Commercial Auto Insurance Market Expected to Reach $307.10 Billion by 2030 | Allianz, Aon plc, Aviva, AXA, Berkshire

Implementation of Technology in the Field of Commercial Auto Insurance

NEW CASTLE, DE, UNITED STATES, November 20, 2024 /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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/14525

Increase in number of road accidents, stringent government guidelines, and rise in usage of commercial vehicles drive the growth of the global commercial auto insurance market. However, expensive commercial auto insurance policies restrain the market to some extent. On the other hand, implementation of technology in the field of commercial auto insurance presents new opportunities in the upcoming years.

"𝑮𝒓𝒐𝒘𝒊𝒏𝒈 𝒏𝒖𝒎𝒃𝒆𝒓 𝒐𝒇 𝒓𝒐𝒂𝒅 𝒂𝒄𝒄𝒊𝒅𝒆𝒏𝒕𝒔 𝒂𝒏𝒅 𝒊𝒏𝒄𝒓𝒆𝒂𝒔𝒆𝒅 𝒖𝒔𝒂𝒈𝒆 𝒑𝒆𝒓𝒔𝒐𝒏𝒂𝒍 𝒗𝒆𝒉𝒊𝒄𝒍𝒆𝒔 𝒇𝒐𝒓 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔 𝒑𝒖𝒓𝒑𝒐𝒔𝒆𝒔 𝒊𝒏 𝒕𝒆𝒓𝒎𝒔 𝒐𝒇 𝒇𝒐𝒐𝒅 𝒕𝒓𝒖𝒄𝒌𝒔, 𝒊𝒄𝒆 𝒄𝒓𝒆𝒂𝒎 𝒗𝒂𝒏𝒔, 𝒂𝒏𝒅 𝒔𝒄𝒉𝒐𝒐𝒍 𝒃𝒖𝒔𝒔𝒆𝒔 𝒂𝒓𝒆 𝒔𝒐𝒎𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒎𝒂𝒋𝒐𝒓 𝒕𝒓𝒆𝒏𝒅𝒔 𝒑𝒓𝒐𝒑𝒆𝒍𝒍𝒊𝒏𝒈 𝒕𝒉𝒆 𝒄𝒐𝒎𝒎𝒆𝒓𝒄𝒊𝒂𝒍 𝒂𝒖𝒕𝒐 𝒊𝒏𝒔𝒖𝒓𝒂𝒏𝒄𝒆 𝒎𝒂𝒓𝒌𝒆𝒕 "

Factors such as stringent government guidelines regarding commercial auto insurance, rise in number of road accidents, and increase in usage of commercial vehicles propel the growth of the global market. Furthermore, there is a rise in trends of food trucks and increase in number of vehicle owners using their personal vehicles for commercial purpose as a food truck. This, as a result requires a commercial auto insurance, since personal vehicles cannot be used for business purpose.

Furthermore, the global commercial auto insurance market is growing exponentially in the U.S. and exhibits high growth potential due to rise in number of road accidents. For instance, according to a recent survey from National Institute of Occupational Safety & Health, 47% of commercial drivers surveyed admitted to reading text messages while driving. However, other distractions are equally dangerous with nearly 34% of drivers projected that they have fallen asleep while driving.

By distribution channel, the brokers & agents segment is acquired major commercial auto insurance market share. Due to an increase in demand for customized & personalized services, brokers & agents are utilizing several websites and online selling platforms, which is becoming a major trend in the market.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A14156

Region wise, North America dominated the market in 2020, and is expected to maintain the commercial auto insurance market trends during the forecast period. Increase in logistics business has accelerated the growth of commercial auto insurance, since owners of these commercial vehicles purchase insurance to cover losses incurred due to accidents, third party injury, which therefore propels the market growth in this region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. There is an increasing number of vehicles used for commercial purposes & rapid growth in logistics industry due to surge in e-commerce sectors propels the market growth in the region.

COVID-19 Impact Analysis

The commercial auto insurance industry has been severely affected, due to sudden business shutdown and a complete ban on transportation of goods & services. Furthermore, dealing with travel bans, fall in the sales of automobiles, and rising changes across regulatory frameworks are some of the critical challenges faced by commercial auto insurance providers in the market. As a result, these major factors affected the growth of the commercial auto insurance market during the pandemic situation.

Key Findings Of The Study

By distribution channel, the brokers & agents segment led the highest commercial auto insurance market share, in terms of revenue in 2020.
On the basis of coverage type, the collision/comprehensive/optional coverage segment is expected to exhibit the fastest commercial auto insurance market growth rate during the forecast period.
Region wise, North America generated the highest revenue in 2020.
The key players operating in the commercial auto insurance market analysis include Allianz, American International Group Inc., Aon plc, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Liberty Mutual Insurance Company, Willis Towers Watson, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/A14156

𝐆𝐞𝐭 𝟐𝟎% 𝐅𝐫𝐞𝐞 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐈𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭

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