Motorcycle Insurance Market Research Insights
The
global Motorcycle Insurance
Market is expected to register a CAGR of ~4.50% from 2022 to 2030
and hold a value of over USD 92.78 billion by 2030.
All
forms of road vehicles, such as automobiles, trucks, motorbikes, and others,
are covered by vehicle insurance coverage. When a car sustains damage or has
body components hurt from accidents with other moving objects in heavy traffic
or any other cause, the insurance covers the financial consequences for the
vehicles. More than 40% of the overall non-life insurance premium goes toward
motorbike insurance. In the next years, the market is projected to expand due
to the increased demand for motorbike insurance in emerging nations. Due to the
anticipated increase in new car sales, there are several nations throughout the
world where auto insurance is required.
Regional Analysis
North
America is predicted to occupy a significant amount of share the global
motorcycle insurance market shares. The growth in the creation of the
vehicle sector in this area, along with the launch of new models by the major
key players of the market in these regions. The government's law
requiring insurance after purchasing a motorbike is projected to accelerate the
expansion of the motorcycle insurance business.
Motorcycle Insurance Market Demand and Growth:
The
demand for motorcycle insurance is expected to grow in the coming years due to
the increasing popularity of motorcycles as a mode of transportation. This
growth can be attributed to several factors such as the increasing number of
riders, improvements in motorcycle technology, and an increasing focus on road
safety.
In
addition, the growing middle-class population and rising disposable incomes in
developing countries are driving the growth of the motorcycle market, which in
turn is boosting the demand for motorcycle insurance.
However,
the growth of the motorcycle insurance market may also be limited by several
challenges such as high premiums, limited coverage options, and lack of
awareness about the importance of insurance among riders.
Despite
these challenges, the motorcycle insurance market is expected to grow
significantly in the coming years due to the increasing number of riders and
the growing demand for insurance coverage. This growth will likely be driven by
the increasing popularity of motorcycles as a mode of transportation, as well
as by improvements in motorcycle technology and road safety measures.
KEY
COMPANIES PROFILED
·
GEICO
·
Farmers Insurance,
·
Allstate
·
Aviva
·
Allianz
·
AXA
·
CPIC
·
PingAn
·
Assicurazioni Generali
·
Cardinal Health
·
State Farm Insurance
·
Dai-ichi Mutual Life Insurance
·
Munich Re Group
·
Zurich Financial Services
·
Prudential
Market
Segmentation
The
Global Motorcycle Insurance Market has been segmented into Policy Type and
Application
Based
on the Policy Type, the market has been segmented into Liability Insurance,
Comprehensive and Collision Insurance, Medical Payments Insurance, and Others.
Based
on the Application, the market has been segmented into Personal, Commercial.
OVERVIEW
Motorcycle Insurance Market
Is Expected to Grow At USD 900 Billion By End Of Year 2027.
MARKET
SEGMENTATION
By Application
·
Based on
the application, the market is segmented into personal and commercial.
By end-users
·
Based on
the propulsion types, the market is segmented into four types, liability
insurance, comprehensive and collision insurance, medical payment insurance,
and others.
By Region
North America
Europe
Asia-Pacific
Rest of the World
Drivers –
providing products and profit-oriented
luxuries in motorcycles.
offering high-security coverage
Opportunities
the drivers to adopt safe and secure
driving practices
Restraints
the rise in the price of the fuels,
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