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Report
Global Two-Wheeler Insurance Market Report and Forecast 2024-2032
Market Report I 2024-06-20 I 210 Pages I EMR Inc.
Global Two-Wheeler Insurance Market Report and Forecast 2024-2032
Market outlook
According to the report by Expert Market Research (EMR), the two-wheeler insurance market size reached a value of USD 115.30 billion in 2023. Aided by the increasing sales of two-wheelers and the growing need for financial protection against potential risks, the market is projected to further grow at a CAGR of 7.1% between 2024 and 2032 to reach a value of USD 214.04 billion by 2032.
Two-wheeler insurance provides financial protection against physical damage and bodily injuries resulting from traffic collisions, theft, and other liabilities. This insurance is crucial for motorcycle and scooter owners, offering coverage for third-party liabilities and comprehensive protection for the insured vehicle. The policies typically cover various types of risks, including accidents, natural disasters, and theft, ensuring the financial security of two-wheeler owners.
The increasing sales of two-wheelers, driven by their affordability, fuel efficiency, and convenience in navigating urban traffic, are propelling the global two-wheeler insurance market growth. With the rising number of two-wheeler owners, there has been a significant surge in the demand for insurance policies to safeguard against potential risks. Additionally, the growing awareness of the importance of insurance coverage and the mandatory nature of third-party liability insurance in many countries have further contributed to the market growth.
The expanding applications of two-wheeler insurance also play a significant role in propelling the two-wheeler insurance market expansion. Insurance companies offer various policies tailored to different customer needs, including comprehensive coverage, third-party liability, and personal accident cover. These policies cater to diverse segments, from daily commuters and delivery personnel to recreational riders and motorcycle enthusiasts.
Further, the growing focus on digital transformation and the adoption of advanced technologies have led to the development of innovative insurance solutions. With the rise of digital platforms and mobile applications, insurance companies are increasingly offering online policy purchase and renewal options, telematics-based insurance, and usage-based insurance models. This trend is expected to boost the global two-wheeler insurance market expansion in the coming years.
The increasing emphasis on digital transformation and the adoption of advanced technologies have led to the development of innovative insurance solutions. Digital platforms, telematics-based insurance, and usage-based insurance models enhance the customer experience and drive market growth.
Third-party liability insurance covers the legal liabilities arising from injuries or damages caused to third parties. It is mandatory in many countries and provides basic financial protection for two-wheeler owners, consequently driving up the two-wheeler insurance market share.
Personal accident cover provides financial compensation in case of bodily injuries or death of the insured person due to an accident. It offers additional financial security for riders and their families.
The growing sales of motorcycles and scooters, driven by their affordability, fuel efficiency, and convenience, are propelling the demand for two-wheeler insurance policies. The rising number of two-wheeler owners necessitates financial protection against potential risks.
The mandatory nature of third-party liability insurance in many countries ensures that two-wheeler owners have basic financial protection. These regulations drive the demand for two-wheeler insurance policies and support market growth.
As per the two-wheeler insurance market analysis, North America is a significant market for two-wheeler insurance, driven by the high number of motorcycle and scooter owners. The region's focus on road safety and mandatory insurance regulations support market growth.
Europe is a prominent market for two-wheeler insurance, with countries such as the United Kingdom, Germany, and France leading the adoption of comprehensive insurance policies. The region's emphasis on road safety and the rising number of two-wheeler owners drive the demand for insurance.
Market Segmentation
The market can be divided based on policy type, vehicle age, distribution channel, and region
Market Breakup by Policy Type
- Third Party Liability Insurance
- Comprehensive Insurance
Market Breakup by Vehicle Age
- New Vehicle
- Used Vehicle
Market Breakup by Distribution Channel
- Insurance Agents/Brokers
- Direct Response
- Banks
- Others
Market Breakup by Region
- North America
- Europe
- Latin America
- Middle East and Africa
- Asia Pacific
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global two-wheeler insurance market. some of the major players explored in the report by expert market research are as follows:
- 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
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual 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
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