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Electric Vehicle (EV) Insurance Market

Global Electric Vehicle (EV) Insurance Market Size, Growth: By Propulsion Type: Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV); By Vehicle Type: Passenger Cars, Commercial Vehicles; By Coverage Type; By Distribution Channel; By Vehicle Age; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032

Global Electric Vehicle (EV) Insurance Market Outlook

The global electric vehicle (EV) insurance market size was approximately USD 72.77 billion in 2023. The market is further projected to grow at a CAGR of 17.3% between 2024 and 2032, reaching a value of USD 307.49 billion by 2032.

 

Key Trends in the Market

Electric car insurance, also known as electronic vehicle insurance or EV insurance, is a specialised form of motor insurance designed to protect electric vehicles from various potential risks, including accidents, natural disasters, and theft. This emerging insurance category addresses breakdowns, covers expenses, and ensures comprehensive coverage for EV owners.

 

  • The increasing adoption of usage-based insurance (UBI) among electric vehicle (EV) owners is driving the electric vehicle (EV) insurance market growth. UBI, facilitated by telecommunications and in-vehicle monitoring devices, reduces annual insurance premiums and lowers claim costs, boosting its appeal among EV owners. Moreover, insurance companies, such as Liberty Mutual, Allstate, and State Farm, are leveraging various technologies to analyse driver behaviour and vehicle data accurately, hence determining premiums based on individual driving performance.
  • Some significant electric vehicle (EV) insurance market trends include advancements in digital technology. The rising penetration of the internet, coupled with the growing adoption of smartphones and tablets, is prompting key insurance companies to use digital tools for providing hassle-free and personalised experiences to customers while automating several tasks.
  • With the rising adoption of EVs, buoyed by their cost effectiveness and favourable government initiatives, general insurance companies are establishing dedicated portals and offering specialised services for electric cars. Hence, the increasing shift towards sustainable transportation modes in countries like India and China is propelling the electric vehicle (EV) insurance market demand.

 

Market Analysis

Based on propulsion type, the market is segmented into battery electric vehicle (BEV) and hybrid electric vehicle (HEV). On the basis of vehicle type, the market can be bifurcated into passenger cars and commercial vehicles. The electric vehicle (EV) insurance market segmentation, on coverage type, can be divided into first party liability coverage and third party liability coverage.

 

Based on distribution channel, the market can be categorised into insurance companies, banks, and insurance agents/brokers, among others. By vehicle age, the market can be divided into new vehicle and used vehicle. The major regional markets for electric vehicle (EV) insurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global electric vehicle (EV) insurance market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

 

  • Allianz SE
  • AXA SA
  • Zurich Insurance Group Ltd.
  • The Travelers Companies, Inc.
  • Liberty Mutual Insurance Company
  • MAPFRE S.A.
  • American International Group, Inc.
  • Aviva plc
  • Lemonade, Inc.
  • Others

 

Market Share by Vehicle Type

Passenger cars hold a considerable portion of the EV insurance market share, driven by increased demand for personal transportation solutions and the increasing launch of passenger EVs. The growing focus on providing insurance for luxury electric SUVs and sedans like the Tesla Model 3 and Model Y is expected to boost the segment’s growth.

 

Meanwhile, the commercial vehicle segment is anticipated to witness a healthy growth due to the rising adoption of innovative insurance models like UBI, which analyse driver behaviour through telematics devices and offer real-time fleet information.

 

Market Share by Region

As per the global electric vehicle (EV) insurance market analysis, the Asia Pacific is witnessing a significant growth due to the growing adoption of EVs in China, Japan, South Korea, and India. The introduction of favourable initiatives by the Chinese government restricting conventional car sales and the development of EV infrastructure in countries like India are also boosting the regional market demand.

 

Meanwhile, Europe is anticipated to grow at a healthy pace due to stringent emission norms and high EV sales in the region in the forecast period.

 

Competitive Landscape

Allianz SE, a leading global financial services provider, employs approximately 159,000 individuals, catering to over 122 million customers in 70+ countries. It excels in insurance and asset management, managing EUR 706 billion for insurance customers. With a market-leading position in Germany and a robust international presence, Allianz offers diverse insurance services, including property, life, health, and global business insurance. Additionally, its asset management arms, PIMCO and Allianz Global Investors, oversee about 1.7 trillion euros in third-party assets.

 

Zurich Insurance Group Ltd, a prominent multi-line insurer established 150 years ago, operates in over 200 countries. With about 60,000 employees, it offers diverse insurance products and services globally. Apart from traditional coverage, Zurich focuses on innovative insurance solutions and prevention services, emphasising well-being and climate resilience. Serving individuals, small businesses, and large corporations, Zurich is headquartered in Switzerland, where it was founded in 1872.

 

The Travelers Company, Inc., with over 165 years of experience, is a trusted insurance provider offering services for homes, cars, valuables, and businesses. Recognised as a top property casualty insurer, Travelers prioritises customer well-being. Its commitment to innovation and expertise positions it as a leader in personal, business, and specialty insurance. With around 30,000 employees and a vast network of agents, Travelers operates in the United States, Canada, the United Kingdom, and Ireland, ensuring peace of mind for customers.

 

Other electric vehicle (EV) insurance market players include AXA SA, Liberty Mutual Insurance Company, MAPFRE S.A., American International Group, Inc., Aviva plc, and Lemonade, Inc., among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Propulsion Type
  • Vehicle Type
  • Coverage Type
  • Distribution Channel
  • Vehicle Age
  • Region
Breakup by Propulsion Type
  • Battery Electric Vehicles (BEV)
  • Hybrid Electric Vehicles (HEV)
Breakup by Vehicle Type
  • Passenger Cars
  • Commercial Vehicles
Breakup by Coverage Type
  • First Party Liability Coverage
  • Third Party Liability Coverage
Breakup by Distribution Channel
  • Insurance Companies
  • Banks
  • Insurance Agents/ Brokers
  • Others
Breakup by Vehicle Age
  • New Vehicle
  • Used Vehicle
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Allianz SE
  • AXA SA
  • Zurich Insurance Group Ltd.
  • The Travelers Companies, Inc.
  • Liberty Mutual Insurance Company
  • MAPFRE S.A.
  • American International Group, Inc.
  • Aviva plc
  • Lemonade, Inc.
  • Others

 

*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    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Electric Vehicle (EV) Insurance Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Electric Vehicle (EV) Insurance Historical Market (2018-2023) 
    8.3    Global Electric Vehicle (EV) Insurance Market Forecast (2024-2032)
    8.4    Global Electric Vehicle (EV) Insurance Market by Propulsion Type
        8.4.1    Battery Electric Vehicles (BEV)
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Hybrid Electric Vehicles (HEV)
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Electric Vehicle (EV) Insurance Market by Vehicle Type
        8.5.1    Passenger Cars
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Commercial Vehicles
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Electric Vehicle (EV) Insurance Market by Coverage Type
        8.6.1    First Party Liability Coverage
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Third Party Liability Coverage
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
    8.7    Global Electric Vehicle (EV) Insurance Market by Distribution Channel
        8.7.1    Insurance Companies
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Banks
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Insurance Agents/ Brokers
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Others
    8.8    Global Electric Vehicle (EV) Insurance Market by Vehicle Age
        8.8.1    New Vehicle
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Used Vehicle
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
    8.9    Global Electric Vehicle (EV) Insurance Market by Region
        8.9.1    North America
            8.9.1.1    Historical Trend (2018-2023)
            8.9.1.2    Forecast Trend (2024-2032)
        8.9.2    Europe
            8.9.2.1    Historical Trend (2018-2023)
            8.9.2.2    Forecast Trend (2024-2032)
        8.9.3    Asia Pacific
            8.9.3.1    Historical Trend (2018-2023)
            8.9.3.2    Forecast Trend (2024-2032)
        8.9.4    Latin America
            8.9.4.1    Historical Trend (2018-2023)
            8.9.4.2    Forecast Trend (2024-2032)
        8.9.5    Middle East and Africa
            8.9.5.1    Historical Trend (2018-2023)
            8.9.5.2    Forecast Trend (2024-2032)
9    North America Electric Vehicle (EV) Insurance Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Europe Electric Vehicle (EV) Insurance Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Electric Vehicle (EV) Insurance Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Electric Vehicle (EV) Insurance Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Electric (EV) Vehicle Insurance Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    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    Allianz SE 
            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    AXA SA 
            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    Zurich Insurance Group Ltd. 
            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    The Travelers Companies, Inc.  
            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    Liberty Mutual Insurance Company 
            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    MAPFRE S.A. 
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    American International Group, Inc. 
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Aviva plc 
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Lemonade, Inc. 
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Others
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Electric Vehicle (EV) Insurance Market: Key Industry Highlights, 2018 and 2032
2.    Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
3.    Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
4.    Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
5.    Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
6.    Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Coverage Type (USD Billion), 2018-2023
7.    Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Coverage Type (USD Billion), 2024-2032
8.    Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
9.    Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
10.    Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Vehicle Age (USD Billion), 2018-2023
11.    Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Vehicle Age (USD Billion), 2024-2032
12.    Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
13.    Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
14.    North America Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    North America Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Europe Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Europe Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Asia Pacific Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Asia Pacific Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Latin America Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Latin America Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Middle East and Africa Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
23.    Middle East and Africa Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
24.    Global Electric Vehicle (EV) Insurance Market Structure

Key Questions Answered in the Report

What was the global electric vehicle (EV) insurance market value in 2023?

In 2023, the market reached an approximate value of USD 72.77 billion.

What is the growth rate of the electric vehicle (EV) insurance market?

The market is projected to grow at a CAGR of 17.3% between 2024 and 2032.

What is the forecast outlook of the electric vehicle (EV) insurance market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 307.49 billion by 2032.

What are the major market drivers?

The major market drivers include increased global internet and mobile device usage, growing awareness regarding the importance of electric vehicle insurance, and government initiatives promoting rapid electrification.

What are the key market trends?

The utilisation of advanced technologies for personalised premiums and the rising sales of passenger EVs are the key trends aiding the market.

What are the major regional markets of electric vehicle (EV) insurance, according to the EMR report?

North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa, among others, are the major regional markets for electric vehicle (EV) insurance.

What are the major vehicle types considered in the market report?

The major vehicle types considered in the market report are passenger cars and commercial vehicles.

Who are the key market players, according to the electric vehicle (EV) insurance market report?

The key players in the market are Allianz SE, Zurich Insurance Group Ltd., The Travelers Company, Inc., AXA SA, Liberty Mutual Insurance Company, MAPFRE S.A., American International Group, Inc., Aviva plc, and Lemonade, Inc., among others.

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