According to the report published by Allied Market Research, the global commercial auto insurance market generated $128.43 billion in 2020 and is expected to reach $307.10 billion by 2030 growing at a CAGR of 9.2%. from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, major segments, value chain, major investment pockets, regional scenario and competitive landscape.
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Rising number of road accidents, stringent government guidelines and increasing use of commercial vehicles are driving the growth of the global commercial auto insurance market. However, expensive commercial auto insurance policies restrict the market to some extent. On the other hand, the implementation of technology in the field of commercial auto insurance presents new opportunities in the coming years.
The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global commercial auto insurance market.
All vehicles used for commercial purposes such as food trucks, ice cream vans, school buses and other vehicles have been forced to stop their activities during the pandemic, which has led to a sharp drop in insurance demand commercial automobile.
However, the market is expected to pick up as soon as the lockdown is over.
The report offers a detailed segmentation of the global commercial auto insurance market on the basis of vehicle type, vehicle age, coverage type, distribution channel, and region.
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According to vehicle type, light commercial vehicle segment held the highest market share in 2020, holding more than three-fifths of the total market share, and is expected to maintain its leading status during the forecast period. However, the heavyweight segment is estimated to register the highest CAGR of 11.0% from 2021 to 2030.
Based on age of cover, the liability cover segment held the largest market share in 2020, holding nearly three-fifths of the total market share, and is expected to maintain its leading status during of the forecast period. Additionally, the collision/full coverage/optional segment is expected to register the highest CAGR of 10.5% from 2021 to 2030.
Based on region, North America contributed the highest share in terms of revenue in 2020, holding nearly two-fifths of the global market share, and is expected to maintain its dominant share by 2030. Additionally, Asia-Pacific is expected to manifest the fastest CAGR of 10.9% during the forecast period.
Key players in the global commercial auto insurance market analyzed in the research include Allianz, American International Group Inc., Aon plc, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Liberty Mutual Insurance Company, Willis Towers Watson, and Zurich.
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