Motorcycle Insurance Market Research Insights
The Global Motorcycle Insurance Market is estimated to be worth USD 92.78 Billion by 2030, registering a 4.5% CAGR during the forecast period (2022- 2030).
Vehicle insurance policies are for all kinds of road vehicles including cars, trucks, motorcycles, and others. Vehicle insurance provides the protection of the vehicles against any harm or injured body parts of the vehicles due to high traffic crashes, or any other fault that rises in a vehicle, the insurance provides financial protection to the vehicles. The Insurance premium of motorcycles occupies more than 40% of the total non-life insurance premium. The augmenting demand for motorcycle insurance in developing nations is likely to boost the growth of the market in the coming few years. There are several countries across the globe where insurance of vehicles is compulsory, due to the anticipated rise in the sales of new vehicles. These factors are estimated to boost the growth of the market in such regions, mainly Asia.
The global Motorcycle Insurance Market’s prominent key players are,
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The worldwide motorcycle insurance market trend is anticipated to grow during the forecast period at a virtuous growth pace exercise to the rise of demand for motorcycles across the world. The pivotal players are centered on providing products and profit-oriented luxuries in motorcycles. Technically evolved motorcycles such as ABS bikes are likely to punch the growth of the market. The substantial key players in the motorcycle insurance market industry are offering high-security coverage of motorcycles, financially, which is increasing the market growth in the nearing years. The demand of bike insurance in various countries is anticipated to promote market growth.
Market Segmentation
The global Motorcycle Insurance Market is segmented into the following types;
By types
BY application
Regional Analysis
The Global Motorcycle Insurance Market is divided into five regions; North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.
North America is classified to be the leading region in revenue for the global market owing to the presence of several insurance providers and the introduction of new bike models. The necessary procurement of insurance by riders in the U.S. and Canada is anticipated to drive the market demand significantly. The establishment of podcasts for creating cognizance among riders is likely to facilitate market growth. Lower-tier licenses for motorcycles are finding escalated interest among customers as affordable single and twin- cylinder vehicles get available.
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APAC is expected to be one of the biggest markets for motorcycle insurance owing to people’s preference for bikes and mopeds for transportation and day-to-day commute. A considerable number of motorcycles sold annually are one of the presiding drivers of the market’s expansion in the region. Insurance companies can invest in creating a brand image for holding customers in the long run. Australia, India, and China are pivotal areas likely to showcase huge growth for the market.
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