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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Electric Vehicle (EV) Insurance Market Trends
Increased adoption of EVs due to favourable government initiatives and their cost effectiveness has led the general insurance companies to offer specialised insurance services for electric cars. The is increasing shift towards sustainable transportation modes in countries such as India and China is propelling the market demand.
A crucial trend in electric vehicle (EV) insurance market includes advancement in digital technology. The rising penetration of the internet, coupled with the growing adoption of smartphones and tablets, is prompting key insurance companies to use digital tools for providing hassle-free and personalised experiences to customers while automating several tasks.
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.*
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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.
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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