Reports
Global Auto Insurance Market: By Coverage: Third Party Liability Coverage, Comprehensive, Others; By Distribution Channel: Insurance Agents, Direct Response, Others; By Vehicle Age; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Auto Insurance Market Outlook
The global auto insurance market attained a value of about USD 704.8 billion in 2020. The market is further expected to grow at a CAGR of 7.1% during the forecast period of 2023-2028 to reach nearly USD 1,170.9 billion by 2026.
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The Rise in Automobile Sales to Boost the Market Growth of Auto Insurance
The global market for auto insurance is being augmented by the rise in demand for personal vehicles all over the world. As a result of industrialisation in several developed and developing nations, the disposable incomes of the citizens has increased, resulting in an increase in the purchasing power, thereby boosting the sales of automobiles. Since people spend on automobiles for their maintenance, they are also triggered by the need to protect their vehicles from accidents or thefts, hence boosting the sales of auto insurance and aiding the market growth.
Furthermore, auto insurance also covers the cost associated with injuries, death, or property damage caused by the insured owner of the vehicle to the affected driver, or property such as pavements, parks, and fences, among others. In addition, the rise in the number of road accidents due to negligence and rash driving is furthering the market for auto insurance. The government regulations in various countries mandating the adoption of auto insurance is significantly contributing to the market growth of the industry.
Auto Insurance: Market Segmentation
Auto insurance, also known as vehicle or motor insurance, refers to a contract between the owner of the vehicle called insured, and the insurance provider, called an insurer, that protects the insured against financial losses in the case of an accident or theft of the vehicle.
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The market, on the basis of coverage, can be segmented into:
- Third Party Liability Coverage
- Comprehensive
- Others
On the basis of distribution channel, the market can broadly be segmented into:
- Insurance Agents
- Direct Response
- Banks
- Others
Based on vehicle age, the market can be categorised into:
- New Vehicles
- Used Vehicles
On the basis of application, the market segmentations include:
- Personal
- Commercial
The EMR report looks into the regional markets of auto insurance like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
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Asia Pacific Region to Significantly Augment the Market Growth of Auto Insurance
The presence of leading companies in countries within the Asia Pacific region, like Japan, China, and India, are fuelling the market growth of the automobile sector as a result of innovations in product designs to keep with the heightened consumer demand for personal vehicles. As a result, the auto insurance industry in the region is flourishing due to the rising awareness regarding the importance of vehicle insurance. Furthermore, the digitisation of business operations is furthering the market for auto insurance in the region. For instance, in India, the push for digitising financial services led by the government’s Digital India initiative is bringing enhanced awareness regarding the available options of automobile insurance. Furthermore, the development of applications providing consolidated information regarding existing insurance providers and price analysis is further boosting the market growth. Moreover, with the online availability of vehicle insurance, customers can purchase and renew insurance policies from the comfort of their homes, which is another factor aiding the market growth of auto insurance.
Key Industry Players in the Global Auto Insurance Market
The report presents a detailed analysis of the following key players in the global auto insurance market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.
- Progressive Casualty Insurance Company
- State Farm Mutual Automobile Insurance Company
- GEICO
- Allstate Insurance Company
- Admiral Group plc
- Others
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Coverage, Distribution Channel, Vehicle Age, Application, Region |
| Breakup by Coverage | Third Party Liability Coverage, Comprehensive, Others |
| Breakup by Distribution Channel | Insurance Agents, Direct Response, Banks, Others |
| Breakup by Vehicle Age | New Vehicles, Used Vehicles |
| Breakup by Application | Personal, Commercial |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, GEICO, Allstate Insurance Company, Admiral Group plc, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Auto Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Auto Insurance Historical Market (2018-2022)
8.3 Global Auto Insurance Market Forecast (2023-2028)
8.4 Global Auto Insurance Market by Coverage
8.4.1 Third Party Liability Coverage
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Comprehensive
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Others
8.5 Global Auto Insurance Market by Distribution Channel
8.5.1 Insurance Agents
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Direct Response
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Banks
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Auto Insurance Market by Vehicle Age
8.6.1 New Vehicles
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Used Vehicles
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.7 Global Auto Insurance Market by Application
8.7.1 Personal
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Commercial
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.8 Global Auto Insurance Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
9 North America Auto Insurance Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Auto Insurance Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Auto Insurance Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Auto Insurance Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Auto Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Progressive Casualty Insurance Company
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 State Farm Mutual Automobile Insurance Company
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 GEICO
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Allstate Insurance Company
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Admiral Group plc
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Auto Insurance Market: Key Industry Highlights, 2018 and 2028
2. Global Auto Insurance Historical Market: Breakup by Coverage (USD Million), 2018-2022
3. Global Auto Insurance Market Forecast: Breakup by Coverage (USD Million), 2023-2028
4. Global Auto Insurance Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
5. Global Auto Insurance Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
6. Global Auto Insurance Historical Market: Breakup by Vehicle Age (USD Million), 2018-2022
7. Global Auto Insurance Market Forecast: Breakup by Vehicle Age (USD Million), 2023-2028
8. Global Auto Insurance Historical Market: Breakup by Application (USD Million), 2018-2022
9. Global Auto Insurance Market Forecast: Breakup by Application (USD Million), 2023-2028
10. Global Auto Insurance Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Auto Insurance Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Auto Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Auto Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Auto Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Auto Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Auto Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Auto Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Auto Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Auto Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Auto Insurance Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Auto Insurance Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Auto Insurance Market Structure
Key Questions Answered in the Report
The global auto insurance market attained a value of nearly USD 704.8 billion in 2020.
The market is projected to grow at a CAGR of 7.1% in the forecast period of 2023-2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 1,170.9 billion by 2026.
The industry is being driven by the rise in demand for personal vehicles due to inflating purchasing power, and the resultant need to protect the vehicle from damages.
The market for auto insurance is being propelled by the digitisation of financial services allowing customers to purchase and renew auto insurance policies from the comfort of their homes.
The major regional markets for auto insurance are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The significant coverage types of auto insurance are third party liability coverage, and comprehensive, among others.
The major distribution channels of auto insurance include insurance agents, direct response, and banks, among others.
The market segmentations based on vehicle age are new vehicles and used vehicles.
Personal and commercial are the significant applications of auto insurance.
The major players in the industry are Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, GEICO, Allstate Insurance Company, and Admiral Group plc, among others.
Analyst Review
The global auto insurance market attained a value of about USD 704.8 billion in 2020, driven by the rising sales of personal vehicles. Aided by growing awareness regarding the importance of auto insurance, the market is expected to grow at a CAGR of 7.1% in the forecast period of 2023-2028 to reach nearly USD 1,170.9 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of coverage, the market can be divided into third party liability coverage, and comprehensive, among others. The market, based on distribution channels, can broadly be segmented into insurance agents, direct response, and banks, among others. On the basis of vehicle age, the market segmentations include new vehicles and used vehicles. On the basis of application, the market can be categorised into personal and commercial. The major regional markets for auto insurance are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. The key players in the industry are Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, GEICO, Allstate Insurance Company, and Admiral Group plc, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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