Vehicle Insurance Market
Description
Global Vehicle Insurance Market is estimated to be valued at USD 1,077.47 Bn in 2025 and is expected to reach USD 1,896.22 Bn by 2032, growing at a compound annual growth rate (CAGR) of 8.4% from 2025 to 2032.
Report Description
Global vehicle insurance market has witnessed significant growth over the past few years, owing to rising motorization across the world. Vehicle insurance provides financial protection against losses incurred due to accidents, vehicle theft, and natural calamities. It has become mandatory in many countries to obtain insurance coverage for motor vehicles. Factors such as rising per capita incomes, urbanization, and availability of vehicle financing options has boosted demand for both personal and commercial vehicles, and this is expected to drive the global vehicle insurance market growth. However, increasing adoption of autonomous vehicles and mobility-as-a-service models could impact traditional insurance business models in the long run.
Market Dynamics
Global vehicle insurance market growth is driven by rising motorization accompanied by government mandates regarding minimum insurance coverage. According to the World Bank, the global vehicle has increased from approximately 1 Bn vehicles in 2010 to over 1.4 Bn vehicles in 2020. Demand for both passenger and commercial vehicles has increased strongly from emerging economies. However, high premium rates in some countries restrain the market growth. Introduction of usage-based and pay-as-you-drive insurance models present new opportunities for insurers to expand their customer base. Meanwhile, the shift towards electric vehicles and shared mobility services are influencing risk profiles and insurance requirements posing both threats and opportunities.
Key features of the study
Report Description
Global vehicle insurance market has witnessed significant growth over the past few years, owing to rising motorization across the world. Vehicle insurance provides financial protection against losses incurred due to accidents, vehicle theft, and natural calamities. It has become mandatory in many countries to obtain insurance coverage for motor vehicles. Factors such as rising per capita incomes, urbanization, and availability of vehicle financing options has boosted demand for both personal and commercial vehicles, and this is expected to drive the global vehicle insurance market growth. However, increasing adoption of autonomous vehicles and mobility-as-a-service models could impact traditional insurance business models in the long run.
Market Dynamics
Global vehicle insurance market growth is driven by rising motorization accompanied by government mandates regarding minimum insurance coverage. According to the World Bank, the global vehicle has increased from approximately 1 Bn vehicles in 2010 to over 1.4 Bn vehicles in 2020. Demand for both passenger and commercial vehicles has increased strongly from emerging economies. However, high premium rates in some countries restrain the market growth. Introduction of usage-based and pay-as-you-drive insurance models present new opportunities for insurers to expand their customer base. Meanwhile, the shift towards electric vehicles and shared mobility services are influencing risk profiles and insurance requirements posing both threats and opportunities.
Key features of the study
- This report provides in-depth analysis of the global vehicle insurance market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2025–2032), considering 2024 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global vehicle insurance market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include People’s Insurance Company of China, Allstate Insurance Company, China Pacific Insurance Co., Allianz, State Farm Mutual, Tokio Marine Group, Automobile Insurance, Geico, Ping An Insurance (Group) Company of China, Ltd., Admiral Group Plc, Berkshire Hathaway Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- Global vehicle insurance market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global vehicle insurance market.
- Motor Insurance Type Insights (Revenue, USD Bn, 2020 - 2032)
- Own Damage
- Third Party
- Application Insights (Revenue, USD Bn, 2020 - 2032)
- Commercial Vehicle
- Personal Vehicle
- Vehicle Age Insights (Revenue, USD Bn, 2020 - 2032)
- New Vehicle
- Old Vehicle
- Distribution Channel Insights (Revenue, USD Bn, 2020 - 2032)
- Individual Agents
- Brokers
- Banks
- Online
- Other Distribution Channels
- Regional Insights (Revenue, USD Bn, 2020 - 2032)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Key Players Insights
- People’s Insurance Company of China
- Allstate Insurance Company
- China Pacific Insurance Co.
- Allianz
- State Farm Mutual
- Tokio Marine Group
- Automobile Insurance
- Geico
- Ping An Insurance (Group) Company of China, Ltd.
- Admiral Group Plc
- Berkshire Hathaway Inc.
- State Farm
- Ping An Insurance
- Zurich AG
- AXA SA
- Assicurazioni Generali
- GEICO
- Bajaj Finserv
Table of Contents
135 Pages
- 1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- 2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Motor Insurance Type
- Market Snapshot, By Application
- Market Snapshot, By Vehicle Age
- Market Snapshot, By Distribution Channel
- Market Snapshot, By Region
- Coherent Opportunity Map (COM)
- 3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product Launches/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- 4. Global Vehicle Insurance Market, By Motor Insurance Type, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
- Own Damage
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Third Party
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- 5. Global Vehicle Insurance Market, By Application, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
- Commercial Vehicle
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Personal Vehicle
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- 6. Global Vehicle Insurance Market, By Vehicle Age, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
- New Vehicle
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Old Vehicle
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- 7. Global Vehicle Insurance Market, By Distribution Channel, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2020-2032
- Segment Trends
- Individual Agents
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Brokers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Banks
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Online
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- Other Distribution Channels
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
- 8. Global Vehicle Insurance Market, By Region, 2020-2032, (USD Bn)
- Introduction
- Market Share Analysis, By Region, 2025 and 2032 (%)
- Y-o-Y Growth Analysis, 2020-2032
- North America
- Regional Trends
- Market Size and Forecast, By Motor Insurance Type, 2020 – 2032, (USD Billion)
- Market Size and Forecast, By Application, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Vehicle Age, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Country, 2020 – 2032, (USD Bn)
- U.S.
- Canada
- Europe
- Regional Trends
- Market Size and Forecast, By Motor Insurance Type, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Application, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Vehicle Age, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Country, 2020 – 2032, (USD Bn)
- U.K.
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Regional Trends
- Market Size and Forecast, By Motor Insurance Type, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Application, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Vehicle Age, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Country, 2020 – 2032, (USD Bn)
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Regional Trends
- Market Size and Forecast, By Motor Insurance Type, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Application, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Vehicle Age, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Country, 2020 – 2032, (USD Bn)
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- Regional Trends
- Market Size and Forecast, By Motor Insurance Type, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Application, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Vehicle Age, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Distribution Channel, 2020 – 2032, (USD Bn)
- Market Size and Forecast, By Country, 2020 – 2032, (USD Bn)
- South Africa
- GCC Countries
- Rest of the Middle East & Africa
- 9. Competitive Landscape
- Company Profiles
- People’s Insurance Company of China
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Allstate Insurance Company
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- China Pacific Insurance Co.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Allianz
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- State Farm Mutual
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Tokio Marine Group
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Automobile Insurance
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Geico
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Ping An Insurance (Group) Company of China, Ltd.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Admiral Group Plc
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Berkshire Hathaway Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- State Farm
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Ping An Insurance
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Zurich AG
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- AXA SA
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Assicurazioni Generali
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- GEICO
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- Bajaj Finserv
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments/Updates
- 10. Analyst Recommendations
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
- 11. Section
- Research Methodology
- About Us
Pricing
Currency Rates
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