Global Electric Vehicle Insurance Market Size, Share New Trends In 2022-2028

The Electric Vehicle Insurance Market Is Expected To Grow At A Significant Growth Rate, And The Analysis Period Is 2022-2028, Considering The Base Year As 2021.

 

A legal agreement between the owner of an electric automobile and the insurer is known as electric vehicle insurance. Owners of electric vehicles are shielded against a variety of potential losses and damages by this contract. Natural disasters, collisions, car theft, or fire all cause this harm. Electric vehicle insurance customers have increased as the popularity of electric vehicles has grown in recent years. Financial protection for the acquisition of a new electric car is also offered by the electric vehicle insurance. Electric vehicles are growing more expensive due to the increased cost of the batteries and the restricted repair networks, which results in the high cost needed for the replacement or repair of any part of the electric vehicle. Insurance for electric vehicles provides financial assistance with They also offer coverage for lost or damaged automobiles in traffic accidents, in addition to other advantages like speedy damage recovery and insurers paying for the fixing or replacement of the damaged part.

They also support insurance-providing companies. Most people prefer electric vehicles over vehicles which are run on fuel because fuel prices rising continuously in recent years. By considering the growing demand for electric vehicles, several insurance providers have engaged in launching electric vehicle-specific insurance product that helps the growth of the market.

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The Major Players in The Global Electric Vehicle Insurance Market:

  • Allianz
  • Allstate
  • Aviva
  • AXA
  • Direct Line
  • Ford
  • General Motors
  • Hyundai
  • Mercedes-Benz
  • Ping An Insurance
  • Stellantis
  • Tesla
  • Toyota
  • Travelers
  • Volkswagen
  • Zurich Insurance
  • Zhejiang Geely

Market has segmented the Global Electric Vehicle Insurance Market on the basis of type, application, and region:

By Insurance Plan:

  • Third Party Plan
  • Comprehensive Plan
  • Zero Depreciation Plan
  • Others

By Vehicle Type:

  • 2 3-Wheeler
  • Passenger Car
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)
  • Others

By Regional Outlook (Revenue, USD Billion, 2022 – 2028)

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
  • Middle East Africa (GCC Countries, South Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of South America)

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Covid-19 Impact and Recovery Analysis on Industry:

During Covid-19 the demand for electrical vehicles significantly dropped. The fear of the spread of the virus decreased outdoor activities. The outbreak of the covid-19 pandemic has had adverse effects on the automotive industries around the world. The pandemic disrupted the supply chain and stopped the manufacturing facility. Due to the government traveling restriction and increasing cost of raw materials the supply chain had disturbed while lack of the labor and the social distancing rule of the government, and the manufacturing of electric vehicles had stopped. With the increased spread and the strict government regulations, people around the globe faced financial problems that reduced the sale of electric vehicles. Henceforth the covid-19 negatively impacted the Electric vehicle insurance market.

Reasons to purchase the report:

  • Visualize the composition of the Global Electric Vehicle Insurance Market products in terms of Product and application highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the Global Electric Vehicle Insurance Market by analyzing trends and co-development deals.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Table of Content:

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Insurance Plan
 3.2 By Vehicle Type


To be continued…….

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