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Two-Wheeler Insurance Market to Garner $171.88 Billion By

Two-Wheeler Insurance Market to Garner $171.88 Billion By
Written by Publishing Team

PORTLAND, Oregon, Jan. 13, 2022 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, Insurance market on two wheels It earned $91.60 billion in 2020, and is expected to generate $171.88 billion by 2030, showing a compound annual growth rate of 6.8% from 2021 to 2030. The report provides a detailed analysis of evolving market dynamics, key segments, value chain, and scenario Regional, top investment pockets, and competitive landscape.

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The rising number of accidents and the implementation of strict government rules for the adoption of two-wheeler insurance is driving the global two-wheeler insurance market. In addition, the increase in two-wheeled sales due to the rise in per capita income of consumers complements the growth of the market. However, lack of awareness about two-wheeled insurance policies and rise in adoption of self-driving vehicles are hampering market growth. On the contrary, technological advances in existing products and service lines and the increasing demand for third party liability coverage in developing countries would present great opportunities for market players in the future.

Covid-19 scenario:

  • With the unprecedented spread of the COVID-19 pandemic, demand for insurance on two wheels has been affected by the rapid increase in premium rates and claims payments, auto liability, continued pressure towards pricing, and increasing severity of losses across many vertical sectors.
  • The Covid-19 pandemic has affected the two-wheeler insurance market due to government-imposed travel bans and reduced sales of two-wheeled vehicles during the pandemic.
  • However, the Covid-19 outbreak has positively improved the online insurance market, given the requirement for vehicle insurance through contactless communications.

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The report provides a 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 the highest market share in 2020, accounting for nearly two-thirds of the market. However, the comprehensive insurance sector is expected to experience the highest compound annual growth rate of 8.9% from 2021 to 2030.

Based on the age of the vehicle, the new vehicle segment contributed to top market In 2020, accounting for more than half of the market share. However, the used car segment is expected to grow at a higher compound annual growth rate of 8.2% during the forecast period.

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The global insurance market on two wheels is analyzed across several regions such as North America, Asia Pacific, Europe and Llama. The market across North America occupied the largest share in 2020, accounting for more than a third of the market. However, the market across the Asia Pacific region is expected to depict the highest compound annual growth rate of 9.5% during the forecast period.

The list of prominent players in the global two-wheeled insurance market analyzed in the research include Liberty General Insurance Ltd. State Farm Mutual Automobile Insurance, Allstate Insurance Company, Geico, Bajaj Allianz General Insurance, Farmers, ACKO General Insurance Limited, Dairyland, USAA, Progressive Accident Insurance Company

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Allied Market Research (AMR) is a full-service market research and business consulting firm of Allied Analytics LLP headquartered in Portland, Oregon. Allied Market Research provides global organizations as well as medium and small businesses with unparalleled quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted viewpoint to provide business insights and consultancy to help its clients make strategic business decisions and achieve sustainable growth in their market space.

Pawan Kumar, CEO of Allied Market Research, is leading the organization towards providing high quality data and insights. We are in professional institutional relationships with many companies and this helps us extract market data that helps us in creating accurate research spreadsheets and assures the utmost accuracy in our market forecasts. All the data presented in the reports published by us are extracted through preliminary interviews with senior officials from the leading companies in the respective field. Our secondary data acquisition methodology includes in-depth online and offline research and discussions with industry knowledgeable professionals and analysts.


        

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