Automotive Insurance Market Research Report- Global Forecast till 2027

Global Automotive Insurance Market Research Report: Information by Vehicle Type (Passenger Cars, LCV, and HCV), by Insurance Type (Third-Party, Comprehensive, Third-Party Theft and Fire, and Others), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World) - Forecast till 2027

ID: MRFR/AM/6323-HCR | February 2021 | Region: Global | 100 pages

Please note that the assessment period of report has been updated from 2018-2024 to 2020-2027. Cordially fill the sample form for updated data.

Market Synopsis:


Auto insurance is a contract between the insurance company and vehicle owner that protects vehicle owner against financial loss in the event of vehicle theft or accident. The insurance company agrees to pay the covered amount of the losses in exchange for paying a premium. Automotive insurance covers the coverage and loss of property (car damage or theft), liability (bodily injury), and medical (injury and rehabilitation cost). Collision insurance, gap insurance, comprehensive insurance, rental reimbursement collision, classic car insurance, medical payments coverage, and uninsured motorist insurance are some of the most popular automotive insurance options available in the market.


Increasing awareness among end users, introduction of innovative technologies and products, and the availability of third-party insurance providers in developing nations such as India, Vietnam, Indonesia, and China to provide substantial traction for the automotive insurance industry over the forecast period. Automotive insurance companies are working with software providers to offer big data-based solutions to satisfy the end user’s concerns and untapped market demand during a car-related transaction.  


Furthermore, digital technologies and mobile internet are transforming the vehicle industry and so the vehicle/automotive insurance industry. The automotive industry is undoubtedly undergoing significant changes that will help increase asset utilization, change vehicle ownership models, and improve vehicle safety, which will eventually impact the global automotive insurance market. Additionally, the introduction of autonomous technology has made cars increasingly safer, which is expected to reduce the vehicle accidents by significant percent during the forecast period. Moreover, a rise in on-demand transportation and the shifting of liability to manufacturers are some of the factors that are expected to hinder the growth of global automotive insurance during the forecast period.


Segmentation: Global Automotive Insurance Market  Automotive Insurance Market


The global automotive insurance market is segmented based on vehicle type, insurance type, and region. On the basis of vehicle type, the global market has been segmented into passenger cars, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). On the basis of insurance type, the global market has been segmented into third-party, comprehensive, third-party theft and fire, and others.


Geographically, the global automotive insurance industry has been segmented into four major regions, which are North America, Europe, Asia-Pacific, and the rest of the world. The auto insurance market in Asia-Pacific is expected to dominate the global market, owing to the significant increase in the sale of vehicles across China, India, and ASEAN countries and the presence of a large number of insurance providers and third-parties in Asia-Pacific. Furthermore, South America and the Middle East & Africa is expected to witness considerable growth in the global automobile insurance market over the next decade.


The players involved in the global automotive insurance industry are Allstate Insurance Company (US), RAC Motoring Services (UK), Progressive Casualty Insurance Company (US), Clements Worldwide (US), GEICO (US),  NFU Mutual (UK), Zhongan Insurance (China), ABIC Inc. (China), CPIC (China), State Farm Mutual Automobile Insurance Company (US), RSA Insurance Group plc (UK), and Zurich Insurance Group (Switzerland).


The Market Research Future report on the global automotive insurance market covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   Substantial CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Vehicle Type, Insurance Type, Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Allstate Insurance Company (US), RAC Motoring Services (UK), Progressive Casualty Insurance Company (US), Clements Worldwide (US), GEICO (US), NFU Mutual (UK), Zhongan Insurance (China), ABIC Inc. (China), CPIC (China), State Farm Mutual Automobile Insurance Company (US), RSA Insurance Group plc (UK), and Zurich Insurance Group (Switzerland).
  Key Market Opportunities

  • Rise in on-demand transportation and the shifting of liability to manufacturer
  • Automotive industry is undoubtedly undergoing significant changes that will help increase asset utilization, change vehicle ownership models, and improve vehicle safety
  • Introduction of autonomous technology has made cars increasingly safer, which is expected to reduce the vehicle accidents
  •   Key Market Drivers   Mounting awareness among end users, introduction of innovative technologies and products, and the availability of third-party insurance providers


    Frequently Asked Questions (FAQ) :


    Vehicle type and insurance type are the segments of the market.

    Asia-Pacific will be the leading region in the global market

    The mounting awareness among end users, introduction of innovative technologies and products, and the availability of third-party insurance providers are the major factors for the automotive insurance industry growth in the forecast period.

    The four major regions are North America, Europe, Asia-Pacific, and the rest of the world.

    GEICO (US), RSA Insurance Group plc (UK), NFU Mutual (UK), Clements Worldwide (US), ABIC Inc. (China), CPIC (China), State Farm Mutual Automobile Insurance Company (US), Zhongan Insurance (China), and Zurich Insurance Group (Switzerland) are the key players investing in the market share.