According to a new report published by Allied Market Research, titled, “EV Insurance Market,” The ev insurance market was valued at $51.4 billion in 2021, and is estimated to reach $210.4 billion by 2031, growing at a CAGR of 15.5% from 2022 to 2031.
“The EV insurance market is forecasted to grow rapidly with the integration of technology in the insurance sector. In addition, the advent of path-breaking EV technologies in the world and the willingness to share these technologies for the global good has led to low manufacturing and driving costs for the EV vehicles which will boost the EV insurance market in future“
Electric vehicle are the vehicles which are powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source. With such high investment there comes risk. Therefore, most of the EV vehicle owners purchase or take the EV insurance service.
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Top impacting factors
- Rise in penetration of internet & mobile devices across the world
- Surge in demand for EV vehicle insurance
- Enforcement of strong rules by banks and financial institutions for providing car finance
- Prices of EV vehicles are expensive
- Growth in demand for EV insurance policies
The electric vehicle (EV) insurance market is a rapidly growing and evolving industry. As the number of EVs on the road increases, the demand for electric car insurance is also increasing. This is due to the fact that EVs are more expensive to repair than traditional gasoline-powered vehicles. Furthermore, many insurance companies are beginning to offer specialized coverage options for EVs, such as battery replacement coverage and charging station damage coverage.
On the basis of application, the personal segment is the highest growing segment. This is attributed to the fact that the personal segment is expected to experience significant growth in the coming years, owing to surge in demand for personal EV cars among consumers and rise in the production of total units of passenger cars globally as compared to commercial vehicles.
By region, Asia Pacific attained the highest growth in 2021. This is attributed to the fact that EV insurance market possesses highest potential growth owing to rise in usage of EV vehicles. Moreover, the growth of the market is attributed to supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries.
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The COVID-19 pandemic had a moderate economic impact on the EV insurance market growth. Moreover, the global EV insurance market has witnessed rise in growth after the COVID-19 pandemic, owing to the dramatically increased digital penetration. Furthermore, the rising advancements and unique identification for fast settlements, complete transactional security, and digital insurance services to the customers helps to drive the growth of the market during COVID.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the EV insurance market forecast from 2022 to 2031 to identify the prevailing EV insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the EV insurance market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global EV insurance market trends, key players, market segments, application areas, and market growth strategies.
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EV Insurance Market Report Highlights
|Market Size By 2031||USD 210.4 billion|
|Growth Rate||CAGR of 15.5%|
|Forecast period||2021 – 2031|
|Coverage||First Party Liability CoverageThird Party Liability CoverageOthers|
|Distribution Channel||Insurance CompaniesBanksInsurance Agents/ BrokersOthers|
|Vehicle Age||New VehicleUsed Vehicle|
|By Region||North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa)|
|Key Market Players||Beinsure Digital Media, Allianz SE, Allstate Insurance Company, AXA, Esure Group plc, HDFC ERGO, Progressive Casualty Insurance Company, ACKO GENERAL INSURANCE LIMITED, Lemonade, Inc., Bajaj Allianz General Insurance Company|
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