(MENAFN- EIN Presswire) Commercial Auto Insurance Market Reach $307.10 billion By 2030 | Aon plc, Aviva, AXA, Berkshire Hathaway Inc
PORTLAND, UNITED STATES, UNITED STATES, May 23, 2023 /einpresswire.com / -- According to the report published by Allied Market Research, the global commercial auto insurance market generated $128.43 billion in 2020, and is projected to reach $307.10 billion by 2030, witnessing a CAGR of 9.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The global market is experiencing significant growth due to several factors. One of these factors is the implementation of stringent government guidelines regarding commercial auto insurance. Additionally, the rise in the number of road accidents has contributed to the market's expansion. Another driving force is the increasing usage of commercial vehicles.
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Moreover, the market is benefiting from the rising trend of food trucks and the growing number of vehicle owners who are using their personal vehicles for commercial purposes, specifically as food trucks. However, it is important to note that using personal vehicles for business purposes necessitates the need for commercial auto insurance. Personal vehicles are not suitable for such uses, and therefore, appropriate insurance coverage is required.
Leading players of the global commercial auto insurance market analyzed in the research include Allianz, American International Group Inc., Aon plc, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Liberty Mutual Insurance Company, Willis Towers Watson, and Zurich.
Based on vehicle type, the light goods vehicle segment held the highest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the heavy goods vehicle segment is estimated to register the highest CAGR of 11.0% from 2021 to 2030.
Based on coverage age, the third party liability coverage segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the collision/comprehensive/optional coverage segment is projected to register the highest CAGR of 10.5% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the global market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 10.9% during the forecast period.
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1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.1.Top impacting factors
2.1.2.Top investment pockets
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key forces shaping global commercial auto insurance market
3.3.Commercial auto claim process
3.4.Range of commercial auto insurance premium paid by small businesses
3.5.Factors contributing to rising claims and loss frequency
3.6.Impact of government regulations on the global commercial auto insurance market
22.214.171.124.Stringent government guidelines regarding commercial auto insurance
126.96.36.199.Increasing number of road accidents
188.8.131.52.Increased usage of commercial vehicles
184.108.40.206.Expensive commercial auto insurance policies
220.127.116.11.Implementation of technology in the field of commercial auto insurance
Commercial Auto Insurance Market Report Highlights
By Distribution Channel
Brokers & Agents
By Coverage Type
Third Party Liability Coverage
By Vehicle Type
Light Goods Vehicle
Heavy Goods Vehicle
Key Market PlayersAllianz, American International Group Inc., Aon plc, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Liberty Mutual Insurance Company, Willis Towers Watson, Zurich
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Allied Analytics LLP
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