According to the report by Expert Market Research (EMR), the global two-wheeler insurance market size reached a value of USD 115.51 billion in 2023. Aided by the escalating sales of motorcycles and scooters worldwide, coupled with the increasing awareness regarding the importance of insurance for financial security and legal compliance, the market is projected to further grow at a CAGR of 7.1% between 2024 and 2032 to reach a value of USD 214.04 billion by 2032.
Two-wheeler insurance provides financial protection against damages to the vehicle due to accidents, theft, natural disasters, and third-party liabilities. It has become indispensable for two-wheeler owners, not just for complying with legal requirements in many countries but also for ensuring peace of mind in case of unforeseen incidents. The surge in demand for two-wheeler insurance is largely attributed to the growing two-wheeler sales, spurred by the need for affordable and convenient personal transportation solutions in urban and rural areas alike.
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The rise in consumer awareness about the benefits of insurance coverage, alongside the increasing incidences of road accidents and thefts, has fuelled the two-wheeler insurance market growth. Additionally, government regulations mandating third-party insurance in several countries have played a crucial role in promoting the adoption of two-wheeler insurance policies. The introduction of innovative insurance products, such as pay-as-you-drive and usage-based insurance, reflects the market’s adaptability to changing consumer preferences and technological advancements. These products offer flexibility and potentially lower premiums, appealing to cost-conscious consumers and those with lower vehicle usage.
Digital transformation within the insurance sector has significantly impacted the two-wheeler insurance market. Online platforms and mobile applications have made purchasing and renewing insurance policies more accessible and convenient for consumers, leading to higher penetration rates, especially among the younger demographic. Insurers are leveraging advanced analytics, artificial intelligence, and machine learning to streamline operations, enhance customer experience, and develop personalised insurance products.
Insurance providers are increasingly incorporating telematics and IoT (Internet of Things) technology to offer more personalised insurance policies based on actual vehicle usage and driving behaviour. As per the two-wheeler insurance market outlook, this trend allows for more accurate risk assessment and the potential for policyholders to benefit from lower premiums for safe driving habits. Insurers are broadening their offerings beyond traditional insurance coverage to include value-added services such as roadside assistance, vehicle repair services, and health and wellness benefits. These services aim to enhance customer engagement and loyalty by providing a more comprehensive protection and support ecosystem.
The global shift towards electric vehicles (EVs) includes a growing market for electric two-wheelers which can support the two-wheeler insurance market expansion. This trend is creating a demand for specialised insurance products that address the unique needs and risks associated with electric vehicles, including battery coverage and specific damage risks. In line with global sustainability goals, insurance companies are adopting green initiatives, including offering incentives for the use of electric two-wheelers and promoting eco-friendly driving practices. These initiatives reflect a broader shift towards environmental responsibility and sustainability.
As per the two-wheeler insurance market analysis, insurance companies and regulatory bodies are intensifying efforts to educate consumers about the importance of two-wheeler insurance which can enhance the growth of the market. These campaigns aim to reduce the number of uninsured riders and promote a culture of safety and protection on the roads.
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The market’s competitive dynamics are influenced by innovation, customer service strategies, and technological adoption. Companies are focused on enhancing their digital capabilities, offering customised insurance solutions, and improving the claims process to enhance customer satisfaction and loyalty which can support the two-wheeler insurance market share.
Two-Wheeler Insurance Market Segmentation
The market can be divided based on policy type, vehicle age, distribution channel, and region.
Market Breakup by Policy Type
- Third Party Liability Insurance
- Comprehensive Insurance
Market Breakup by Vehicle Age
- New Vehicle
- Used Vehicle
Market Breakup by Distribution Channel
- Insurance Agents/Brokers
- Direct Response
- Banks
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global two-wheeler insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
- State Farm Mutual Automobile Insurance Company
- Progressive Casualty Insurance Company
- GEICO Indemnity Company
- Allstate Insurance Company
- Liberty General Insurance Limited
- USAA Insurance Agency, Incorporated
- Dairyland Insurance
- ACKO Technology & Services Pvt Ltd.
- Farmers Insurance Group
- Bajaj Allianz General Insurance Company Limited
- Others
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