Travel Insurance Market to Hit USD 21 Bn by 2029 Market Size, Share, Global Industry Trends and Forecast Analysis
"Travel Insurance Market"
Travel Insurance Market size was valued at USD 18.50 Bn. in 2021 and the total Travel Insurance revenue is expected to grow by 16 % from 2022 to 2029, reaching nearly USD 21 Bn.
Pune, 08, Dec, 2022: The Travel Insurance Market report published by Maximize market Research, the market is expected to grow from USD 18.50 billion in 2021 to USD 21 billion in 2029, at a CAGR of 16 percent for the forecast period from 2022 to 2029.
Travel Insurance Market Scope and Research Methodology
The travel insurance market research report offers a thorough examination of the travel insurance services market. The Travel Insurance market is estimated in terms of USD value from 2022 to 2029 in the study. The report provides an analytical picture of the Travel Insurance Market together with current trends and future forecast in order to identify prospective investment opportunities. The market share for Travel Insurance is thoroughly examined in the study, along with information on significant drivers, constraints, and opportunities. In order to demonstrate the potential for market expansion globally a quantitative study of the current market is conducted from 2021 to 2029. Porter's analysis of the five market forces illustrates the strength of both consumers and suppliers. The study provides a comprehensive examination of the global Travel Insurance market.
Both primary and secondary data were used in the market analysis. In order to conduct the research, it was necessary number of factors that have an impact on the market were studied such as government policy, the market environment, the competitive landscape, historical data, current market trends, technological development, upcoming technologies, and technical advancement in related industries, as well as market risks, opportunities, barriers, and challenges. SWOT analysis was conducted to provide the strengths and weaknesses of the Travel Insurance Market.
Travel Insurance helps travellers prepare for any unexpected events that may disrupt their journey. Travel Insurance demand is expected to skyrocket as the tourism industry grows due to factors such as easy internet travel bookings, extensive media coverage of various holiday types, an increase in disposable income, and enhanced package holidays. Thanks to factors including rising disposable income, simple online trip reservations, package holidays, and comprehensive holiday coverage, increased tourism is fuelling the expansion of the Travel Insurance Market.
Travel Insurance Market Dynamics
Rising tourist demand and technological innovation are two aspects that are driving the need for travel insurance. Global demand for travel insurance is also being fuelled by the government's expanding travel legislation and regulations for passengers and travel insurance providers. The travel insurance industry suffered as a result of the coronavirus pandemic. In 2020, the pandemic significantly affected the world's travel and transportation industries, disrupting travel. Travel Insurance Market surged after the coronavirus pandemic in 2021.
The enormous Travel Insurance Market has a number of limitations that prevent companies from taking advantage of market prospects. Lack of funding to incorporate cutting-edge technologies into vehicle insurance solutions is one of the biggest obstacles. The incapacity of market players to adjust to the shifting market environment is another barrier. The major participants in the Travel Insurance Market are now creating strategies to successfully address these challenges.
Travel Insurance Market Regional Insights
Europe dominated the market in 2021 with a 42.1% share and it is expected that over the forecast period, it would expand at a CAGR of about 14.3%. The reason behind increased travel and tourism is increasing prosperity, contemporary communication, and peaceful coexistence among neighbours. Passengers intended to visit Europe immediately after the European countries reopened the borders as a result of the COVID-19 epidemic.
Asia-Pacific is expected to grow at the quickest pace of 16.7% in the forecast period. The region's market expansion may be linked to the development of medical, enhanced agility, and security travel insurance plans. The Singaporean government announced the first two immunised transport lanes in September 2021 with Brunei and Germany. Instead of being subjected to severe regulations, travellers utilising these lanes would undergo routine COVID-19 exams.
Market Segmentation - A detailed analysis by Insurance Coverage, Distribution Channel, End-Users and Region.
Competitive Landscape - Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Property Insurance Market -The Property Insurance Market size is expected to reach USD 2.85 trillion by 2029 at a CAGR of 7.5 percent during the forecast period. The Property Insurance Market is expected to be driven by the rising awareness of the benefits of property insurance in view of series of natural disasters since last few years.
Critical Illness Insurance Market -The Critical Illness Insurance Market size is expected to reach USD 247.89 billion by 2029 at a CAGR of 10.73 percent during the forecast period. The market for critical illness insurance has experienced rapid expansion in recent years. The modern lifestyle, the rising prevalence of these diseases, and the increase in cases of patients with life-threatening illnesses such kidney failure, cancer, heart attacks, and strokes are all blamed for this trend.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.