Auto Insurance Market By Coverage (Third Party Liability Coverage, Collision/Comprehensive/Other Optional Coverages) , By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, Others) By Vehicle Age (New Vehicles, Used Vehicles) By Application (Personal, Commerical) : Global Opportunity Analysis and Industry Forecast, 2024-2032

August 2024 | 350 pages | ID: AF6969483496EN
Allied Market Research

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Auto Insurance Market

The auto insurance market was valued at $923.4 billion in 2023 and is projected to reach $2274.8 billion by 2032, growing at a CAGR of 10.8% from 2024 to 2032.

Auto insurance is a policy that protects an individual from financial losses due to theft of vehicle or occurrence of accident while driving. The policy coverage includes several aspects such as owner of the vehicle, family members, and other person driving policyholder’s vehicle with consent. The insurance covers medical payments and collision losses in case of accidents. Several countries across the globe have mandated auto insurance for financial protection.

With increasing vehicle ownership and rising prevalence of road accidents & car thefts, the adoption of auto insurance is witnessing a notable surge, thereby augmenting the market development. In addition, upsurge in disposable income of middle-class population globally and increase in awareness regarding the benefits of insurance policies is driving the auto insurance market. To enhance the customer experience in insurance processing, the utility of AI capabilities is an emerging trend in the auto insurance market. AI is facilitating a variety of tasks for insurance agencies, from customized risk analysis to automatic claim processing, hence making the policy more accessible for customers.

However, surge in prevalence of fraudulent claims impacts the profitability of insurance agencies and hampers the growth of the auto insurance market. Furthermore, the advent of autonomous vehicles is limiting the adoption of auto insurance and restraining the market development. On the contrary, expansion of the connected cars system is expected to open new avenues for the auto insurance market. The management consulting firm, McKinsey & Company predicts connected cars to garner 90% of the total vehicle sales in the U.S. by 2025. This is anticipated to provide opportunity for the insurance providers to capitalize on new technologies and provide insurance based on vehicle usage in real time, along with automated-claims process.

Segment Review

The auto insurance market is segmented into coverage, distribution channel, vehicle age, application, and region. On the basis of coverage, the market is bifurcated into third party liability coverage and collision/comprehensive/other optional coverages. Depending on distribution channel, it is divided into insurance agents/brokers, direct response, banks, and others. As per vehicle age, it is classified into new vehicles and used vehicles. By application, it is categorized into personal and commercial. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.

Key Findings

On the basis of coverage, the third party liability coverage segment dominated the market in 2023.

Depending on distribution channel, the direct response segment accounted for a high market share in 2023.

As per vehicle age, the new vehicles segment acquired a high stake in the market in 2023.

By application, the personal segment was the highest shareholder in 2023.

Region wise, North America was the highest revenue generator in 2023.

Competition Analysis

The leading players of the global auto insurance market include Berkshire Hathaway Inc., Admiral Group PLC, People's Insurance Company of China, Allstate Insurance Company, CHINA PACIFIC INSURANCE CO., Tokio Marine Group, Ping An Insurance (Group) Company of China, Ltd., Automobile Insurance, Allianz, and State Farm Mutual. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.

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Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
  • End user preferences and pain points
  • Industry life cycle assessment, by region
  • Investment Opportunities
  • Product Benchmarking / Product specification and applications
  • Product Life Cycles
  • Scenario Analysis & Growth Trend Comparison
  • Technology Trend Analysis
  • Go To Market Strategy
  • Market share analysis of players by products/segments
  • New Product Development/ Product Matrix of Key Players
  • Pain Point Analysis
  • Regulatory Guidelines
  • Strategic Recommendations
  • Additional company profiles with specific to client's interest
  • Additional country or region analysis- market size and forecast
  • Brands Share Analysis
  • Criss-cross segment analysis- market size and forecast
  • Expanded list for Company Profiles
  • Historic market data
  • Market share analysis of players at global/region/country level
  • SWOT Analysis
Key Market Segments

By Coverage
  • Third Party Liability Coverage
  • Collision/Comprehensive/Other Optional Coverages
By Distribution Channel
  • Insurance Agents/Brokers
  • Direct Response
  • Banks
  • Others
By Vehicle Age
  • New Vehicles
  • Used Vehicles
By Application
  • Personal
  • Commerical
By Region
  • North America
  • U.S.
  • Canada
  • Europe
  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • Latin America
  • Brazil
  • Argentina
  • Colombia
  • Rest of Latin America
  • MEA
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA
  • Key Market Players
  • Berkshire Hathaway Inc.
  • Admiral Group PLC
  • People's Insurance Company of China
  • Allstate Insurance Company
  • CHINA PACIFIC INSURANCE CO.
  • Tokio Marine Group
  • Ping An Insurance (Group) Company of China, Ltd.
  • Automobile Insurance
  • Allianz
  • State Farm Mutual
CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
  1.4.1. Primary Research
  1.4.2. Secondary Research
  1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
  3.2.1. Top Investment Pockets
  3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
  3.3.1. Bargaining Power of Suppliers
  3.3.2. Threat of New Entrants
  3.3.3. Threat of Substitutes
  3.3.4. Competitive Rivalry
  3.3.5. Bargaining Power among Buyers
3.4. Market Dynamics
  3.4.1. Drivers
  3.4.2. Restraints
  3.4.3. Opportunities

CHAPTER 4: AUTO INSURANCE MARKET, BY COVERAGE

4.1. Market Overview
  4.1.1 Market Size and Forecast, By Coverage
4.2. Third Party Liability Coverage
  4.2.1. Key Market Trends, Growth Factors and Opportunities
  4.2.2. Market Size and Forecast, By Region
  4.2.3. Market Share Analysis, By Country
4.3. Collision/Comprehensive/Other Optional Coverages
  4.3.1. Key Market Trends, Growth Factors and Opportunities
  4.3.2. Market Size and Forecast, By Region
  4.3.3. Market Share Analysis, By Country

CHAPTER 5: AUTO INSURANCE MARKET, BY DISTRIBUTION CHANNEL

5.1. Market Overview
  5.1.1 Market Size and Forecast, By Distribution Channel
5.2. Insurance Agents/Brokers
  5.2.1. Key Market Trends, Growth Factors and Opportunities
  5.2.2. Market Size and Forecast, By Region
  5.2.3. Market Share Analysis, By Country
5.3. Direct Response
  5.3.1. Key Market Trends, Growth Factors and Opportunities
  5.3.2. Market Size and Forecast, By Region
  5.3.3. Market Share Analysis, By Country
5.4. Banks
  5.4.1. Key Market Trends, Growth Factors and Opportunities
  5.4.2. Market Size and Forecast, By Region
  5.4.3. Market Share Analysis, By Country
5.5. Others
  5.5.1. Key Market Trends, Growth Factors and Opportunities
  5.5.2. Market Size and Forecast, By Region
  5.5.3. Market Share Analysis, By Country

CHAPTER 6: AUTO INSURANCE MARKET, BY VEHICLE AGE

6.1. Market Overview
  6.1.1 Market Size and Forecast, By Vehicle Age
6.2. New Vehicles
  6.2.1. Key Market Trends, Growth Factors and Opportunities
  6.2.2. Market Size and Forecast, By Region
  6.2.3. Market Share Analysis, By Country
6.3. Used Vehicles
  6.3.1. Key Market Trends, Growth Factors and Opportunities
  6.3.2. Market Size and Forecast, By Region
  6.3.3. Market Share Analysis, By Country

CHAPTER 7: AUTO INSURANCE MARKET, BY APPLICATION

7.1. Market Overview
  7.1.1 Market Size and Forecast, By Application
7.2. Personal
  7.2.1. Key Market Trends, Growth Factors and Opportunities
  7.2.2. Market Size and Forecast, By Region
  7.2.3. Market Share Analysis, By Country
7.3. Commerical
  7.3.1. Key Market Trends, Growth Factors and Opportunities
  7.3.2. Market Size and Forecast, By Region
  7.3.3. Market Share Analysis, By Country

CHAPTER 8: AUTO INSURANCE MARKET, BY REGION

8.1. Market Overview
  8.1.1 Market Size and Forecast, By Region
8.2. North America
  8.2.1. Key Market Trends and Opportunities
  8.2.2. Market Size and Forecast, By Coverage
  8.2.3. Market Size and Forecast, By Distribution Channel
  8.2.4. Market Size and Forecast, By Vehicle Age
  8.2.5. Market Size and Forecast, By Application
  8.2.6. Market Size and Forecast, By Country
  8.2.7. U.S. Auto Insurance Market
    8.2.7.1. Market Size and Forecast, By Coverage
    8.2.7.2. Market Size and Forecast, By Distribution Channel
    8.2.7.3. Market Size and Forecast, By Vehicle Age
    8.2.7.4. Market Size and Forecast, By Application
  8.2.8. Canada Auto Insurance Market
    8.2.8.1. Market Size and Forecast, By Coverage
    8.2.8.2. Market Size and Forecast, By Distribution Channel
    8.2.8.3. Market Size and Forecast, By Vehicle Age
    8.2.8.4. Market Size and Forecast, By Application
8.3. Europe
  8.3.1. Key Market Trends and Opportunities
  8.3.2. Market Size and Forecast, By Coverage
  8.3.3. Market Size and Forecast, By Distribution Channel
  8.3.4. Market Size and Forecast, By Vehicle Age
  8.3.5. Market Size and Forecast, By Application
  8.3.6. Market Size and Forecast, By Country
  8.3.7. France Auto Insurance Market
    8.3.7.1. Market Size and Forecast, By Coverage
    8.3.7.2. Market Size and Forecast, By Distribution Channel
    8.3.7.3. Market Size and Forecast, By Vehicle Age
    8.3.7.4. Market Size and Forecast, By Application
  8.3.8. Germany Auto Insurance Market
    8.3.8.1. Market Size and Forecast, By Coverage
    8.3.8.2. Market Size and Forecast, By Distribution Channel
    8.3.8.3. Market Size and Forecast, By Vehicle Age
    8.3.8.4. Market Size and Forecast, By Application
  8.3.9. Italy Auto Insurance Market
    8.3.9.1. Market Size and Forecast, By Coverage
    8.3.9.2. Market Size and Forecast, By Distribution Channel
    8.3.9.3. Market Size and Forecast, By Vehicle Age
    8.3.9.4. Market Size and Forecast, By Application
  8.3.10. Spain Auto Insurance Market
    8.3.10.1. Market Size and Forecast, By Coverage
    8.3.10.2. Market Size and Forecast, By Distribution Channel
    8.3.10.3. Market Size and Forecast, By Vehicle Age
    8.3.10.4. Market Size and Forecast, By Application
  8.3.11. UK Auto Insurance Market
    8.3.11.1. Market Size and Forecast, By Coverage
    8.3.11.2. Market Size and Forecast, By Distribution Channel
    8.3.11.3. Market Size and Forecast, By Vehicle Age
    8.3.11.4. Market Size and Forecast, By Application
  8.3.12. Rest Of Europe Auto Insurance Market
    8.3.12.1. Market Size and Forecast, By Coverage
    8.3.12.2. Market Size and Forecast, By Distribution Channel
    8.3.12.3. Market Size and Forecast, By Vehicle Age
    8.3.12.4. Market Size and Forecast, By Application
8.4. Asia-Pacific
  8.4.1. Key Market Trends and Opportunities
  8.4.2. Market Size and Forecast, By Coverage
  8.4.3. Market Size and Forecast, By Distribution Channel
  8.4.4. Market Size and Forecast, By Vehicle Age
  8.4.5. Market Size and Forecast, By Application
  8.4.6. Market Size and Forecast, By Country
  8.4.7. China Auto Insurance Market
    8.4.7.1. Market Size and Forecast, By Coverage
    8.4.7.2. Market Size and Forecast, By Distribution Channel
    8.4.7.3. Market Size and Forecast, By Vehicle Age
    8.4.7.4. Market Size and Forecast, By Application
  8.4.8. Japan Auto Insurance Market
    8.4.8.1. Market Size and Forecast, By Coverage
    8.4.8.2. Market Size and Forecast, By Distribution Channel
    8.4.8.3. Market Size and Forecast, By Vehicle Age
    8.4.8.4. Market Size and Forecast, By Application
  8.4.9. India Auto Insurance Market
    8.4.9.1. Market Size and Forecast, By Coverage
    8.4.9.2. Market Size and Forecast, By Distribution Channel
    8.4.9.3. Market Size and Forecast, By Vehicle Age
    8.4.9.4. Market Size and Forecast, By Application
  8.4.10. South Korea Auto Insurance Market
    8.4.10.1. Market Size and Forecast, By Coverage
    8.4.10.2. Market Size and Forecast, By Distribution Channel
    8.4.10.3. Market Size and Forecast, By Vehicle Age
    8.4.10.4. Market Size and Forecast, By Application
  8.4.11. Australia Auto Insurance Market
    8.4.11.1. Market Size and Forecast, By Coverage
    8.4.11.2. Market Size and Forecast, By Distribution Channel
    8.4.11.3. Market Size and Forecast, By Vehicle Age
    8.4.11.4. Market Size and Forecast, By Application
  8.4.12. Rest of Asia-Pacific Auto Insurance Market
    8.4.12.1. Market Size and Forecast, By Coverage
    8.4.12.2. Market Size and Forecast, By Distribution Channel
    8.4.12.3. Market Size and Forecast, By Vehicle Age
    8.4.12.4. Market Size and Forecast, By Application
8.5. Latin America
  8.5.1. Key Market Trends and Opportunities
  8.5.2. Market Size and Forecast, By Coverage
  8.5.3. Market Size and Forecast, By Distribution Channel
  8.5.4. Market Size and Forecast, By Vehicle Age
  8.5.5. Market Size and Forecast, By Application
  8.5.6. Market Size and Forecast, By Country
  8.5.7. Brazil Auto Insurance Market
    8.5.7.1. Market Size and Forecast, By Coverage
    8.5.7.2. Market Size and Forecast, By Distribution Channel
    8.5.7.3. Market Size and Forecast, By Vehicle Age
    8.5.7.4. Market Size and Forecast, By Application
  8.5.8. Argentina Auto Insurance Market
    8.5.8.1. Market Size and Forecast, By Coverage
    8.5.8.2. Market Size and Forecast, By Distribution Channel
    8.5.8.3. Market Size and Forecast, By Vehicle Age
    8.5.8.4. Market Size and Forecast, By Application
  8.5.9. Colombia Auto Insurance Market
    8.5.9.1. Market Size and Forecast, By Coverage
    8.5.9.2. Market Size and Forecast, By Distribution Channel
    8.5.9.3. Market Size and Forecast, By Vehicle Age
    8.5.9.4. Market Size and Forecast, By Application
  8.5.10. REST oF Latin America Auto Insurance Market
    8.5.10.1. Market Size and Forecast, By Coverage
    8.5.10.2. Market Size and Forecast, By Distribution Channel
    8.5.10.3. Market Size and Forecast, By Vehicle Age
    8.5.10.4. Market Size and Forecast, By Application
8.6. MEA
  8.6.1. Key Market Trends and Opportunities
  8.6.2. Market Size and Forecast, By Coverage
  8.6.3. Market Size and Forecast, By Distribution Channel
  8.6.4. Market Size and Forecast, By Vehicle Age
  8.6.5. Market Size and Forecast, By Application
  8.6.6. Market Size and Forecast, By Country
  8.6.7. Saudi Arabia Auto Insurance Market
    8.6.7.1. Market Size and Forecast, By Coverage
    8.6.7.2. Market Size and Forecast, By Distribution Channel
    8.6.7.3. Market Size and Forecast, By Vehicle Age
    8.6.7.4. Market Size and Forecast, By Application
  8.6.8. South Africa Auto Insurance Market
    8.6.8.1. Market Size and Forecast, By Coverage
    8.6.8.2. Market Size and Forecast, By Distribution Channel
    8.6.8.3. Market Size and Forecast, By Vehicle Age
    8.6.8.4. Market Size and Forecast, By Application
  8.6.9. UAE Auto Insurance Market
    8.6.9.1. Market Size and Forecast, By Coverage
    8.6.9.2. Market Size and Forecast, By Distribution Channel
    8.6.9.3. Market Size and Forecast, By Vehicle Age
    8.6.9.4. Market Size and Forecast, By Application
  8.6.10. Rest Of Mea Auto Insurance Market
    8.6.10.1. Market Size and Forecast, By Coverage
    8.6.10.2. Market Size and Forecast, By Distribution Channel
    8.6.10.3. Market Size and Forecast, By Vehicle Age
    8.6.10.4. Market Size and Forecast, By Application

CHAPTER 9: COMPETITIVE LANDSCAPE

9.1. Introduction
9.2. Top Winning Strategies
9.3. Product Mapping Of Top 10 Player
9.4. Competitive Dashboard
9.5. Competitive Heatmap
9.6. Top Player Positioning, 2023

CHAPTER 10: COMPANY PROFILES

10.1. Berkshire Hathaway Inc.
  10.1.1. Company Overview
  10.1.2. Key Executives
  10.1.3. Company Snapshot
  10.1.4. Operating Business Segments
  10.1.5. Product Portfolio
  10.1.6. Business Performance
  10.1.7. Key Strategic Moves and Developments
10.2. Admiral Group PLC
  10.2.1. Company Overview
  10.2.2. Key Executives
  10.2.3. Company Snapshot
  10.2.4. Operating Business Segments
  10.2.5. Product Portfolio
  10.2.6. Business Performance
  10.2.7. Key Strategic Moves and Developments
10.3. People's Insurance Company Of China
  10.3.1. Company Overview
  10.3.2. Key Executives
  10.3.3. Company Snapshot
  10.3.4. Operating Business Segments
  10.3.5. Product Portfolio
  10.3.6. Business Performance
  10.3.7. Key Strategic Moves and Developments
10.4. Allstate Insurance Company
  10.4.1. Company Overview
  10.4.2. Key Executives
  10.4.3. Company Snapshot
  10.4.4. Operating Business Segments
  10.4.5. Product Portfolio
  10.4.6. Business Performance
  10.4.7. Key Strategic Moves and Developments
10.5. CHINA PACIFIC INSURANCE CO.
  10.5.1. Company Overview
  10.5.2. Key Executives
  10.5.3. Company Snapshot
  10.5.4. Operating Business Segments
  10.5.5. Product Portfolio
  10.5.6. Business Performance
  10.5.7. Key Strategic Moves and Developments
10.6. Tokio Marine Group
  10.6.1. Company Overview
  10.6.2. Key Executives
  10.6.3. Company Snapshot
  10.6.4. Operating Business Segments
  10.6.5. Product Portfolio
  10.6.6. Business Performance
  10.6.7. Key Strategic Moves and Developments
10.7. Ping An Insurance (Group) Company Of China, Ltd.
  10.7.1. Company Overview
  10.7.2. Key Executives
  10.7.3. Company Snapshot
  10.7.4. Operating Business Segments
  10.7.5. Product Portfolio
  10.7.6. Business Performance
  10.7.7. Key Strategic Moves and Developments
10.8. Automobile Insurance
  10.8.1. Company Overview
  10.8.2. Key Executives
  10.8.3. Company Snapshot
  10.8.4. Operating Business Segments
  10.8.5. Product Portfolio
  10.8.6. Business Performance
  10.8.7. Key Strategic Moves and Developments
10.9. Allianz
  10.9.1. Company Overview
  10.9.2. Key Executives
  10.9.3. Company Snapshot
  10.9.4. Operating Business Segments
  10.9.5. Product Portfolio
  10.9.6. Business Performance
  10.9.7. Key Strategic Moves and Developments
10.10. State Farm Mutual
  10.10.1. Company Overview
  10.10.2. Key Executives
  10.10.3. Company Snapshot
  10.10.4. Operating Business Segments
  10.10.5. Product Portfolio
  10.10.6. Business Performance
  10.10.7. Key Strategic Moves and Developments


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