As per MRFR analysis, the APAC Motorcycle Insurance Market Size was estimated at 13.42 (USD Billion) in 2023. The APAC Motorcycle Insurance Market is expected to grow from 13.95 (USD Billion) in 2024 to 23.18 (USD Billion) by 2035. The APAC Motorcycle Insurance Market CAGR (growth rate) is expected to be around 4.72% during the forecast period (2025 - 2035).
With notable growth in motorcycle ownership in nations like China, India, and Indonesia, the expanding number of motorcycle users is a major market driver in the APAC motorcycle insurance industry. The preference for two-wheeled vehicles as an affordable mode of transportation, urbanization, and increased traffic congestion are the main causes of this spike in motorbike usage.
The need for motorcycle insurance is also increased as a result of governments in some APAC countries realizing the value of road safety and enacting stronger laws. Using digital technologies to expedite the insurance buying process is a potential in the APAC market.
By providing online platforms and mobile applications for purchasing policies, filing claims, and obtaining services, insurers have the opportunity to improve the consumer experience. Additionally, as telematics adoption continues to expand, motorcycle insurers can now provide usage-based insurance that take into account riders' riding habits, drawing in tech-savvy clients.
Customized insurance policies that address specific demands, like coverage for specialist equipment or accessories, have been increasingly popular in recent years. Furthermore, in line with government green objectives, several insurance firms are pushing electric bikes and investigating eco-friendly projects as a result of sustainability trends.
All things considered, the APAC motorcycle insurance market offers a distinctive environment marked by quick expansion, changing customer tastes, and technology breakthroughs, all of which may spur more developments and business prospects for insurers operating in the area.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The APAC Motorcycle Insurance Market is significantly buoyed by the increasing ownership of motorcycles across the region. According to a transport survey conducted by the Asian Development Bank, the number of registered motorcycles in Southeast Asia has surpassed 130 million, showing an annual growth rate of around 8% over the past five years.
This surge in motorcycle ownership directly correlates with a higher demand for motorcycle insurance products, as vehicle owners seek to protect their assets.
Established organizations like the Motorcycle Manufacturers Association of Japan and the Federation of Asian Motorcyclists provide insights and support for market growth by advocating for safety regulations and insurance awareness, which in turn fosters a supportive environment for the APAC Motorcycle Insurance Market.
The rapid urbanization in countries such as Vietnam and Indonesia, where motorcycles are often the preferred mode of transportation, further propels the need for comprehensive insurance solutions.
Government initiatives focused on enhancing road safety have a profound impact on the APAC Motorcycle Insurance Market. Many APAC governments have implemented stricter regulations regarding traffic safety and insurance requirements for motorcyclists.
For example, the Philippine government has enforced mandatory motorcycle insurance policies to improve safety standards. According to the Department of Transportation in the Philippines, since the enforcement of these regulations, overall motorcycle-related accidents have decreased by approximately 15%.
Such initiatives not only promote road safety but also drive the demand for motorcycle insurance, as insured riders tend to adhere more strictly to safety regulations. These government actions play a crucial role in shaping insurance policies, thereby positively influencing the growth trajectory of the APAC Motorcycle Insurance Market.
Technological advancements, including the integration of mobile applications and usage-based insurance models, are enhancing the capabilities of the APAC Motorcycle Insurance Market. Recent reports indicate that over 50% of insurance customers in key APAC markets prefer digital platforms for purchasing and managing their policies.
Established companies, such as Tokio Marine and Allianz in Asia, are increasingly investing in Research and Development to leverage artificial intelligence and machine learning technologies for better risk assessment and customer service.
By 2025, it is estimated that approximately 30% of the motorcycle insurance policies sold in the region will be via digital platforms. This transformation creates greater access to personalized insurance solutions and simplifies the claims process, significantly contributing to the growth of the APAC Motorcycle Insurance Market.
As awareness around the benefits of insurance continues to rise in the APAC region, the motorcycle insurance sector is experiencing a positive impact on its growth. Various public campaigns and educational initiatives led by organizations such as the International Association of Motorcycle Insurers have significantly increased public understanding of insurance products over the past decade.
Surveys indicate that awareness of motorcycle insurance has increased by 40% among urban riders in countries like India and Thailand, which have traditionally lagged in insurance uptake.
More riders are now recognizing the importance of insurance in providing financial protection against accidents and theft, which is driving higher enrollment rates in insurance plans. The growing awareness is a key driver for the APAC Motorcycle Insurance Market as it encourages more motorcycle owners to obtain coverage.
The Type segment of the APAC Motorcycle Insurance Market is a critical area, reflecting the diverse needs of motorcycle riders across the region. This segment is comprised of several key categories such as Liability Insurance, Comprehensive and Collision Insurance, Medical Payments Insurance, Theft Insurance, and Others.
Liability Insurance serves as a vital component as it not only ensures compliance with legal mandates across various APAC nations but also protects against third-party claims, making it the most sought-after type of coverage. This insurance type is particularly important in countries with high motorcycle usage, where safety regulations are stringently enforced.
Comprehensive and Collision Insurance combines the protection against damages to one's own motorcycle and third-party liabilities, capturing the interest of riders who prioritize extensive coverage due to their expenses on motorcycles as valuable assets.
Medical Payments Insurance aids in covering medical expenses that arise from accidents, further ensuring that riders can access necessary healthcare without financial burden, particularly in regions where healthcare costs can be significant. Theft Insurance safeguards against losses due to motorcycle theft, a growing concern in urban areas of the APAC region with rising crime rates.
This insurance type addresses critical rider concerns and positions itself as a must-have for those in high-risk zones. The 'Others' category includes more specialized coverage options that cater to unique rider needs, such as coverage for custom parts or specific liabilities.
All these types combined illuminate the necessity for diversified insurance offerings in the APAC Motorcycle Insurance Market, which is experiencing growth driven by increasing motorcycle ownership and a heightened awareness of safety among riders.
The segmentation shows that as the motorcycle culture grows in APAC, so does the demand for tailored insurance solutions that provide peace of mind, reflecting a broader trend toward comprehensive risk management among consumers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Application segment of the APAC Motorcycle Insurance Market is critical in understanding how motorcycle users in the region protect their vehicles. This segment can be broadly categorized into Personal and Commercial applications, reflecting diverse needs and priorities.
Personal motorcycle insurance typically covers individual riders, focusing on protecting against theft, damage, or accidents. With the increasing popularity of motorcycles for personal use in urban settings, this segment plays a significant role in the overall market landscape, catering to the growing demographic of young riders seeking affordable and accessible insurance solutions.
On the other hand, Commercial motorcycle insurance targets businesses that use motorcycles for delivery or transportation services. As the e-commerce sector experiences robust growth in APAC, particularly in countries like India and China, the demand for commercial motorcycle insurance has surged. This growth is driven by the need for coverage that safeguards businesses against potential liabilities.
With rising fuel costs and the shift towards environmentally friendly transportation options, motorcycles become an efficient choice for last-mile delivery, further emphasizing the importance of this segment within the APAC Motorcycle Insurance Market. The interplay between personal and commercial applications highlights the diverse insurance needs in this dynamic region.
The APAC Motorcycle Insurance Market exhibits a diverse and dynamic landscape across its regional segmentation, comprising countries such as China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, and the Rest of APAC.
China holds a pivotal role in this market due to its vast population and increasing motorcycle ownership, making it a significant contributor to the overall insurance revenue. India follows closely, driven by a growing middle class and rising urbanization, which leads to a higher demand for motorcycle usage and, subsequently, insurance coverage.
Japan, known for its advanced technology and safety standards, showcases a unique preference for insurance products that emphasize reliability and risk management. South Korea has a strong motorcycle culture, which is further fueled by innovative insurance solutions catering to the needs of younger riders.
Malaysia and Thailand also contribute to growth through their motorcycle-centric transportation infrastructure, encouraging individuals to seek insurance for this mode of travel. Additionally, Indonesia's increasing young population and expanding urban areas present opportunities for market growth.
The Rest of APAC represents a varied landscape with emerging markets offering potential, while regulatory frameworks and consumer awareness in motorcycle insurance continue to evolve across the region. These factors collectively drive the APAC Motorcycle Insurance Market's segmentation, with each country presenting unique challenges and opportunities.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The APAC Motorcycle Insurance Market is characterized by its dynamic and rapidly evolving landscape, influenced by a growing awareness of motorcycle safety and increasing vehicle ownership in emerging economies. This segment is marked by intense competition among various local and international players striving to capture market share.
As motorcycle usage continues to rise in countries within the Asia-Pacific region, including both urban and rural populations, insurance providers are focusing on tailored products and services to meet diverse customer needs.
Innovations in digital distribution and customer engagement are reshaping traditional insurance models, allowing companies to offer more personalized services that align with the modern consumer's expectations. Additionally, regulatory changes and the impact of technology on risk assessment and premium calculation are driving the competitive strategies of firms operating in this market.
United India Insurance has established a significant presence in the APAC Motorcycle Insurance Market, leveraging its extensive distribution network and strong brand recognition in the region. Known for its customer-centric approach, the company offers a range of two-wheeler insurance products that cater to both high-performance motorcycles and standard scooters.
United India Insurance has focused on enhancing its service delivery through technology and innovative solutions, allowing for smoother claim processes and improved customer engagement. Their robust claims settlement ratio has fostered loyalty among its policyholders, positioning the company as a trusted choice for motorcycle insurance in the APAC market.
The company’s extensive experience in the insurance sector provides it with a strong competitive advantage, further enhancing its reputation and operational efficiencies.
Allianz SE has made a notable impact in the APAC Motorcycle Insurance Market with its comprehensive range of coverage options and customer-focused services. The company's portfolio includes third-party liability, comprehensive insurance, and additional coverage options for personal accidents and theft protection.
Allianz SE has capitalized on the growing demand for digital insurance solutions, integrating advanced technologies to streamline the purchasing process and enhance customer interactions. Their substantial market presence in several APAC countries has been bolstered by strategic partnerships and mergers that have expanded their distribution channels and service capabilities.
This focus on innovation, combined with a robust risk management framework, allows Allianz SE to offer competitive premiums and superior customer service. The company’s commitment to sustainability and responsible insurance practices further strengthens its brand differentiation in the rapidly evolving motorcycle insurance landscape across the APAC region.
The APAC Motorcycle Insurance Market has seen significant developments recently. In August 2023, United India Insurance announced an expansion of its motorcycle insurance offerings, targeting increasing urban motorcycle ownership across India.
In the same month, Allianz SE launched a new digital platform to streamline claims handling in Southeast Asia, enhancing customer experience amid growing competition. HDFC ERGO General Insurance also reported a 15% growth in motorcycle insurance premiums during the first half of 2023, driven by an uptick in motorcycle registrations in India.
On the merger and acquisition front, Tokio Marine Holdings acquired a 30% stake in a local Indonesian motorcycle insurance provider in June 2023, aiming to strengthen its presence in the fast-growing market.
Growth in the market valuation of companies such as ICICI Lombard General Insurance and AIG has been influenced by increased demand for tailored motorcycle insurance products, leading to innovative policy offerings and enhanced coverage options.
Major happenings over the last two to three years include the regulatory changes in Malaysia and India, allowing more flexible insurance policies, which have positively impacted overall market dynamics.
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 13.42 (USD Billion) |
| MARKET SIZE 2024 | 13.95 (USD Billion) |
| MARKET SIZE 2035 | 23.18 (USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 4.72% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Billion |
| KEY COMPANIES PROFILED | United India Insurance, Allianz SE, Tokio Marine Holdings, HDFC ERGO General Insurance, AIA Group, SBI Insurance, New India Assurance, ICICI Lombard General Insurance, AIG, Zurich Insurance Group, QBE Insurance, Chubb Limited, Liberty Mutual, Bajaj Allianz General Insurance, NTUC Income |
| SEGMENTS COVERED | Type, Application, Regional |
| KEY MARKET OPPORTUNITIES | Rising urbanization driving demand, Increasing adoption of e-commerce services, Growth in recreational motorcycling activities, Expanding digital insurance platforms, Customization of insurance products available |
| KEY MARKET DYNAMICS | Growing urbanization, rising disposable income, increasing motorcycle ownership, regulatory changes, technological advancements |
| COUNTRIES COVERED | China, India, Japan, South Korea, Malaysia, Thailand, Indonesia, Rest of APAC |
Frequently Asked Questions (FAQ) :
The expected market size of the APAC Motorcycle Insurance Market is 13.95 USD Billion by 2024.
The projected market size of the APAC Motorcycle Insurance Market is 23.18 USD Billion by 2035.
The expected CAGR for the APAC Motorcycle Insurance Market from 2025 to 2035 is 4.72 percent.
China holds the largest market share, valued at 5.5 USD Billion in 2024.
The Indian Motorcycle Insurance Market is expected to grow to 6.12 USD Billion by 2035.
Major players include United India Insurance, Allianz SE, and Tokio Marine Holdings among others.
The market size for Medical Payments Insurance segment is valued at 2.0 USD Billion by 2024.
The Liability Insurance segment is expected to be valued at 6.9 USD Billion by 2035.
The value of Comprehensive and Collision Insurance is 4.4 USD Billion by 2024.
Key growth drivers include increasing motorcycle ownership and rising demand for insurance products across the region.
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