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Vehicle Insurance Market, By Motor Insurance Type (Own Damage and Third Party), By Application (Commercial Vehicle and Personal Vehicle), By Vehicle Age (New Vehicle and Old Vehicle), By Distribution Channel (Individual Agents, Brokers, Banks, Online, Oth

Publisher Coherent Market Insights
Published Feb 21, 2025
Length 157 Pages
SKU # CMI19905349

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 billion vehicles in 2010 to over 1.4 billion 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 (US$ 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.
Detailed Segmentation:
  • By Motor Insurance Type
  • Own Damage
  • Third Party
  • By Application
  • Commercial Vehicle
  • Personal Vehicle
  • By Vehicle Age
  • New Vehicle
  • Old Vehicle
  • By Distribution Channel
  • Individual Agents
  • Brokers
  • Banks
  • Online
  • Other Distribution Channels
  • By Regional
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • 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

157 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 – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 Epidemiology
Supply Side and Demand Side Analysis
Economic Impact
5. Global Vehicle Insurance Market, By Motor Insurance Type, 2020-2032, (US$ 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, (US$ Bn)
Third Party
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Bn)
6. Global Vehicle Insurance Market, By Application, 2020-2032, (US$ 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, (US$ Bn)
Personal Vehicle
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Bn)
7. Global Vehicle Insurance Market, By Vehicle Age, 2020-2032, (US$ 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, (US$ Bn)
Old Vehicle
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Bn)
8. Global Vehicle Insurance Market, By Distribution Channel, 2020-2032, (US$ 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, (US$ Bn)
Brokers
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Bn)
Banks
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Bn)
Online
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Bn)
Other Distribution Channels
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (US$ Bn)
9. Global Vehicle Insurance Market, By Region, 2020-2032, (US$ 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, 2021 – 2032, (US$ Billion)
Market Size and Forecast, By Application, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Vehicle Age, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Distribution Channel, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Country, 2021 – 2032, (US$ Bn)
U.S.
Canada
Europe
Regional Trends
Market Size and Forecast, By Motor Insurance Type, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Application, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Vehicle Age, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Distribution Channel, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Country, 2021 – 2032, (US$ Bn)
U.K.
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
Regional Trends
Market Size and Forecast, By Motor Insurance Type, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Application, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Vehicle Age, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Distribution Channel, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Country, 2021 – 2032, (US$ Bn)
China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific
Latin America
Regional Trends
Market Size and Forecast, By Motor Insurance Type, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Application, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Vehicle Age, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Distribution Channel, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Country, 2021 – 2032, (US$ Bn)
Brazil
Argentina
Mexico
Rest of Latin America
Middle East & Africa
Regional Trends
Market Size and Forecast, By Motor Insurance Type, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Application, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Vehicle Age, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Distribution Channel, 2021 – 2032, (US$ Bn)
Market Size and Forecast, By Country, 2021 – 2032, (US$ Bn)
South Africa
GCC Countries
Rest of the Middle East & Africa
10. 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
Bajaj Finserv
11. Analyst Recommendations
Wheel of Fortune
Analyst View
Coherent Opportunity Map
12. Section:
Research Methodology
About Us
*Browse 24 market data tables and 28 figures on Global Vehicle Insurance Market” - Global forecast to 2032

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