ID: MRFR/AM/8538-HCR | February 2021 | Region: Global | 120 pages
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.
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.
Plymouth Rock Insurance has launched motorcycle insurance for its customers in states of New Jersey and Pennsylvania. Its quoting process on its website gives an accurate estimate based on the customer’s choice.
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.
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.
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
The following report comprises of –
Global Motorcycle Insurance Market: On the basis of product types
Global Motorcycle Insurance Market: On the basis of application
Global Motorcycle Insurance Market: On the basis of regions
|CAGR||5% (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Policy Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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 and Prudential|
|Key Market Opportunities||
|Key Market Drivers||
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
The comprehensive and collision insurance policy