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.
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- 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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