Electric Vehicle Insurance Market Scope, Analysis, and Trends by 2031
Electric Vehicle Insurance Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 52.3 Billion |
| Market Size by 2031 | US$ 243.5 Billion |
| Global CAGR (2024 - 2031) | 21.2% |
| Historical Data | 2022-2024 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The "Electric Vehicle Insurance Market Analysis" was carried out based on coverage type, distribution channel, application, and geography. Based on coverage type, the market is segmented into first party liability coverage, third party liability coverage, and comprehensive. Based on distribution channel, the market is segmented into insurance companies, banks, insurance agents/ brokers, and others. Based on application, the market is segmented into new vehicles and used vehicles. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Electric Vehicle Insurance
Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the electric vehicle insurance market. A few recent key market developments are listed below:
- In April 2023, the prominent Chinese electric vehicle (EV) company BYD acquired Yi'an P&C Insurance Co. This strategic move reflects BYD's intent to expand its operations in the insurance sector and potentially capitalize on synergies between the EV industry and the insurance market.
[Source: BYD, Company Website]
- In September 2022, Singlife, in collaboration with Aviva, commenced offering coverage for electric vehicles (EVs) as part of its car insurance policies, featuring exclusive discounts for EV owners. Singlife emerges as one of the select local providers offering tailored insurance solutions for EVs in line with Singapore's efforts to foster a sustainable land transport hub and expand its EV ecosystem. The Singlife Car Insurance will grant a 10% Go Green discount specifically for EV owners. Additionally, Singlife will extend EV-specific peripheral services, including arranging replacement EVs in case of accidents and providing breakdown assistance for instances of insufficient battery power. Notably, Singlife's comprehensive coverage will encompass insurability for accidental damage to charging cables, batteries, and private charging stations, thus instilling a greater sense of security for EV owners. Presently, Singlife Car Insurance encompasses a wide range of EV classes available for purchase in Singapore.
[Source: Singlife, Company Website]
Electric Vehicle Insurance
Market Report Coverage & Deliverables
The market report on “Electric Vehicle Insurance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
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