Rise in the number of accidents and implementation of strict government rules for the adoption of two-wheeler insurance drive the global two-wheeler insurance market. North America held the highest market share in 2020. The Covid-19 pandemic positively improved the online insurance market.
According to the report published by Allied Market Research, the global two-wheeler insurance market garnered $91.60 billion in 2020, and is expected to garner $171.88 billion by 2030, manifesting a CAGR of 6.8% from 2021 to 2030. The report provides a detailed analysis of evolving market dynamics, key segments, value chain, regional scenario, top investment pockets, and competitive landscape.
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Rise in the number of accidents and implementation of strict government rules for the adoption of two-wheeler insurance drive the global two-wheeler insurance market. In addition, an increase in two-wheeler sales due to rising consumer per capita income supplemented the market growth. However, lack of awareness about two-wheeler insurance policies and rise in adoption of autonomous vehicles hamper the market growth. On the contrary, technological advancements in existing products and service lines and increase in demand for third-party liability coverage in developing nations would provide significant opportunities for market players in future.
Covid-19 Scenario:
- With an unprecedented COVID-19 pandemic, demand for two-wheeler insurance has affected due to rapid increase in premium rates & claim payments, motor liability, continued pressure towards pricing, and rising severity of losses across several industry vertical
- The Covid-19 pandemic impacted the two-wheeler insurance market due to government imposed travel ban and reduction in sales of two-wheelers during the pandemic.
- However, the Covid-19 outbreak positively improved the online insurance market, owing to the requirement of insuring vehicles through contactless connections.
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The report offers detailed segmentation of the global two-wheeler insurance market based on policy type, distribution channel, vehicle age, and region.
By policy type, the third-party liability insurance segment contributed to the highest market share in 2020, accounting for nearly two-thirds of the market. However, the comprehensive insurance segment is projected to witness highest CAGR of 8.9% from 2021 to 2030.
Based on the vehicle age, the new vehicle segment contributed to the highest market share in 2020, accounting for more than half of the market share. However, the used vehicle segment is expected to grow with highest CAGR of 8.2% during the forecast period.
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The global two-wheeler insurance market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America held the largest share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 9.5% during the forecast period.
Leading players of the global two-wheeler insurance market analyzed in the research includes Liberty General Insurance Ltd., State Farm Mutual Automobile Insurance, Allstate Insurance Company, Geico, Bajaj Allianz General Insurance, Farmers, ACKO General Insurance Limited, Dairyland, USAA and Progressive Casualty Insurance Company
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