Automotive Insurance Market Expected To Witness A Sustainable Growth 2021-2031

 

Automotive Insurance Market: Introduction

  • Financial institutions and insurance companies provide risk mitigation to individuals, businesses, and institutional clients through contracts. Automotive insurance is one such contract that enables vehicle owners to manage risks associated with vehicle accidents or maintenance.
  • Automotive insurance, or motor insurance, is an insurance policy for vehicles, which provides financial protection against collision damage and damage arising due to natural disasters or theft

Key Drivers of Automotive Insurance Market

  • Automotive safety has become a major concern amidst a consistent rise in number of accidents across the globe due to high number of on-road vehicles, unsafe driving patterns, underdeveloped infrastructure, and numerous others such factors. In February 2020, according to the World Health Organization, 1.35 million people die every year across the globe, costing a majority of countries around 3% of their total GDP. This economic burden, caused by the growing number of accidents, severely impacts low income individuals and countries. Consequently, vehicle owners are preferring insurance policies to mitigate this economic burden of road accidents, which cover health-related as well as vehicle repair costs post-accident. Thus, a rise in awareness about road-traffic accidents and their economic costs are driving the global automotive insurance market.
  • Emergence of latest technologies, such as Internet of Things (IoT) and artificial intelligence, have transformed conventional auto insurance policies to usage-based policies. Sensors powered by these advanced technologies are fitted on vehicles to monitor the driving behavior and pattern of the driver. This data is sent to the insurance company and based on this data, the premium of insurance is modified. These new telematics-based insurance policies are gaining high popularity and hence, fueling the automotive insurance market across the globe.

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Challenges in Automotive Insurance Market

  • Rise in adoption of shared mobility reduces the number of vehicle owners and usage of vehicles. This reduced number of vehicle owners is hampering the automotive insurance market.

Impact of COVID-19 pandemic on Automotive Insurance Market

  • The automotive industry and its supply chains were negatively impacted amidst the recent outbreak of COVID-19 pandemic. Government regulations enforced automakers to temporarily shut down their facilities in order to arrest the spread of coronavirus infection, thereby hampering the sale of vehicles which in-turn reduced the demand in automotive insurance market. However, the automotive industry is anticipated to regain its momentum in the following years, as companies are restarting their operations and governments have lifted restrictions and announced various relief packages. This, in turn, is projected to fuel the automotive insurance market.

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Automotive Insurance Market in Asia Pacific to Expand at Notable Growth Rate

  • The market in Asia Pacific is anticipated to account for a significant share of the global automotive insurance market due to rising sales of vehicles amidst rising disposable income of people. Furthermore, regulatory agencies in Asia Pacific have also implemented stringent laws regarding the need for vehicle insurance, which in turn further boosts the automotive insurance market in the region.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

About TMR

TMR is a leader in the market research space providing end-to-end business solutions and consulting services. TMR operates from its own office space of almost 10,000 sq. ft located in a prime commercial complex at Pune. We serve clients in 150 countries with an approach to deep dive into the economic aspects and geographical nuances for unfailing business intelligence.

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