercial Vehicle
Medium and Heavy Commercial Vehicle
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Southeast Asia
LAMEA
Latin America
Middle East
Africa
Key Market Players
Aviva
Chubb Limited
Berkshire Hathaway Inc.
Allianz SE
WTW
AXA
Aon plc.
Zurich Insurance Company Ltd.
Liberty Mutual Insurance Company
American International Group Inc.
Progressive Casualty Insurance Company
The Hartford
Nationwide Mutual Insurance Company
Allstate Insurance Company
The Travelers Companies, Inc.
HDFC ERGO General Insurance Company Limited
Tata AIG General Insurance Company Limited
Farmers Insurance Group
The New India Assurance Company Ltd.
State FarmThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Commercial auto insurance typically offers a tailored motor insurance policy to protect against damages and losses to or caused by a business vehicle and its owner-driver. It is mainly acquired by companies for their fleet of vehicles, including trucks, vans, cabs, auto-rickshaws, tractors, commercial vans, school buses, and more. This insurance covers damages from incidents like accidents, collisions, natural disasters, fires, and other events, specifically for vehicles owned by the business.
Several factors, including strict government regulations in the commercial auto insurance industry, increase in road accidents, and rise in use of commercial vehicles, are driving the expansion of the global commercial auto insurance market. In addition, rise in popularity of food trucks and increase in number of vehicle owners using personal vehicles for commercial purposes, such as food trucks, contribute to the market growth. Since personal vehicles cannot be used for business, they require commercial auto insurance, thus leading to market growth.
Moreover, the global commercial auto insurance market is experiencing rapid growth in the U.S., driven by surge in road accidents. For example, a recent survey by the National Institute for Occupational Safety & Health revealed that 47% of commercial drivers admitted to reading text messages while driving. Other distractions are also significant, with nearly 34% of drivers reporting they have fallen asleep at the wheel. Such incidences drive the growth of the market.
Segment Review:
The commercial auto insurance market is segmented into distribution channel, coverage type, vehicle type, and region. By distribution channel, the commercial auto insurance market is segmented into broker and non-broker. By coverage type, it is bifurcated into third party liability coverage and collision/comprehensive/optional coverage. By vehicle type, the commercial auto insurance market is segmented into light commercial vehicle and medium and heavy commercial vehicle. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings:
By distribution channel, the brokers & agents segment led the highest commercial auto insurance market share, in terms of revenue in 2023.
On the basis of coverage type, the collision/comprehensive/optional coverage segment is expected to exhibit the fastest commercial auto insurance market growth rate during the forecast period.
Region-wise, North America generated the highest revenue in 2023.
Competition Analysis:
The report analyzes the top commercial auto insurance companies operating in the market such as Aviva, AXA S.A., Chubb Limited, Willis Towers Watson PLC., Berkshire Hathaway Inc., Allianz SE, Aon plc., Zurich Insurance Company Ltd., Liberty Mutual Insurance Company, American International Group Inc., Progressive Casualty Insurance Company, The Hartford, Farmers Insurance Group, Nationwide Mutual Insurance Company, Allstate Insurance Company, The Travelers Companies, Inc., The New India Assurance Company Ltd., HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, and state farm. These players have adopted various strategies to increase their commercial auto insurance market penetration and strengthen their position in the commercial auto insurance industry.
Key Market Segments
By Distribution Channel
Broker
Non-Broker
By Coverage Type
Third Party Liability Coverage
Collision/Comprehensive/Optional Coverage
By Vehicle Type
Light Commercial Vehicle
Medium and Heavy Commercial Vehicle
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Southeast Asia
LAMEA
Latin America
Middle East
Africa
Key Market Players
Aviva
Chubb Limited
Berkshire Hathaway Inc.
Allianz SE
WTW
AXA
Aon plc.
Zurich Insurance Company Ltd.
Liberty Mutual Insurance Company
American International Group Inc.
Progressive Casualty Insurance Company
The Hartford
Nationwide Mutual Insurance Company
Allstate Insurance Company
The Travelers Companies, Inc.
HDFC ERGO General Insurance Company Limited
Tata AIG General Insurance Company Limited
Farmers Insurance Group
The New India Assurance Company Ltd.
State FarmThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.
Table of Contents
395 Pages
- CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
- CHAPTER 2: EXECUTIVE SUMMARY
- 2.1. CXO perspective
- CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter’s five forces analysis
- 3.3.1. Low bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Low bargaining power of buyers
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Stringent government guidelines regarding commercial auto insurance
- 3.4.1.2. Increasing number of road accidents
- 3.4.1.3. Increased usage of commercial vehicles
- 3.4.2. Restraints
- 3.4.2.1. Expensive commercial auto insurance policies
- 3.4.3. Opportunities
- 3.4.3.1. Implementation of technology in the field of commercial auto insurance
- CHAPTER 4: COMMERCIAL AUTO INSURANCE MARKET, BY DISTRIBUTION CHANNEL
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Broker
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Non-Broker
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- CHAPTER 5: COMMERCIAL AUTO INSURANCE MARKET, BY COVERAGE TYPE
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Third Party Liability Coverage
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Collision/Comprehensive/Optional Coverage
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- CHAPTER 6: COMMERCIAL AUTO INSURANCE MARKET, BY VEHICLE TYPE
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Light Commercial Vehicle
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Medium and Heavy Commercial Vehicle
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- CHAPTER 7: COMMERCIAL AUTO INSURANCE MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Distribution Channel
- 7.2.3. Market size and forecast, by Coverage Type
- 7.2.4. Market size and forecast, by Vehicle Type
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Market size and forecast, by Distribution Channel
- 7.2.5.1.2. Market size and forecast, by Coverage Type
- 7.2.5.1.3. Market size and forecast, by Vehicle Type
- 7.2.5.2. Canada
- 7.2.5.2.1. Market size and forecast, by Distribution Channel
- 7.2.5.2.2. Market size and forecast, by Coverage Type
- 7.2.5.2.3. Market size and forecast, by Vehicle Type
- 7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Distribution Channel
- 7.3.3. Market size and forecast, by Coverage Type
- 7.3.4. Market size and forecast, by Vehicle Type
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. UK
- 7.3.5.1.1. Market size and forecast, by Distribution Channel
- 7.3.5.1.2. Market size and forecast, by Coverage Type
- 7.3.5.1.3. Market size and forecast, by Vehicle Type
- 7.3.5.2. Germany
- 7.3.5.2.1. Market size and forecast, by Distribution Channel
- 7.3.5.2.2. Market size and forecast, by Coverage Type
- 7.3.5.2.3. Market size and forecast, by Vehicle Type
- 7.3.5.3. France
- 7.3.5.3.1. Market size and forecast, by Distribution Channel
- 7.3.5.3.2. Market size and forecast, by Coverage Type
- 7.3.5.3.3. Market size and forecast, by Vehicle Type
- 7.3.5.4. Italy
- 7.3.5.4.1. Market size and forecast, by Distribution Channel
- 7.3.5.4.2. Market size and forecast, by Coverage Type
- 7.3.5.4.3. Market size and forecast, by Vehicle Type
- 7.3.5.5. Spain
- 7.3.5.5.1. Market size and forecast, by Distribution Channel
- 7.3.5.5.2. Market size and forecast, by Coverage Type
- 7.3.5.5.3. Market size and forecast, by Vehicle Type
- 7.3.5.6. Rest of Europe
- 7.3.5.6.1. Market size and forecast, by Distribution Channel
- 7.3.5.6.2. Market size and forecast, by Coverage Type
- 7.3.5.6.3. Market size and forecast, by Vehicle Type
- 7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Distribution Channel
- 7.4.3. Market size and forecast, by Coverage Type
- 7.4.4. Market size and forecast, by Vehicle Type
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Market size and forecast, by Distribution Channel
- 7.4.5.1.2. Market size and forecast, by Coverage Type
- 7.4.5.1.3. Market size and forecast, by Vehicle Type
- 7.4.5.2. Japan
- 7.4.5.2.1. Market size and forecast, by Distribution Channel
- 7.4.5.2.2. Market size and forecast, by Coverage Type
- 7.4.5.2.3. Market size and forecast, by Vehicle Type
- 7.4.5.3. India
- 7.4.5.3.1. Market size and forecast, by Distribution Channel
- 7.4.5.3.2. Market size and forecast, by Coverage Type
- 7.4.5.3.3. Market size and forecast, by Vehicle Type
- 7.4.5.4. Australia
- 7.4.5.4.1. Market size and forecast, by Distribution Channel
- 7.4.5.4.2. Market size and forecast, by Coverage Type
- 7.4.5.4.3. Market size and forecast, by Vehicle Type
- 7.4.5.5. South Korea
- 7.4.5.5.1. Market size and forecast, by Distribution Channel
- 7.4.5.5.2. Market size and forecast, by Coverage Type
- 7.4.5.5.3. Market size and forecast, by Vehicle Type
- 7.4.5.6. Rest of Southeast Asia
- 7.4.5.6.1. Market size and forecast, by Distribution Channel
- 7.4.5.6.2. Market size and forecast, by Coverage Type
- 7.4.5.6.3. Market size and forecast, by Vehicle Type
- 7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Distribution Channel
- 7.5.3. Market size and forecast, by Coverage Type
- 7.5.4. Market size and forecast, by Vehicle Type
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Latin America
- 7.5.5.1.1. Market size and forecast, by Distribution Channel
- 7.5.5.1.2. Market size and forecast, by Coverage Type
- 7.5.5.1.3. Market size and forecast, by Vehicle Type
- 7.5.5.2. Middle East
- 7.5.5.2.1. Market size and forecast, by Distribution Channel
- 7.5.5.2.2. Market size and forecast, by Coverage Type
- 7.5.5.2.3. Market size and forecast, by Vehicle Type
- 7.5.5.3. Africa
- 7.5.5.3.1. Market size and forecast, by Distribution Channel
- 7.5.5.3.2. Market size and forecast, by Coverage Type
- 7.5.5.3.3. Market size and forecast, by Vehicle Type
- CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product mapping of top 10 player
- 8.4. Competitive dashboard
- 8.5. Competitive heatmap
- 8.6. Top player positioning, 2023
- CHAPTER 9: COMPANY PROFILES
- 9.1. Aviva
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
- 9.1.7. Key strategic moves and developments
- 9.2. AXA
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
- 9.2.6. Business performance
- 9.2.7. Key strategic moves and developments
- 9.3. Chubb Limited
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
- 9.3.6. Business performance
- 9.3.7. Key strategic moves and developments
- 9.4. WTW
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
- 9.5. Berkshire Hathaway Inc.
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Business performance
- 9.5.7. Key strategic moves and developments
- 9.6. Allianz SE
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Business performance
- 9.6.7. Key strategic moves and developments
- 9.7. Aon plc.
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Business performance
- 9.8. Zurich Insurance Company Ltd.
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
- 9.8.6. Business performance
- 9.9. Liberty Mutual Insurance Company
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
- 9.9.6. Business performance
- 9.10. American International Group Inc.
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance
- 9.11. Progressive Casualty Insurance Company
- 9.11.1. Company overview
- 9.11.2. Key executives
- 9.11.3. Company snapshot
- 9.11.4. Operating business segments
- 9.11.5. Product portfolio
- 9.11.6. Business performance
- 9.12. The Hartford
- 9.12.1. Company overview
- 9.12.2. Key executives
- 9.12.3. Company snapshot
- 9.12.4. Operating business segments
- 9.12.5. Product portfolio
- 9.12.6. Business performance
- 9.13. Farmers Insurance Group
- 9.13.1. Company overview
- 9.13.2. Key executives
- 9.13.3. Company snapshot
- 9.13.4. Operating business segments
- 9.13.5. Product portfolio
- 9.14. Nationwide Mutual Insurance Company
- 9.14.1. Company overview
- 9.14.2. Key executives
- 9.14.3. Company snapshot
- 9.14.4. Operating business segments
- 9.14.5. Product portfolio
- 9.15. Allstate Insurance Company
- 9.15.1. Company overview
- 9.15.2. Key executives
- 9.15.3. Company snapshot
- 9.15.4. Operating business segments
- 9.15.5. Product portfolio
- 9.15.6. Business performance
- 9.16. The Travelers Companies, Inc.
- 9.16.1. Company overview
- 9.16.2. Key executives
- 9.16.3. Company snapshot
- 9.16.4. Operating business segments
- 9.16.5. Product portfolio
- 9.16.6. Business performance
- 9.17. The New India Assurance Company Ltd.
- 9.17.1. Company overview
- 9.17.2. Key executives
- 9.17.3. Company snapshot
- 9.17.4. Operating business segments
- 9.17.5. Product portfolio
- 9.18. HDFC ERGO General Insurance Company Limited
- 9.18.1. Company overview
- 9.18.2. Key executives
- 9.18.3. Company snapshot
- 9.18.4. Operating business segments
- 9.18.5. Product portfolio
- 9.18.6. Business performance
- 9.19. Tata AIG General Insurance Company Limited
- 9.19.1. Company overview
- 9.19.2. Key executives
- 9.19.3. Company snapshot
- 9.19.4. Operating business segments
- 9.19.5. Product portfolio
- 9.20. State Farm
- 9.20.1. Company overview
- 9.20.2. Key executives
- 9.20.3. Company snapshot
- 9.20.4. Operating business segments
- 9.20.5. Product portfolio
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