Automotive Insurance Market Expected to Showcase Extensive Growth at a Highest CAGR with Trends, Drivers, Strategies, Segmentation Application and Forecast to 2024

 

Market Research Future (MRFR) report on the global automotive insurance market (2019-2024) 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.

Market Dynamics

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.

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.

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.

Automotive Insurance Market @ https://stockmarketfunda.com/2020/11/10/automotive-insurance-market-expected-to-showcase-extensive-growth-at-a-highest-cagr-with-trends-drivers-strategies-segmentation-application-and-forecast-to-2024/

The Significant Competitors In The Market for Automotive Insurance Are As Follows:

Allstate Insurance Company (US), RAC Motoring Services (UK), Progressive Casualty Insurance Company (US), Clements Worldwide (US), GEICO (US), NFU Mutual (UK), Zhongan Insurance (China), ABIC Inc. (China), CPIC (China), State Farm Mutual Automobile Insurance Company (US), RSA Insurance Group plc (UK), and Zurich Insurance Group (Switzerland).                                            

Market 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.

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Regional Analysis

Geographically, the global automotive insurance market has been segmented into four major regions: North America, Europe, Asia Pacific, and the rest of the world.

The auto insurance market in the Asia Pacific is projected to dominate the global market due to the substantial rise in vehicle purchases in China, India, and ASEAN countries and the involvement of a large number of insurance companies and third parties in the Asia Pacific. In addition, South America and the Middle East and Africa are projected to see substantial growth in the global automobile insurance industry over the next decade.

Major Highlights of TOC Covers:

1.      Executive Summary

2.      Key Business Trends

3.      Regional Trends and Growth

4.      Product Trends

5.      End-use Trends

6.      Definition and Forecast Parameters

7.      Automotive insurance Market Segmentation

8.      Automotive insurance Market Landscape

9.      Vendor Matrix

10.  Company Profiles

11.  Business Overview

12.  Financial Data

13.  Product Landscape

More…

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