市場調查報告書
商品編碼
1491710
全球電動車保險市場評估:依電動車類型、計畫類型、車輛類型、覆蓋範圍、通路、地區、機會、預測(2017-2031)EV Insurance Market Assessment, By EV Type, By Plan Type, By Vehicle Type, By Coverage, By Distribution Channel, By Region, Opportunities and Forecast, 2017-2031F |
全球電動車保險市場規模預計將從 2023 年的 600.2 億美元增至 2031 年的 2,388.6 億美元,2024-2031 年預測期間複合年增長率為 18.85%。市場擴張可歸因於對便利和環保交通的日益增長的需求以及全球可持續發展和減少碳足跡的運動。這種雙重轉變正在使市場走上上升軌道。
電動車保險市場正受到電動車激增的影響。由於環保意識、政府激勵措施和技術進步,越來越多的消費者選擇電動車,針對電動車車主獨特需求的專業保險產品的需求不斷增長。電動車具有獨特的補償需求,例如電池更換成本和充電基礎設施損壞,因此正在開發保險來應對這些風險。此外,永續發展和減少碳排放的全球趨勢正在推動消費者選擇電動車,為保險公司創造一個迎合環保意識驅動者的關鍵市場。政府對電動車車主的稅收抵免和回扣等法規正在進一步加速向電動車的過渡,並增加對電動車保險的需求。隨著電動車市場的不斷成長和發展,保險公司面臨日益激烈的競爭。這促使了創新保險選項的發展和市場競爭的加劇,刺激了全球電動車保險市場的擴張。
網路和行動裝置在全球的普及
網路連線擴展到世界各個角落,促使線上活動顯著增加,尤其是在電動車保險領域。智慧型手機已成為現代許多人的必備工具。智慧型手機和平板電腦的使用增加,以及透過 4G 和 5G 等技術實現高速互聯網接入,正在刺激數位技術的傳播。此外,金融機構越來越多地轉向基於雲端的軟體來簡化操作並遠端存取關鍵數據。此舉使企業能夠掌握最新交易並利用雲端技術的優勢來提高效率。
2022 年 1 月發表的一篇 InsurTech 文章探討了保險公司利用雲端服務的多種方式,包括平台託管、資料儲存、備份、行銷活動和 ERP 整合。隨著全球網路存取和行動裝置的普及,電動車保險市場預計在未來幾年將大幅成長。預計這一趨勢將在預測期內推動電動車保險產品和服務的擴展。
電動車保險需求上升成為成長趨勢
近幾個月來,電動自行車和電動車受到詬病的趨勢呈上升趨勢,但這並沒有阻止電動車的日益普及。儘管還處於早期階段,保險公司目前正在密切關注這個不斷增長的細分市場。Bajaj Allianz General 和 HDFC ERGO 等領先保險公司已經建立了專門的平台來滿足電動車車主的需求,並為潛在買家提供有價值的資訊。2022年,全球電動車銷量將首次突破1,000萬輛。2023年第一季度,全球電動車銷量超過230萬輛,較去年同期成長約25%。
隨著電動車越來越普及,電動車保險費不斷上漲。根據Quadrant Information Services數據顯示,2023年全險車險年平均費用為2,008美元。具體到電動車,電動車的保險費預計比傳統汽車高 10% 至 135%,具體取決於車型。
本報告研究和分析了全球電動車保險市場,提供市場規模和預測、市場動態以及主要參與者的現狀和前景。
Global EV insurance market is projected to witness a CAGR of 18.85% during the forecast period 2024-2031, growing from USD 60.02 billion in 2023 to USD 238.86 billion in 2031. The market's expansion can be credited to a rise in the need for convenient and environmentally friendly transportation choices, coupled with a global drive towards sustainability and reducing carbon footprints. The dual transition is driving the market towards an upward trajectory.
The electric vehicle insurance market is impacted by the increasing adoption of electric vehicles. With more consumers choosing EVs due to environmental awareness, government incentives, and technological progress, there is a growing demand for specialized insurance products tailored to the unique requirements of electric vehicle owners. Electric vehicles (EVs) have specific coverage needs such as battery replacement costs and damage to charging infrastructure, leading to the development of insurance policies that address these risks. Additionally, the global trend towards sustainability and lower carbon emissions encourages consumers to opt for EVs, creating a significant market for insurers catering to environmentally conscious drivers. Government regulations, such as tax credits and rebates for EV owners, further promote the shift to electric vehicles and drive the need for EV insurance. As the electric vehicle market continues to grow and evolve, insurance providers face heightened competition. It is leading to the development of innovative coverage options and more competitive pricing, which in turn is fueling the expansion of the global EV insurance market.
Increase in Global Internet and Mobile Device Penetration
The expansion of internet connectivity in every corner of the world has led to a significant increase in online activity, particularly in the realm of EV insurance. Smartphones have become an essential tool for many individuals in the modern era. The rise in smartphone and tablet usage, combined with access to high-speed internet through technologies such as 4G and 5G, has fueled the widespread adoption of digital technology. In addition, financial institutions are increasingly turning to cloud-based software to streamline their operations and access crucial data remotely. The move allows businesses to stay current with their transactions and leverage the benefits of cloud technology for improved efficiency.
InsurTech's article, published in January 2022, highlighted various ways insurers can leverage cloud services, including platform hosting, data storage, backup, marketing campaigns, and ERP integration. With the global proliferation of internet access and mobile devices, the EV insurance market is poised for significant growth in the coming years. The trend is expected to drive the expansion of EV insurance offerings and services during the forecast period.
Rising Demand for Electric Vehicle Insurance as a Growing Trend
The trend of electric bikes and cars catching fire has increased in recent months but has not deterred the increasing popularity of electric vehicles. Insurance companies are now paying close attention to this growing segment despite being in the early stages. Major insurers such as Bajaj Allianz General and HDFC ERGO have established dedicated platforms to cater to the needs of electric car owners and provide valuable information to potential buyers. Worldwide, the sales of electric vehicles surpassed 10 million units for the first time in 2022. During the initial quarter of 2023, more than 2.3 million electric vehicles were sold globally, marking a growth of approximately 25% compared to the previous year.
With the increasing popularity of electric vehicles (EVs), the cost of insuring these vehicles has been on the rise. Data from Quadrant Information Services indicated that the average annual cost of full-coverage car insurance in 2023 was USD 2,008. When focusing on electric vehicles specifically, the estimates suggest that insuring an EV can be between 10% and 135% more expensive than traditional vehicles, varying based on the specific model.
The surge in electric vehicle purchases in countries such as Japan, India, China, and others has led to significant growth in the demand for EV insurance. Electric vehicles are quickly becoming the preferred mode of transportation due to their silent operation, eco-friendly nature, and cost savings from not using petrol or diesel. However, owning an electric vehicle comes with additional costs, such as expensive repairs and replacement parts like batteries. With an EV, an insurance policy is crucial to protect vehicle owners from hefty repair and replacement costs in case of damage or depreciation. The growing need for insurance coverage drives the global EV insurance market forward and creates new opportunities for insurers.
Rising Expansion of Electric Vehicle Insurance Market in Asia-Pacific
Asia-Pacific is witnessing a significant surge in demand for Electric Vehicle (EV) insurance, fueled by the booming tourism sector and the ongoing urbanization trends. The increasing urban population in Asia-Pacific has led to a growing need for specialized insurance products for electric vehicles. With tailored coverage, reduced premiums for eco-friendly vehicles, and comprehensive protection, EV insurance is becoming increasingly popular in the region. Government efforts to promote clean energy and sustainable development have played a vital role in driving the growth of the EV insurance market in Asia-Pacific. Leading industry players are heavily investing in research and development, expanding their market presence, and catering to the region's diverse insurance requirements of electric vehicle owners. As a result, the Asia-Pacific EV insurance market is poised for substantial expansion in the coming years, ensuring that electric vehicle owners have access to the necessary insurance coverage to protect their vehicles and investments.
Insights into Electric Vehicle Insurance Coverage Trends
The electric vehicle insurance market is categorized into two main segments: third-party liability coverage and comprehensive coverage. Among these segments, third-party liability coverage is projected to experience rapid growth and dominate the market, with a substantial volume share from 2023 to 2031. Third-party liability coverage is crucial for meeting legal mandates and providing financial protection in accidents. This necessity will contribute to the continued dominance of this type of coverage over the forecast period. Additionally, as the adoption of electric vehicles continues to rise, there will be an increased need for insurance coverage tailored to the unique characteristics of these vehicles with the evolving landscape of electric vehicles and insurance requirements, there is a growing opportunity for insurance providers to develop specialized products and services catering specifically to the needs of electric vehicle owners. By staying ahead of these trends and offering tailored coverage options, insurance companies can effectively meet the market's evolving needs and establish themselves as leaders in the electric vehicle insurance sector.
Insights into Electric Vehicle (EV) Insurance Distribution Channels
The Electric Vehicle (EV) Insurance Market segmentation, based on Distribution Channels, includes categories such as Insurance Companies, Banks, Insurance Agents/Brokers, and Others. Among these, Insurance Agents/Brokers are expected to experience substantial growth. This growth can be attributed to various factors, such as acting as intermediaries, offering personalized advice, and creating tailored EV insurance solutions to meet clients' individual needs. Furthermore, the expanding EV market necessitates expert guidance in navigating insurance options. Insurance Agents/Brokers play a critical role in raising customer awareness about EV insurance, ensuring that EV owners receive comprehensive coverage that addresses unique risks associated with electric vehicles, concerns related to batteries, and environmental benefits. With their ability to offer a wide range of insurance products and facilitate connections between clients and insurance providers, Insurance Agents/Brokers are pivotal for driving growth in the EV insurance market.
Future Market Scenario (2024 - 2031F)
The global electric vehicle (EV) insurance market is expected to experience rapid growth in the coming years due to the increasing adoption of electric vehicles worldwide. As more consumers switch to EVs, there will be a growing demand for specialized insurance products tailored to the unique needs of EV owners.
Insurers are likely to offer innovative insurance solutions to cater to the specific requirements of EV owners. This may include coverage for battery-related issues, charging infrastructure, and autonomous driving features. Insurers may also introduce usage-based insurance models leveraging telematics technology.
Regulatory changes and government incentives promoting the adoption of electric vehicles may impact the EV insurance market. Insurers must adapt to evolving regulations and policies to provide compliant and competitive insurance products for EV owners.
The growing EV insurance market is expected to attract both traditional insurers and new entrants looking to capitalize on this emerging sector. This may lead to increased competition and collaboration within the industry as players strive to differentiate themselves and offer value-added services to EV owners.
Key Players Landscape and Outlook
The future of the global EV insurance market is set to be shaped by a diverse range of players, each bringing unique strengths and capabilities to meet the evolving needs of EV owners. Established insurance companies such as Allstate, State Farm, and The Government Employees Insurance Company are expected to play a significant role, leveraging their resources and experience to offer competitive EV insurance products. At the same time, specialized EV insurance providers such as Tesla Insurance and Electric Insurance Company are emerging to cater specifically to the unique requirements of EV owners, offering tailored coverage options and services.
Technology companies such as Google and Amazon are entering the global EV insurance market, utilizing their technological expertise and data analytics capabilities to provide innovative insurance solutions for EV owners. Collaborations and partnerships between traditional insurers, EV manufacturers, and technology companies will likely shape the future landscape of the EV insurance market, leading to the development of integrated insurance solutions that combine vehicle data, telematics, and smart technology. Players in the EV insurance market must adapt to changing market dynamics, regulatory requirements, and technological advancements to remain competitive in the rapidly growing sector.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work