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Motorcycle Insurance Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: August, 2022
No of Pages: 153
Delivery Format: PDF + Excel

$2,950.00

Motorcycle insurance market is expected to outstretch USD 92,786.80 Million by the end of 2030, with a growth rate of 4.50% CAGR between 2022 and 2030.

Vehicle insurance policies are for all types of road vehicles including cars, trucks, motorcycles, and others. The vehicle insurance provides the protection of the vehicles against any damage or injured body parts of the vehicles due to high traffic collisions, or any other accountability rises in a vehicle, the insurance provides financial protection to the vehicles.

The Insurance premium of motorcycles occupies more than 40% of the total non-life insurance premium. The rising demand for motorcycle insurance in developing countries is likely to boost the growth of the market in the next few years. There are various countries across the globe where insurance of the vehicles is obligatory, due to the expected rise in the sales of the new vehicles. These factors are predicted to boost the growth of the market in such regions, primarily Asia.

This report contains all the information on the global motorcycle insurance market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global motorcycle insurance market and forecast to 2026 is also included in the report.

Motorcycle Insurance Market  Report Scope and Segmentation

ATTRIBUTESDETAILS
ESTIMATED YEAR2022
BASE YEAR2021
FORECAST YEAR2030
HISTORICAL YEAR2017-2021
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Global Carbide Tools Market Segments

Covid 19 Analysis

The outbreak covid 19 has left a massive impact on the motorcycle insurance market outlook, it has disrupted the supply chain of the policies due to restriction on trade and the diminishing of the consumption due to the lockdown. The outbreak of the pandemic is predicted to continue to decrease the demand for automobiles in 2020-2021 due to the decline in consumer demand. Furthermost, it is expected to recover from the downfall within the next five years.

Industry News

Plymouth Rock Insurance has launched motorcycle insurance for its customers in states of New Jersey and Pennsylvania. Its quoting process on its website gives an accurate estimate based on the customer’s choice.

Market Dynamic

Drivers

  • The global motorcycle insurance market trend is expected to grow during the forecast period at a decent growth pace use to the rise of demand for motorcycles across the globe. The key players are focused on providing products and profit-oriented luxuries in motorcycles. Technically advanced motorcycles such as ABS bikes are likely to drive the growth of the market.
  • The major key players of the motorcycle insurance market industry are offering high-security coverage of the motorcycles, financially, which is boosting the market growth in the upcoming years.  The constrain on bike insurance in  many countries are expected to promote market growth.

Opportunities

 

  • Usage-based insurance (UBI) is a type of auto insurance where the consumer can measure the vehicles in terms of, how far a vehicle is driven, how it is driven, and where it is driven. Telematics technology is used for UBI which is pre-installed in the vehicles of the customers, this telematics device records the data in a wide range, and based on this data the insurer calculates the insurance premium.
  • Based on the reports of the National Association of Insurance Commissioners (NAIC), about 20% of insurers in the United State will switch to usage-based insurance within the next five years, due to the profit gained through this policy which is a win-win for the insurance company and policyholder and it also creates opportunities for the drivers to adopt safe and secure driving practices.

Restraints

  • The global motorcycle insurance market growth are facing some restraints which are likely to hinder the two-wheeler market growth such as the rise in the price of the fuels, several safety issues, increase in the number of road accidents, higher charges of the insurance, and unpredictability of the electrification of bikes are some major causes that are impeding the growth of the motorcycle insurance market.

Challenges

  • The shift of the demands from motorcycles to four-wheelers is likely to hamper the growth of the market. The lack of awareness among the people regarding the renewable insurance policies and premiums are some other challenges faced by the global motorcycle insurance markets

Cumulative Growth Analysis

The primary factor for the growth of the market are the requirement of the low maintenance cost of the vehicles during the production period and other activities are likely to boost the growth of the motorcycle insurance market.

Key players of the markets are willing to invest in the product characteristic and high-quality maintenance which ultimately helps in the enhancement of the product design and quality. Altogether these trends are likely to increase the structure, function, and demand of the motorcycle insurance market revenue.

Value Chain Analysis

The global motorcycle insurance market value is expected to register a 4.5% of CAGR during the forecast period.  The global motorcycle insurance market is segmented into two types, policy type, and application. On the basis of the policy type, the global motorcycle insurance market is segmented into comprehensive, medical payments insurance, liability insurance, collision insurance, and others, among which the collision insurance policy and comprehensive type are predicted to show a magnificent growth pace during the forecast period.

On the basis of the application, the motorcycle insurance market is segmented into commercial and personal. The rise in the demand for the two-wheeler in the developing countries is expected to boost the growth of the personal insurance application. The motorcycle offers time-saving rides in the traffics, the production of more comfortable motorbikes, and the rising demand in the tourism sector are likely to drive the growth of the global motorcycle insurance market.

Segmentation Overview

The market is segmented on the basis of the policy type, application, and region. The global motorcycle insurance market is expected to witness decent growth during the forecast period.

By Application

  • Based on the application, the market is segmented into personal and commercial.

By end-users

  • Based on the propulsion types, the market is segmented into four types, liability insurance, comprehensive and collision insurance, medical payment insurance, and others.

Regional Analysis
On the basis of the regions, the motorcycle insurance market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to occupy a remarkable amount of share in the global motorcycle insurance market shares, due to the rise in the establishment of the automobile sector in this region along with the introduction of the new models by the major key players of the market in these regions. The regulation of the government regarding the compulsion of having insurance after the purchasing of the bikes is likely to boost the growth of the motorcycle insurance market.

Competitive landscape

The report comprises the major key players of the motorcycle insurance market analysis across the globe. The shares of the market are highly effervescing with the huge numbers of players operating in the market. The insurance companies are focusing on providing personalized solutions to intensify their portfolio of the products and to attract, more customers.

Major Key Players

  • GEICO
  • Farmers Insurance,
  • Allstate
  • Aviva
  • Allianz
  • AXA
  • CPIC
  • PingAn
  • Assicurazioni Generali
  • Cardinal Health
  • State Farm Insurance
  • Dai-ichi Mutual Life Insurance
  • Munich Re Group
  • Zurich Financial Services
  • Prudential.

Report Overview

The following report comprises of –

  • Market overview
  • Covid 19 Analysis
  • Market Dynamic
  • Drivers
  • Opportunities
  • Restraints
  • Challenges
  • Cumulative Growth Analysis
  • Value Chain Analysis
  • Segmentation Overview
  • By Application
  • By End-Users
  • Regional Analysis
  • Competitive landscape

Recent Developments

  • The development of new schemes and new offices of the insurance companies and the innovation of the motorcycles insurance products

Global Motorcycle Insurance Market: On the basis of product types

  • Liability Insurance
  • Comprehensive and Collision Insurance
  • Medical Payments Insurance
  • Theft Insurance
  • Others

Global Motorcycle Insurance Market: On the basis of application

  • Personal
  • Business

Global Motorcycle Insurance Market: On the basis of regions

North America

 

  • The U.S.
  • Canada
  • Mexico

Europe

 

  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe

Asia Pacific

 

  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

 

  • Brazil
  • Argentina
  • Chile
  • Rest of Latin America

Middle East & Africa

 

  • GCC Countries
  • South Africa
  • Rest of the Middle East & Africa

 

Report Scope:
Report Attribute/MetricDetails
  Market Size  2030 : USD 92,786.80 Million
  CAGR  4.50% (2022 to 2030)
  Base Year  2021
  Forecast Period  2022 to 2030
  Historical Data  2019 & 2020
  Forecast Units  Value (USD Billion)
  Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered  Policy Type, Application
  Geographies Covered  North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors  GEICO, Farmers Insurance, Allstate, Aviva, Allianz, AXA, CPIC, PingAn, Assicurazioni Generali, Cardinal Health, State Farm Insurance, Dai-ichi Mutual Life Insurance, Munich Re Group, Zurich Financial Services and Prudential
  Key Market Opportunities
  • several safety issues
  • Increase in the number of road accidents\r\n
  Key Market Drivers
  • Rise of demand for motorcycles across the globe
  • Key players offering high-security coverage of the motorcycles\r\n

1 Executive Summary

2 Market Introduction

2.1 Market Definition

2.2 Scope Of The Study

2.3 Market Structure

3 Research Methodology

3.1 Primary Research

3.2 Secondary Research

3.3 Market Capacity Estimation

3.4 Forecast Model

3.5 List Of Assumptions

3.6 Limitations Of The Study

4 Market Insights

5 Market Dynamics

5.1 Introduction

5.2 Market Drivers

5.3 Market Restraints

5.4 Market Opportunities

5.5 Porter’s Five Forces Analysis

5.5.1 Threat Of New Entrants

5.5.2 Bargaining Power Of Buyers

5.5.3 Bargaining Power Of Suppliers

5.5.4 Threat Of Substitutes

5.5.5 Intensity Of Rivalry

5.6 Value Chain/Supply Chain Analysis

6 Global Motorcycle Insurance Market, By Policy Type

6.1 Introduction

6.2 Liability Insurance

6.2.1 Market Estimates & Forecast, 2020–2027

6.2.2 Market Estimates & Forecast, By Region, 2020–2027

6.3 Comprehensive And Collision Insurance

6.3.1 Market Estimates & Forecast, 2020–2027

6.3.2 Market Estimates & Forecast, By Region, 2020–2027

6.4 Medical Payments Insurance

6.4.1 Market Estimates & Forecast, 2020–2027

6.4.2 Market Estimates & Forecast, By Region, 2020–2027

6.5 Others

6.5.1 Market Estimates & Forecast, 2020–2027

6.5.2 Market Estimates & Forecast, By Region, 2020–2027

7 Global Motorcycle Insurance Market, By Application

7.1 Introduction

7.2 Personal

7.2.1 Market Estimates & Forecast, 2020–2027

7.2.2 Market Estimates & Forecast, By Region, 2020–2027

7.3 Commercial

7.3.1 Market Estimates & Forecast, 2020–2027

7.3.2 Market Estimates & Forecast, By Region, 2020–2027

8 Global Motorcycle Insurance Market, By Region

8.1 Introduction

8.2 North America

8.2.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.2.2 Market Estimates & Forecast, By Application, 2020–2027

8.2.3 Market Estimates & Forecast, By Technology, 2020–2027

8.2.4 Market Estimates & Forecast, By Country, 2020–2027

8.2.5 US

8.2.5.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.2.5.2 Market Estimates & Forecast, By Application, 2020–2027

8.2.6 Canada

8.2.6.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.2.6.2 Market Estimates & Forecast, By Application, 2020–2027

8.3 Europe

8.3.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.3.2 Market Estimates & Forecast, By Application, 2020–2027

8.3.3 Market Estimates & Forecast, By Country, 2020–2027

8.3.4 Germany

8.3.4.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.3.4.2 Market Estimates & Forecast, By Application, 2020–2027

8.3.5 UK

8.3.5.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.3.5.2 Market Estimates & Forecast, By Application, 2020–2027

8.3.6 France

8.3.6.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.3.6.2 Market Estimates & Forecast, By Application, 2020–2027

8.3.7 Italy

8.3.7.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.3.7.2 Market Estimates & Forecast, By Application, 2020–2027

8.3.8 Rest Of Europe

8.3.8.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.3.8.2 Market Estimates & Forecast, By Application, 2020–2027

8.4 Asia-Pacific

8.4.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.4.2 Market Estimates & Forecast, By Application, 2020–2027

8.4.3 Market Estimates & Forecast, By Country, 2020–2027

8.4.4 China

8.4.4.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.4.4.2 Market Estimates & Forecast, By Application, 2020–2027

8.4.5 Japan

8.4.5.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.4.5.2 Market Estimates & Forecast, By Application, 2020–2027

8.4.6 India

8.4.6.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.4.6.2 Market Estimates & Forecast, By Application, 2020–2027

8.4.7 Rest Of Asia-Pacific

8.4.7.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.4.7.2 Market Estimates & Forecast, By Application, 2020–2027

8.5 Rest Of The World

8.5.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.5.2 Market Estimates & Forecast, By Application, 2020–2027

8.5.3 Market Estimates & Forecast, By Region, 2020–2027

8.5.4 Middle East & Africa

8.5.4.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.5.4.2 Market Estimates & Forecast, By Application, 2020–2027

8.5.5 South America

8.5.5.1 Market Estimates & Forecast, By Policy Type, 2020–2027

8.5.5.2 Market Estimates & Forecast, By Application, 2020–2027

9 Competitive Landscape

9.1 Competitive Scenario

9.2 Competitive Benchmarking Of The Global Motorcycle Insurance Market

9.3 Major Growth Key Strategies In The Global Motorcycle Insurance Market

9.4 Market Share Analysis: Global Motorcycle Insurance Market

9.5 Policy Type Development In Global Motorcycle Insurance Market

9.6 Mergers And Acquisitions In Global Motorcycle Insurance Market

9.7 Contracts And Agreements In Global Motorcycle Insurance Market

9.8 Expansions And Investments In Global Motorcycle Insurance Market

10 Company Profile

10.1.1 Company Overview

10.1.2 Products/Services Offered

10.1.3 Financial Overview

10.1.4 Key Developments

10.1.5 Key Strategies

10.1.6 SWOT Analysis

10.2 GEICO

10.2.1 Company Overview

10.2.2 Products/Services Offered

10.2.3 Financial Overview

10.2.4 Key Developments

10.2.5 Key Strategies

10.2.6 SWOT Analysis

10.3 Farmers Insurance

10.3.1 Company Overview

10.3.2 Products/Services Offered

10.3.3 Financial Overview

10.3.4 Key Developments

10.3.5 Key Strategies

10.3.6 SWOT Analysis

10.4 Allstate

10.4.1 Company Overview

10.4.2 Products/Services Offered

10.4.3 Financial Overview

10.4.4 Key Developments

10.4.5 Key Strategies

10.4.6 SWOT Analysis

10.5 Aviva

10.5.1 Company Overview

10.5.2 Products/Services Offered

10.5.3 Financial Overview

10.5.4 Key Developments

10.5.5 Key Strategies

10.5.6 SWOT Analysis

10.6 Allianz

10.6.1 Company Overview

10.6.2 Products/Services Offered

10.6.3 Financial Overview

10.6.4 Key Developments

10.6.5 Key Strategies

10.6.6 SWOT Analysis

10.7 AXA

10.7.1 Company Overview

10.7.2 Products/Services Offered

10.7.3 Financial Overview

10.7.4 Key Developments

10.7.5 Key Strategies

10.7.6 SWOT Analysis

10.8 CPIC

10.8.1 Company Overview

10.8.2 Products/Services Offered

10.8.3 Financial Overview

10.8.4 Key Developments

10.8.5 Key Strategies

10.8.6 SWOT Analysis

10.9 PingAn

10.9.1 Company Overview

10.9.2 Products/Services Offered

10.9.3 Financial Overview

10.9.4 Key Developments

10.9.5 Key Strategies

10.9.6 SWOT Analysis

10.10 Assicurazioni Generali

10.10.1 Company Overview

10.10.2 Products/Services Offered

10.10.3 Financial Overview

10.10.4 Key Developments

10.10.5 Key Strategies

10.10.6 SWOT Analysis

10.11 Cardinal Health

10.11.1 Company Overview

10.11.2 Products/Services Offered

10.11.3 Financial Overview

10.11.4 Key Developments

10.11.5 Key Strategies

10.11.6 SWOT Analysis

10.12 State Farm Insurance

10.12.1 Company Overview

10.12.2 Products/Services Offered

10.12.3 Financial Overview

10.12.4 Key Developments

10.12.5 Key Strategies

10.12.6 SWOT Analysis

10.13 Dai-Ichi Mutual Life Insurance

10.13.1 Company Overview

10.13.2 Products/Services Offered

10.13.3 Financial Overview

10.13.4 Key Developments

10.13.5 Key Strategies

10.13.6 SWOT Analysis

10.14 Munich Re Group

10.14.1 Company Overview

10.14.2 Products/Services Offered

10.14.3 Financial Overview

10.14.4 Key Developments

10.14.5 Key Strategies

10.14.6 SWOT Analysis

10.15 Zurich Financial Services

10.15.1 Company Overview

10.15.2 Products/Services Offered

10.15.3 Financial Overview

10.15.4 Key Developments

10.15.5 Key Strategies

10.15.6 SWOT Analysis

10.16 Prudential

10.16.1 Company Overview

10.16.2 Products/Services Offered

10.16.3 Financial Overview

10.16.4 Key Developments

10.16.5 Key Strategies

By Application

  • Based on the application, the market is segmented into personal and commercial.

By end-users

  • Based on the propulsion types, the market is segmented into four types, liability insurance, comprehensive and collision insurance, medical payment insurance, and others.
  • GEICO
  • Farmers Insurance,
  • Allstate
  • Aviva
  • Allianz
  • AXA
  • CPIC
  • PingAn
  • Assicurazioni Generali
  • Cardinal Health
  • State Farm Insurance
  • Dai-ichi Mutual Life Insurance
  • Munich Re Group
  • Zurich Financial Services
  • Prudential.

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