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Global Two-Wheeler Insurance Market Size, Forecast: By Policy Type: Third Party Liability Insurance, Comprehensive Insurance; By Vehicle Age: New Vehicle, Used Vehicle; By Distribution Channel: Insurance Agents/Brokers, Direct Response, Banks, Others; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Two-Wheeler Insurance Market Outlook
The global two-wheeler insurance market size reached approximately USD 115.51 billion in 2023. The market is projected to grow at a CAGR of 7.1% between 2024 and 2032, reaching a value of around USD 214.04 billion by 2032.
Key Trends in the Market
Two-wheeler insurance is a legal policy that is provided to owners of two-wheeler vehicles. These policies are preferred by bike owners as they are more vulnerable to fatal accidents and the cost related to damages caused by the accident can be reimbursed by the policy coverage. In addition to being a legal requirement, a two-wheeler insurance policy provides essential coverage for both third-party liabilities and damages to one’s own vehicle.
- The two-wheeler insurance market growth is propelled by the steady increase in two-wheeler ownerships worldwide. This trend is particularly prominent in emerging economies, where rapid urbanisation and growing disposable incomes have led to a surge in demand for motorcycles and scooters as primary modes of transportation. As more individuals own two-wheelers, the demand for insurance coverage to protect these assets also rises.
- Government regulations mandating the purchase of insurance for two-wheelers have a significant impact on the global two-wheeler insurance market demand. These regulations vary by country but generally require a minimum level of coverage, often including third-party liability insurance, creating a compulsory market for two-wheeler insurance and ensuring a steady stream of customers.
- The increasing consumer preference for comprehensive policies is one of the major global two-wheeler insurance market trends. Comprehensive insurance is an additional coverage that covers a wider range of cases, such as theft, vandalism, natural disasters, collision with an animal, and more. This shift is attributed to an increasing awareness among consumers about the benefits of comprehensive coverage and a desire for greater financial security.
Market Analysis
Based on policy type, the market can be bifurcated into third party liability insurance and comprehensive insurance. The global two-wheeler insurance market segmentation, based on vehicle age, includes new vehicle and used vehicle. The market, based on distribution channels, is divided into insurance agents/brokers, direct response, and banks, among others. The major regional markets for two-wheeler 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 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 two-wheeler insurance market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- State Farm Mutual Automobile Insurance Company
- Progressive Casualty Insurance Company
- GEICO Indemnity Company
- Allstate Insurance Company
- Liberty General Insurance Limited
- USAA Insurance Agency, Incorporated
- Dairyland Insurance
- ACKO Technology & Services Pvt Ltd.
- Farmers Insurance Group
- Bajaj Allianz General Insurance Company Limited
- Others
Market Share by Policy Type
According to the global two-wheeler insurance market analysis, third-party liability insurance is likely to play a crucial role in the growth of the market in the foreseeable future. This anticipated growth can be attributed to compulsory government regulations that mandate the purchase of two-wheeler insurance for both new and existing vehicle owners at the time of vehicle registration. Third-party liability insurance primarily covers the financial liabilities incurred by the insured party towards third parties in the event of an accident or mishap.
Market Share by Vehicle Age
New vehicles are expected to account for a major portion of the global two-wheeler insurance market share during the forecast period. With the implementation of government regulations, insurance policies are mandatory in most countries to legally operate a motorcycle or scooter on public roads. These regulations promote the demand for insurance policies for new vehicles.
Competitive Landscape
State Farm Mutual Automobile Insurance Company is a group of mutual insurance companies, headquartered in Illinois, providing its services throughout the United States. The company offers insurance for a wide variety of properties, such as vehicles, homeowners, renters, and cases such as fire and casualty, flood, and other events out of an individual’s control.
Progressive Casualty Insurance Company, commonly known as Progressive, is a prominent American insurance company specialising in auto insurance. Out of its primary focus, the company also offers a variety of other insurance products, including motorcycle, boat, RV, commercial vehicle, and homeowners insurance.
GEICO Indemnity Company is an American insurance company that is part of the GEICO (Government Employees Insurance Company) group of companies. GEICO is one of the largest and most well-known auto insurance providers in the United States. Since 1936, the company has been operating in the sector, initially targeting federal employees and military personnel, but now has expanded to serve the public.
Other global two-wheeler insurance market players include Allstate Insurance Company, Liberty General Insurance Limited, USAA Insurance Agency, Incorporated, Dairyland Insurance, ACKO Technology & Services Pvt Ltd., Farmers Insurance Group, and Bajaj Allianz General Insurance Company Limited, 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:
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| Breakup by Policy Type |
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| Breakup by Vehicle Age |
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| Breakup by Distribution Channel |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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 Two-Wheeler Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Two-Wheeler Insurance Historical Market (2018-2023)
8.3 Global Two-Wheeler Insurance Market Forecast (2024-2032)
8.4 Global Two-Wheeler Insurance Market by Policy Type
8.4.1 Third Party Liability Insurance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Comprehensive Insurance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Two-Wheeler Insurance Market by Vehicle Age
8.5.1 New Vehicle
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Used Vehicle
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Two-Wheeler Insurance Market by Distribution Channel
8.6.1 Insurance Agents/Brokers
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Direct Response
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Banks
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Two-Wheeler Insurance Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Two-Wheeler 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 Two-Wheeler 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 Two-Wheeler 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 Two-Wheeler 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 Two-Wheeler 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 State Farm Mutual Automobile 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 Progressive Casualty 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 Indemnity Company
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 Liberty General Insurance Limited
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 USAA Insurance Agency, Incorporated
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 Dairyland Insurance
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 ACKO Technology & Services Pvt Ltd.
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 Farmers Insurance Group
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 Bajaj Allianz General Insurance Company Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Two-Wheeler Insurance Market: Key Industry Highlights, 2018 and 2032
2. Global Two-Wheeler Insurance Historical Market: Breakup by Policy Type (USD Billion), 2018-2023
3. Global Two-Wheeler Insurance Market Forecast: Breakup by Policy Type (USD Billion), 2024-2032
4. Global Two-Wheeler Insurance Historical Market: Breakup by Vehicle Age (USD Billion), 2018-2023
5. Global Two-Wheeler Insurance Market Forecast: Breakup by Vehicle Age (USD Billion), 2024-2032
6. Global Two-Wheeler Insurance Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
7. Global Two-Wheeler Insurance Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
8. Global Two-Wheeler Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Two-Wheeler Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Two-Wheeler Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Two-Wheeler Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Two-Wheeler Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Two-Wheeler Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Two-Wheeler Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Two-Wheeler Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Two-Wheeler Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Two-Wheeler Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Two-Wheeler Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Two-Wheeler Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Two-Wheeler Insurance Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 115.51 billion.
The market is projected to grow at a CAGR of 7.1% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 214.04 billion by 2032.
The market is being driven by the increasing ownership of two-wheeler vehicles and the rising demand for insurance in developing nations.
The growing demand for comprehensive policies and the regulations of governments necessitating the purchase of insurance are expected to enhance the growth of the market in the coming years.
The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different distribution channels are insurance agents/brokers, direct response, and banks, among others.
The key players in the market include State Farm Mutual Automobile Insurance Company, Progressive Casualty Insurance Company, GEICO Indemnity Company, Allstate Insurance Company, Liberty General Insurance Limited, USAA Insurance Agency, Incorporated, Dairyland Insurance, ACKO Technology & Services Pvt Ltd., Farmers Insurance Group, and Bajaj Allianz General Insurance Company Limited, among others.
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