Motorcycle Insurance Market Research Report - Global Forecast till 2027

Global Motorcycle Insurance Market Research Report: by Policy Type (Liability Insurance, Comprehensive and Collision Insurance, Medical Payments Insurance  and Others), Application (Personal and Commercial) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/AM/8538-HCR | February 2021 | Region: Global | 120 pages

Please note that the assessment period of the report has been updated from 2019-2026 to 2020-2027. Cordially fill Sample form for the updated data.

Market Overview


According to the latest research report, the global motorcycle insurance market is expected to outstretch USD 900 Billion by the end of 2026, with a growth rate of 5% CAGR between 2020 and 2026. Vehicle insurance policies are for all types of road vehicles including cars, trucks, motorcycles, and others. The vehicle insurance provides the protection of the vehicles against any damage or injured body parts of the vehicles due to high traffic collisions, or any other accountability rises in a vehicle, the insurance provides financial protection to the vehicles.


In the year 2018, the Insurance premium of motorcycles occupies more than 40% of the total non-life insurance premium. The rising demand for motorcycle insurance in developing countries is likely to boost the growth of the market in the next few years. There are various countries across the globe where insurance of the vehicles is obligatory, due to the expected rise in the sales of the new vehicles. These factors are predicted to boost the growth of the market in such regions, primarily Asia.


This report contains all the information on the global motorcycle insurance market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global motorcycle insurance market and forecast to 2026 is also included in the report. 


Covid 19 Analysis


The outbreak covid 19 has left a massive impact on the motorcycle insurance market outlook, it has disrupted the supply chain of the policies due to restriction on trade and the diminishing of the consumption due to the lockdown. The outbreak of the pandemic is predicted to continue to decrease the demand for automobiles in 2020-2021 due to the decline in consumer demand. Furthermost, it is expected to recover from the downfall within the next five years.


Market Dynamic


Drivers


  • The global motorcycle insurance market trend is expected to grow during the forecast period at a decent growth pace use to the rise of demand for motorcycles across the globe. The key players are focused on providing products and profit-oriented luxuries in motorcycles. Technically advanced motorcycles such as ABS bikes are likely to drive the growth of the market.

  • The major key players of the motorcycle insurance market industry are offering high-security coverage of the motorcycles, financially, which is boosting the market growth in the upcoming years.  The constrain on bike insurance in  many countries are expected to promote market growth.


Opportunities


  • Usage-based insurance (UBI) is a type of auto insurance where the consumer can measure the vehicles in terms of, how far a vehicle is driven, how it is driven, and where it is driven. Telematics technology is used for UBI which is pre-installed in the vehicles of the customers, this telematics device records the data in a wide range, and based on this data the insurer calculates the insurance premium.

  • Based on the reports of the National Association of Insurance Commissioners (NAIC), about 20% of insurers in the United State will switch to usage-based insurance within the next five years, due to the profit gained through this policy which is a win-win for the insurance company and policyholder and it also creates opportunities for the drivers to adopt safe and secure driving practices.


Restraints


  • The global motorcycle insurance market growth are facing some restraints which are likely to hinder the two-wheeler market growth such as the rise in the price of the fuels, several safety issues, increase in the number of road accidents, higher charges of the insurance, and unpredictability of the electrification of bikes are some major causes that are impeding the growth of the motorcycle insurance market.


Challenges


  • The shift of the demands from motorcycles to four-wheelers is likely to hamper the growth of the market. The lack of awareness among the people regarding the renewable insurance policies and premiums are some other challenges faced by the global motorcycle insurance markets


Cumulative Growth Analysis


The primary factor for the growth of the market are the requirement of the low maintenance cost of the vehicles during the production period and other activities are likely to boost the growth of the motorcycle insurance market.


Key players of the markets are willing to invest in the product characteristic and high-quality maintenance which ultimately helps in the enhancement of the product design and quality. Altogether these trends are likely to increase the structure, function, and demand of the motorcycle insurance market revenue.


Value Chain Analysis


The global motorcycle insurance market value is expected to register a 5% of CAGR during the forecast period.  The global motorcycle insurance market is segmented into two types, policy type, and application. On the basis of the policy type, the global motorcycle insurance market is segmented into comprehensive, medical payments insurance, liability insurance, collision insurance, and others, among which the collision insurance policy and comprehensive type are predicted to show a magnificent growth pace during the forecast period.


On the basis of the application, the motorcycle insurance market is segmented into commercial and personal. The rise in the demand for the two-wheeler in the developing countries is expected to boost the growth of the personal insurance application. The motorcycle offers time-saving rides in the traffics, the production of more comfortable motorbikes, and the rising demand in the tourism sector are likely to drive the growth of the global motorcycle insurance market.


Segmentation Overview


The market is segmented on the basis of the policy type, application, and region. The global motorcycle insurance market is expected to witness decent growth during the forecast period.


By Application



  • Based on the application, the market is segmented into personal and commercial.


By end-users


  • Based on the propulsion types, the market is segmented into four types, liability insurance, comprehensive and collision insurance, medical payment insurance, and others.


Regional Analysis
On the basis of the regions, the motorcycle insurance market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to occupy a remarkable amount of share in the global motorcycle insurance market shares, due to the rise in the establishment of the automobile sector in this region along with the introduction of the new models by the major key players of the market in these regions. The regulation of the government regarding the compulsion of having insurance after the purchasing of the bikes is likely to boost the growth of the motorcycle insurance market. 

Competitive landscape


The report comprises the major key players of the motorcycle insurance market analysis across the globe. The shares of the market are highly effervescing with the huge numbers of players operating in the market. The insurance companies are focusing on providing personalized solutions to intensify their portfolio of the products and to attract, more customers.


Major Key Players



  • GEICO

  • Farmers Insurance,

  • Allstate

  • Aviva

  • Allianz

  • AXA

  • CPIC

  • PingAn

  • Assicurazioni Generali

  • Cardinal Health

  • State Farm Insurance

  • Dai-ichi Mutual Life Insurance

  • Munich Re Group

  • Zurich Financial Services

  • Prudential.


 Report Overview


The following report comprises of –



  • Market overview 

  • Covid 19 Analysis

  • Market Dynamic

  • Drivers

  • Opportunities

  • Restraints 

  • Challenges

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segmentation Overview 

  • By Application 

  • By End-Users

  • Regional Analysis

  • Competitive landscape


Recent Developments



  • The development of new schemes and new offices of the insurance companies and the innovation of the motorcycles insurance products


Global Motorcycle Insurance Market: On the basis of product types



  • Liability Insurance

  • Comprehensive and Collision Insurance

  • Medical Payments Insurance

  • Theft Insurance

  • Others


Global Motorcycle Insurance Market: On the basis of application



  • Personal

  • Business


Global Motorcycle Insurance Market: On the basis of regions


North America


  • The U.S.

  • Canada

  • Mexico


Europe


  • Germany

  • UK

  • France

  • Spain

  • Italy

  • Rest of Europe


Asia Pacific


  • China

  • Japan

  • India

  • Australia

  • Southeast Asia

  • Rest of Asia Pacific


Latin America


  • Brazil

  • Argentina

  • Chile

  • Rest of Latin America


Middle East & Africa


  • GCC Countries

  • South Africa

  • Rest of the Middle East & Africa



Frequently Asked Questions (FAQ) :


The global motorcycle insurance market is expected to experience 5% of CAGR from 2020 to 2026.

The motorcycle insurance market is expected to reach USD 900 Billion by the end of 2026