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Global Electric Vehicle (EV) Insurance Market Size, Share: By Propulsion Type: Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV); By Vehicle Type: Passenger Cars, Commercial Vehicles; By Coverage Type; By Distribution Channel; By Vehicle Age; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Electric Vehicle (EV) Insurance Market Share
Passenger cars hold a considerable portion of the market share, driven by increased demand for personal transportation solutions and the increasing launch of passenger EVs. The growing focus on providing insurance for luxury electric SUVs and sedans like the Tesla Model 3 and Model Y is expected to boost the segment’s growth in electric vehicle (EV) insurance industry.
Meanwhile, the commercial vehicle segment is anticipated to witness healthy growth due to the rising adoption of innovative insurance models like UBI, which analyse driver behaviour through telematics devices and offer real-time fleet information.
Electric Vehicle (EV) Insurance Market Report Snapshots
Electric Vehicle (EV) Insurance Market Size
Electric Vehicle (EV) Insurance Market Growth
Electric Vehicle (EV) Insurance Market Trends
Electric Vehicle (EV) Insurance Market Share
Electric Vehicle (EV) Insurance Companies
Electric Vehicle (EV) Insurance Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle (EV) Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle (EV) Insurance Historical Market (2018-2023)
8.3 Global Electric Vehicle (EV) Insurance Market Forecast (2024-2032)
8.4 Global Electric Vehicle (EV) Insurance Market by Propulsion Type
8.4.1 Battery Electric Vehicles (BEV)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Hybrid Electric Vehicles (HEV)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle (EV) Insurance Market by Vehicle Type
8.5.1 Passenger Cars
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Commercial Vehicles
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Electric Vehicle (EV) Insurance Market by Coverage Type
8.6.1 First Party Liability Coverage
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Third Party Liability Coverage
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Electric Vehicle (EV) Insurance Market by Distribution Channel
8.7.1 Insurance Companies
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Banks
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Insurance Agents/ Brokers
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Others
8.8 Global Electric Vehicle (EV) Insurance Market by Vehicle Age
8.8.1 New Vehicle
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Used Vehicle
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.9 Global Electric Vehicle (EV) Insurance Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle (EV) Insurance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle (EV) Insurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle (EV) Insurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle (EV) Insurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric (EV) Vehicle Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Allianz SE
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 AXA SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Zurich Insurance Group Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 The Travelers Companies, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Liberty Mutual Insurance Company
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 MAPFRE S.A.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 American International Group, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Aviva plc
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Lemonade, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle (EV) Insurance Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
3. Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
4. Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
5. Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
6. Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Coverage Type (USD Billion), 2018-2023
7. Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Coverage Type (USD Billion), 2024-2032
8. Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
9. Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
10. Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Vehicle Age (USD Billion), 2018-2023
11. Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Vehicle Age (USD Billion), 2024-2032
12. Global Electric Vehicle (EV) Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Electric Vehicle (EV) Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Electric Vehicle (EV) Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Electric Vehicle (EV) Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Global Electric Vehicle (EV) Insurance Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 72.8 billion.
The market is projected to grow at a CAGR of 17.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 305.9 billion by 2032.
The major market drivers include increased global internet and mobile device usage, growing awareness regarding the importance of electric vehicle insurance, and government initiatives promoting rapid electrification.
The utilisation of advanced technologies for personalised premiums and the rising sales of passenger EVs are the key trends aiding the market.
What are the major regional markets of electric vehicle (EV) insurance, according to the EMR report?
North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa, among others, are the major regional markets for electric vehicle (EV) insurance.
The major vehicle types considered in the market report are passenger cars and commercial vehicles.
The key players in the market are Allianz SE, Zurich Insurance Group Ltd., The Travelers Company, Inc., AXA SA, Liberty Mutual Insurance Company, MAPFRE S.A., American International Group, Inc., Aviva plc, and Lemonade, Inc., among others.
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