EV Insurance Market to Reach $210.4 Billion, Globally, by 2031 at 15.5% CAGR: Allied Market Research

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Feb 15, 2023, 11:00 ET

Rise in online segment due to spread of internet access, surge in adoption of digital technology, and growing attention of general insurance companies towards segment drive the growth of global EV insurance market

PORTLAND, Ore., Feb. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "EV Insurance Market by Coverage (First Party Liability Coverage, Third Party Liability Coverage, Others), by Distribution Channel (Insurance Companies, Banks, Insurance Agents/ Brokers, Others), by Vehicle Age (New Vehicle, Used Vehicle), by Application (Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031" according to the report, the global EV insurance industry generated $51.4 billion in 2021, and is anticipated to generate $210.4 billion by 2031 witnessing a CAGR of 15.5% from 2022 to 2031.

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Drivers, restraints, and opportunities:

Rise in online segment due to spread of internet access, surge in adoption of digital technology, and growing attention of general insurance companies towards the segment drive the growth of global EV insurance market. On the other hand, the implementation of several restrictions by a number of banks and financial service providers to offer car finance services hinders the market growth to some extent. However, a significant increase in the awareness about the importance of insurance policies among the costumers is expected to create multiple opportunities for the key players in the industry.

COVID-19 Scenario:

The outbreak of the Covid-19 pandemic had a negative impact on the global EV insurance market. The stringent lockdown during the pandemic led to several people staying at home hence, there was a decrease in the number of car accidents and claims made. As a result, the overall cost of car insurance, including EV insurance, decreased.
Also, the shift towards remote work led to a reduction in commuter traffic, which resulted to decrease in accident rates. However, as the overall situation across the world started getting back to normalcy, the market for EV insurance is expected to revived soon.

The third-party liability coverage segment to dominate the market during the forecast period:

Based on coverage, the third-party liability coverage segment contributed to the largest share of nearly half of the global EV insurance market in 2021, and is expected to maintain its leadership in terms of revenue during the forecast period. This is because it is necessary to have five years third party liability coverage for motor vehicles and three years for car. The policy covers the insured's legal liability for third-party death/disability, loss, or damage to third-party property. The others segment is projected to witness a fastest CAGR of 18.7% during the forecast period.

The insurance agents/brokers segment to rule the roost:

Based on distribution channel, the insurance agents/brokers segment contributed to the largest share of nearly half of the global EV insurance market in 2021, and is expected to rule the roost during the forecast period. With an increase in demand for customized and personalized services, insurance brokers are utilizing several websites and online selling platforms, which is becoming a major trend in EV insurance market. The bank segment is likely to show fastest CAGR of 20.1% from 2022 to 2031. The fact that banks provide EV insurance at discounted rate, the purchase of policies has increased significantly among costumers.

The new vehicle segment to grab the largest revenue during the forecast period:

In terms of vehicle age, the new vehicle segment garnered the highest share in 2021, holding more than three-fourths of the global EV insurance market revenue, and is expected to rule the roost during the forecast period. This is due to the fact that many insurance companies started rolling out long term package policies and charging higher upfront premium for new EV vehicle owners. However, the used vehicle segment is likely to show fastest CAGR of 18.4% from 2022 to 2031. Rise in demand for old vehicles with customized models, limited budget for availing vehicle insurance, and changes in business preferences toward vehicles drive the growth of the segment.

Asia-Pacific garnered the major share in 2021:

By region, Asia-Pacific generated the highest share in 2021, garnering nearly two-fifths of the global EV insurance market revenue, and is expected to rule the roost by 2031. The same segment is likely to show fastest CAGR of 17.70% during the forecast period. Supportive government policies and regulations, increasing investments by leading automotive OEMs, and decreasing prices of batteries propel the growth of the region.

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Key players in the industry:

Allianz SE
AXA
Esure Group plc
Bajaj Allianz General Insurance Company
ACKO GENERAL INSURANCE LIMITED
Lemonade, Inc.
Allstate Insurance Company
Beinsure Digital Media
Progressive Casualty Insurance Company
HDFC ERGO

The report analyzes these key players in the global EV insurance market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player

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.

EV Insurance Market Report Highlights

Coverage

First Party Liability Coverage
Third Party Liability Coverage
Others

Distribution Channel

Insurance Companies
Banks
Insurance Agents/ Brokers
Others

Vehicle Age

New Vehicle
Used Vehicle

Application

Personal
Commercial

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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