Automotive Insurance Market Research Report 2021-22 | Upcoming Market Growth, Analysis by Current Industry Status & Growth Opportunities, Top Key Players, Target Audience and Forecast to 2027
Automotive Insurance Industry Overview:
Market Research Future (MRFR) report on the global automotive insurance market (2020-2027) addresses the COVID-19 analysis of a critical factor affecting the market growth. The research report examines competition in the regional and global markets, providing a rigorous evaluation of factors that could significantly impact the outlook of the industry over the forecast period.
Auto insurance is a contract between the insurance company and the owner of the vehicle that protects the owner of the vehicle from financial loss in the case of vehicle theft or accident. The insurance company offers to pay the cost of the damages covered in exchange for the premium payment. Automotive insurance provides 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 insurance, classic car insurance, medical insurance, and uninsured auto insurance are some of the most common car insurance options available on the market.
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Key Players
The major players involved in the global automotive insurance industry are
Market Dynamics
Increasing awareness among end-users, the advent of new technologies and products, and the availability of third-party insurance providers in developing countries such as
In addition, digital technologies and mobile internet are changing the vehicle industry and hence the vehicle/automotive insurance market. There is no question that the automotive industry is experiencing significant changes that will help increase asset utilization, change vehicle ownership models, and boost vehicle safety, which will ultimately impact the global automotive insurance market. In addition, the introduction of autonomous technology has made vehicles significantly safer, which is projected to decrease vehicle accidents by a substantial percentage over the forecast period. In addition, the increase in on-demand transport and the change in liability to manufacturers are some of the factors that are predicted to impede the growth of global automotive insurance during the forecast period.
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COVID-19 Impact on Global Automotive Insurance Market
Since the outbreak of COVID-19, the automotive industry has faced a series of problems. Profitability and sales have been severely affected, with automakers now seeking to reclaim ground as the lockdown is lifted across countries. Following the pandemic and the resulting curfews and travel bans, the auto industry is taking steps to recover. Experts note that since the beginning of SARS-CoV-2, there has been a significant shift in consumer behavior and habits, with the demand for shared mobility steadily decreasing, given the rising prevalence of social distancing as well as hygiene. This could lead to a higher demand for lower-priced personal mobility, benefiting both automakers and auto insurance providers.
The novel coronavirus has guided the need for contact-less transactions that could be reflected in vehicle sales in the coming months. Increased preference for online models, along with an increase in online booking for pick-up/delivery, appointments, and online payments, has been favorable for the automotive insurance industry, despite the COVID-19 effect. Many insurance companies give refunds or discounts to consumers, which could further help the market. For example, since the early months of 2020, Liberty Mutual (
The insurance firm salso have a significant opportunity amid the SARS-CoV-2 pandemic, as they are now designing personalized goods and services to maintain existing customers and gain new ones. The growing use of private vehicles has resulted in roads being packed with less experienced drivers during peak hours, increasing road accidents. In addition, growing technical and product advances, combined with a large number of active third-party insurance companies in emerging countries such as
For example, in
Automotive Insurance Market Growth and Segmentation:
The global automotive insurance market has been segmented based on vehicle type and insurance type.
By vehicle type, the global automotive insurance market has been segmented into passenger cars, light commercial vehicle (LCV), and heavy commercial vehicle (HCV).
By insurance type, the global automotive insurance market has been segmented into third-party, comprehensive, third-party theft and fire, and others.
Regional Analysis
The auto insurance market in the
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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