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Auto Insurance Expenditure Comprehensive Market: Segmented: By Type (pay as you drive, pay how you drive and pay as you go); By end use (passenger vehicle and commercial vehicle); by enterprise (small and medium scale and large scale) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
The market for Auto Insurance Expenditure Comprehensive Market is expected to grow to USD 1553.5 billion in the forecasted period 2030 by USD 649.6 billion in 2019 at a CAGR of 8.30%.
Auto insurance refers to the insurance policy that covers any damage or loss caused to a vehicle or part of the vehicle through natural calamity, man-made destruction, theft, or fire. The auto insurance provides covers in case of accidents to individuals who own the vehicle as well as for passengers and third parties. The covered amount of loss is paid by an insurance company in exchange for paying a premium. Gap insurance, Collision insurance, rental reimbursement collision, classic car insurance, comprehensive insurance, medical payments coverage, and uninsured motorist insurance are some of the most popular automotive insurance options available in the market.
The market for Auto Insurance Expenditure Comprehensive Market is expected to project a CAGR of 8.30% during the forecast period, 2019-2030
Increase in the demand and consumption of automobiles in the market to increase the growth of the insurance market. Increased per capita income of people also acts as a driving force in the auto insurance expenditure market as it leads to a rise in demand for the same. Telematics as well as advancements in technology is likely to increase the market growth. Increased road accidents would act as an opportunity for the auto insurance expenditure market to grow.
By enterprises
it can be divided into small and medium and large scale industries. Large-scale industry dominated the segment due to the increased adoption of mobile telematics systems in the sector.
By end-user
it can be segmented into passenger vehicles and commercial vehicles. The passenger vehicle to show high growth during the forecast period due to the management practices of fleet passenger vehicles within an interconnected supply chain.
By type
it can be categorized into pay as you drive, pay how you drive, and pay as you go. Pay as you drive grew at a high CAGR in 2018, but the pay how to drive segment is likely to dominate it owing to the high price accuracy and facility of controlling own premium cost by the driver.
Increased automobile demand with technological advancement to increase growth
Increase in the demand and consumption of automobiles in the market to increase the growth of the insurance market. Increased per capita income of people also acts as a driving force in the auto insurance expenditure market as it leads to a rise in demand for the same. Telematics as well as advancements in technology is likely to increase the market growth. Increased road accidents would act as an opportunity for the auto insurance expenditure market to grow.
Increase in on-demand car services to hamper the growth of the Auto Insurance Expenditure Comprehensive Market
The rise in on-demand car services in the market is likely to have a negative impact on the growth of the insurance market. Complexities in designing, low internet connectivity, low discounts on premium and law of personal integrity to act as market restraints.
North America dominates the region segment due to the presence of prominent players in the region, technological advancements and high demand for interconnected services. The adoption of cloud solutions also increases the market growth in the region. APAC region is also likely to show significant growth in the auto insurance expenditure comprehensive market owing to the fast-developing economies such as India, China, and Japan which have increased their usage of telematics and IoT technologies and are highly dependent on third party mobile devices. Growing investments in the region also act as a driving factor in the region.
Allstate insurance company
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