EV (Electric Vehicle) Insurance Market Growth Probability, Leading Vendors and Future Scenario By 2024-2031


Posted August 6, 2024 by Tan8121

EV Insurance market is anticipated to grow at an exponential CAGR of 27.81% during the forecast period (2024-2031).

 
EV Insurance market is anticipated to grow at an exponential CAGR of 27.81% during the forecast period (2024-2031).Electric Vehicle (EV) Insurance provides coverage tailored specifically for electric cars, addressing unique risks such as battery damage and charging infrastructure. It safeguards against financial loss due to accidents, theft, or malfunctions.

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The global EV insurance market is riding a wave driven by the skyrocketing sales of EVs. For instance, the electric car industry is experiencing rapid expansion, with sales surpassing 10 million in 2022. Electric vehicles accounted for 14.0% of all new car purchases, marking a notable increase from approximately 9% in 2021 and less than 5% in 2020.As consumers increasingly embrace EVs, a vast and ever-growing pool of these vehicles requires specialized insurance coverage. This surge in EV adoption creates a natural demand for insurance products that cater to the unique needs of electric vehicles, from protecting expensive batteries to roadside assistance specific to charging stations.

full report of EV (Electric Vehicle) Insurance Market available @ https://www.omrglobal.com/industry-reports/ev-insurance-market

Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global EV Insurance Market byCoverage

First-Party Liability Coverage
Third-Party Liability Coverage
Others

Global EV Insurance Market by Vehicle Age

New Vehicle
Used Vehicle

Global EV Insurance Market by Application

Personal
Commercial

Global EV Insurance Market by Distribution Channel

Insurance Companies
Banks
Insurance Agents/ Brokers
Others

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Latin America
The Middle East & Africa

Company Profiles 

Acko General Insurance Ltd.
Aviva plc
Bajaj Allianz General Insurance Company
Beinsure Digital Media
Direct Line Insurance Group plc
Esure Group plc
GEICO
HDFC ERGO General Insurance Company Limited
Lemonade, Inc.
State Farm Mutual Automobile Insurance Company

The Report Covers

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global EV Insurance based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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Last Updated August 6, 2024