Pune, Maharashtra -- (SBWire) -- 01/16/2024 --According to HTF Market Intelligence, the Global Electric Vehicle Insurance market to witness a CAGR of 16.89% during the forecast period (2024-2030). The Latest Released Electric Vehicle Insurance Market Research assesses the future growth potential of the Electric Vehicle Insurance market and provides information and useful statistics on market structure and size. The Electric Vehicle Insurance market size is estimated to increase by USD 248.57 Billion at a CAGR of 16.89% by 2030. The report includes historic market data from 2024 to 2030. The Current market value is pegged at USD 67.5 Billion.
The Major Players Covered in this Report: Bajaj Allianz (India), ACKO (India), Digit Insurance (India), HDFC (India), Allianz (Germany), AXA (France), Zurich Insurance Group (Switzerland), Liberty Mutual Insurance Company (United States), Aviva (United Kingdom), Direct Line Insurance Group plc (United Kingdom), The Progressive Corporation (United States), GEICO (United States). Additionally, other players that are part of this detailed analysis are Allstate (United States), AVIVA (United Kingdom), Ford (United States), General Motors (United States), Hyundai (South Korea)
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Definition:
The term "Electric Vehicle Insurance" refers to insurance coverage specifically designed for electric vehicles (EVs). It is a subset of the auto insurance market tailored to the unique characteristics and considerations associated with electric cars. Electric Vehicle Insurance typically covers electric cars, hybrid vehicles, and plug-in hybrid vehicles, which use electricity as a primary or supplementary power source. Electric Vehicle Insurance often includes coverage for components unique to electric cars, such as the battery pack, charging equipment, and electric drivetrain components. These can be expensive to repair or replace, making specialized coverage important. Electric vehicle owners may experience "range anxiety," the fear of running out of battery charge before reaching their destination. Some insurance policies may offer coverage or services related to emergency charging assistance or towing.
Market Trends:
The electric vehicle market has been expanding globally. As more consumers switch to EVs, the demand for specialized Electric Vehicle Insurance has also increased.
Insurance providers have been offering more tailored policies for electric vehicles, addressing specific needs like battery coverage and charging equipment protection.
The use of telematics and data analytics for monitoring and assessing driver behavior in EVs is on the rise. Insurers can use this data to create usage-based or pay-as-you-go insurance models.
Market Drivers:
Government incentives, rebates, and mandates to encourage EV adoption can boost the demand for Electric Vehicle Insurance.
Growing environmental consciousness is motivating consumers to opt for electric vehicles, indirectly driving the demand for insurance.
Advancements in electric vehicle technology, including improved battery life and performance, make EVs more attractive, driving their adoption and the need for insurance.
Market Opportunities:
The electric vehicle insurance market presents significant growth opportunities as the adoption of EVs accelerates. This market expansion can result in increased revenues for insurers.
There is an opportunity for insurance providers to innovate and create new types of coverage, such as on-demand insurance or coverage specifically tailored to autonomous electric vehicles.
Collaborations between automakers, charging infrastructure companies, and insurance providers can create opportunities for bundled products and streamlined services.
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The titled segments and sub-sections of the market are illuminated below:
In-depth analysis of Marine Propulsion Engines market segments by Types: Third-party Insurance, Own Damage Cover, Comprehensive Insurance, Others
Detailed analysis of Marine Propulsion Engines market segments by Applications: Electric Car Insurance, Electric Bike Insurance
Major Key Players of the Market: Bajaj Allianz (India), ACKO (India), Digit Insurance (India), HDFC (India), Allianz (Germany), AXA (France), Zurich Insurance Group (Switzerland), Liberty Mutual Insurance Company (United States), Aviva (United Kingdom), Direct Line Insurance Group plc (United Kingdom), The Progressive Corporation (United States), GEICO (United States). Additionally, other players that are part of this detailed analysis are Allstate (United States), AVIVA (United Kingdom), Ford (United States), General Motors (United States), Hyundai (South Korea)
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
- The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
- North America (United States, Mexico & Canada)
- South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
- Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
- Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
Objectives of the Report:
- -To carefully analyse and forecast the size of the Electric Vehicle Insurance market by value and volume.
- -To estimate the market shares of major segments of the Electric Vehicle Insurance market.
- -To showcase the development of the Electric Vehicle Insurance market in different parts of the world.
- -To analyse and study micro-markets in terms of their contributions to the Electric Vehicle Insurance market, their prospects, and individual growth trends.
- -To offer precise and useful details about factors affecting the growth of the Electric Vehicle Insurance market.
- -To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Electric Vehicle Insurance market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Global Electric Vehicle Insurance Market Breakdown by Application (Electric Car Insurance, Electric Bike Insurance) by Type (Third-party Insurance, Own Damage Cover, Comprehensive Insurance, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA)
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Key takeaways from the Electric Vehicle Insurance market report:
– Detailed consideration of Electric Vehicle Insurance market-particular drivers, Trends, constraints, Restraints, Opportunities, and major micro markets.
– Comprehensive valuation of all prospects and threats in the
– In-depth study of industry strategies for growth of the Electric Vehicle Insurance market-leading players.
– Electric Vehicle Insurance market latest innovations and major procedures.
– Favourable dip inside Vigorous high-tech and market latest trends remarkable the Market.
– Conclusive study about the growth conspiracy of Electric Vehicle Insurance market for forthcoming years.
Major questions answered:
- What are influencing factors driving the demand for Electric Vehicle Insurance near future?
- What is the impact analysis of various factors in the Global Electric Vehicle Insurance market growth?
- What are the recent trends in the regional market and how successful they are?
- How feasible is Electric Vehicle Insurance market for long-term investment?
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Major highlights from Table of Contents:
Electric Vehicle Insurance Market Study Coverage:
- It includes major manufacturers, emerging player's growth story, and major business segments of Electric Vehicle Insurance Market Size & Growth Outlook 2022-2028 market, years considered, and research objectives. Additionally, segmentation on the basis of the type of product, application, and technology.
- Electric Vehicle Insurance Market Size & Growth Outlook 2022-2028 Market Executive Summary: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
- Electric Vehicle Insurance Market Production by Region Electric Vehicle Insurance Market Profile of Manufacturers-players are studied on the basis of SWOT, their products, production, value, financials, and other vital factors.
Key Points Covered in Electric Vehicle Insurance Market Report:
- Electric Vehicle Insurance Overview, Definition and Classification Market drivers and barriers
- Electric Vehicle Insurance Market Competition by Manufacturers
- Electric Vehicle Insurance Capacity, Production, Revenue (Value) by Region (2024-2030)
- Electric Vehicle Insurance Supply (Production), Consumption, Export, Import by Region (2024-2030)
- Electric Vehicle Insurance Production, Revenue (Value), Price Trend by Type {Third-party Insurance, Own Damage Cover, Comprehensive Insurance, Others}
- Electric Vehicle Insurance Market Analysis by Application {Electric Car Insurance, Electric Bike Insurance}
- Electric Vehicle Insurance Manufacturers Profiles/Analysis Electric Vehicle Insurance Manufacturing Cost Analysis, Industrial/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
- Strategy by Key Manufacturers/Players, Connected Distributors/Traders Standardization, Regulatory and collaborative initiatives, Industry road map and value chain Market Effect Factors Analysis.
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