DUBLIN--(BUSINESS WIRE)--The "Two-Wheeler Insurance Market: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Two-wheeler insurance provides financial protection to customers against physical damage, resulting from traffic collision and theft of vehicles. In addition, it covers cost associated with injuries, death, or property damage caused by insured owners of vehicles to another driver, vehicles, or properties such as fence, building, or utility poles.
Although two-wheeler insurance requirements vary from state to state, bodily injury liability and property damage liability coverage has been mandated in many jurisdictions before using or keeping a vehicle on public roads. The two-wheeler insurance market exhibits high growth potential, as the number of road accidents is increasing in most countries across the globe.
Furthermore, along with the mandatory coverage, the Motor Vehicle Act revised penalties against violation of possession of a basic compulsory third-party policy, which has brought many uninsured vehicles in the insurance domain. All these factors contribute toward increase in the sales of two-wheeler insurance policies.
A rise in the number of accidents, implementation of stringent government regulations for adoption of two-wheeler insurance and an increase in automobile sales globally due to a surge in per capita income of consumers are the major factors that drive growth of the global two-wheeler insurance market. Moreover, adoption of autonomous vehicles hamper growth of the market. Furthermore, implementation of technologies in existing products and service lines and rise in demand for third-party liability coverage in emerging economies are expected to provide lucrative opportunities for the market expansion during the forecast period.
The global two-wheeler insurance market is segmented into policy type, distribution channel, vehicle age, and region. In terms of policy type, it is fragmented into third party liability coverage and comprehensive coverage. By distribution channel, it is segregated into insurance agents/brokers, direct response, banks, and others. As per vehicle age, it is divided into new vehicle and used vehicle. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Report Benefits:
- The study provides an in-depth analysis of the global two-wheeler insurance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
Key Market Segments
By Policy Type
- Third Party Liability Insurance
- Comprehensive Insurance
By Distribution Channel
- Insurance Agents/Brokers
- Direct Response
By Vehicle Age
- New Vehicle
- Used Vehicle
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players:
- State Farm Mutual Automobile Insurance
- Allstate Insurance Company
- Bajaj Allianz General Insurance
- Liberty General Insurance Ltd.
- ACKO General Insurance Limited
- Progressive Casualty Insurance Company
For more information about this report visit https://www.researchandmarkets.com/r/rt1wxj
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