Global Motor Vehicle Insurance Market – Overview
- The report will cover the overall analysis and insights in relation to the size and growth rate of the “Global Motor Vehicle Insurance Market ” by various segments at a global and regional level for the 2014-2027 period, with 2014-2019 as historical data, 2020 as a base year, 2021 as an estimated year and 2021-2027 as forecast period.
Global Motor Vehicle Insurance Market Introduction
- Vehicle insurance (also known as car insurance, motor insurance or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The specific terms of vehicle insurance vary with legal regulations in each region.
- The increase in automobile sales globally is the primary growth driver for this market. An increase in per capita income in emerging economies has led to an increase in the sales of automobiles. This is driving the global motor vehicle insurance market because governments across the world are making it mandatory to buy insurance policy while purchasing a new vehicle.
Global Motor Vehicle Insurance Market Report Scope
- The scope of the report covers the clear understanding and overview of the product.
- Analysis of market trends in the region, with market data considering 2020 as the base year, 2021 as the estimate year and forecast for 2027 with projection of CAGR from 2021 to 2027.
- The report covers discussion of economic trends and technology.
- Global Motor Vehicle Insurance Market estimates represent revenue.
- In-depth analysis of the market segmentation assists in determining the prevailing market scope.
Segments covered in the reports
| Attribute | Details |
|---|---|
| Market size available for years | 2014–2027 |
| Base year considered | 2020 |
| Forecast period | 2021–2027 |
| Historical period | 2014-2019 |
| Forecast units | Value (USD) & Volume (Million Units) |
| Forecast units | Value (USD) & Volume (Million Units) |
| Segmentation | By Regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| By Countries United States, Russia, China, Germany, United Kingdom, France, Japan, Israel, Saudi Arabia, South Korea, United Arab Emirates, Canada, Indonesia, Malaysia, Switzerland, Australia, India, Italy, Sweden, Spain, Belgium, Netherlands, Norway, Brazil, Argentina, Mexico, South Africa and 54 Others. |
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| By Product Type Third Party Only, Third Party Fire and Theft Insurance, Comprehensive Insurance and Others. |
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| By Application Personal and Commercial. |
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| Companies covered | Allianz; Allstate Insurance; American International; Berkshire Hathaway Inc.; Ping An Insurance (Group) Company of China, ltd.; Zurich Instruments AG and Others. |
Segments Covered in Global Motor Vehicle Insurance Market
- Motor Vehicle Insurance market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Motor Vehicle Insurance market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2021-2027.
Covid-19 Impact on the Global Motor Vehicle Insurance Market
- In the Global Motor Vehicle Insurance Market report, the experts have touched upon the pre- and post-COVID-19 impacts. The report elaborates the benefits also because the disadvantages in terms of finance and market growth attained during this crisis. Despite, a serious economic plunge, the Motor Vehicle Insurance Market has adopted new strategies and development skills to recover. The market has started trying to find different funding sources and business approaches to sustain on both the regional and global platform.
Recent Development Global Motor Vehicle Insurance Market
- Allianz X, has announced plans to invest in the Mobility Trader Holding GmbH which is the parent company of heycar.
- Allstate Insurance has announced that it will provide commercial auto coverage to the company Lyft in the states of California, Indiana, Kansas, Iowa, Ohio, West Virginia, Kentucky and Missouri.
- Allianz Australia in July 2021, completed the transaction to acquire Westpac’s general insurance sector. The company in March 2021, announced the acquisition of Aviva Italia S. p. A. for an amount worth EUR 330 million.
- Allstate insurance completed the acquisition of National General Holdings Corporation in January 2021, the agreement was closed at $4 billion.
Key Market Players in Global Motor Vehicle Insurance Market
- The major players in the Global Motor Vehicle Insurance Market are Allianz; Allstate Insurance; American International; Berkshire Hathaway Inc.; Ping An Insurance (Group) Company of China, ltd.; Zurich Instruments AG and Others.
- Also, the Global Motor Vehicle Insurance Market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
Objectives of the Global Motor Vehicle Insurance Market
- To provide detailed information regarding drivers, restraints, opportunities and challenges are influencing the growth in the Global Motor Vehicle Insurance Market.
- To analyze the competitive intelligence of players based on company profiles and their key growth strategies.
- To strategically analyze micro markets with respect to the individual growth trends, their prospects, and their contribution to the total Global Motor Vehicle Insurance Market.
- To analyze competitive developments such as expansions, and product launches, along with research & development (R&D) activities undertaken in the Global Motor Vehicle Insurance Market.
- A unique model is created customized for each study also offers suggestions that help enterprises to identify and mitigate risks.
Note
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