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Motorcycle Insurance Market Growth Drivers, Future Estimation a

  • Market Highlights

    Global Motorcycle Insurance Market is projected to be valued at approximately USD 900 Billion by 2025, with 5% CAGR during the forecast period, 2020–2025.

    The motorcycle insurance market is anticipated to grow at a decent pace during the forecast period, owing to the rise in motorcycle sale across the globe coupled with production and commercialization of luxurious and technically advanced motorcycles such as ABS bikes. Higher financial security coverage offered by major players in the motorcycle insurance market is another prominent reason that can boost the growth of the motorcycle insurance market in the coming years. Furthermore, compulsion on bike insurance in many countries will promote the growth of the motorcycle insurance market during the forecast period.

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    Based on region, the motorcycle insurance market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to hold significant market share in the global motorcycle insurance market, owing to a well-established automobile sector in the region, coupled with the introduction of new bike models by the prominent players of the region. Compulsion on having bike insurance after the purchase is another reason which is boosting the growth of the motorcycle insurance market in the region. Europe is expected to be one of the major motorcycle insurance markets and is likely to grow at a decent rate during the forecast period due to the presence of two prominent countries such as Germany and France with motorcycle insurance services.

    The global motorcycle insurance market has been segmented based on policy type and application. Based on policy type, the global market is divided into liability insurance, comprehensive and collision insurance, medical payments insurance, and others. The comprehensive and collision insurance policy type segment is anticipated to grow at a significant pace during the forecast period, owing to higher coverage offered by the segment. Based on application, the global motorcycle insurance market is segmented into personal and commercial. The personal insurance application segment is anticipated to grow at a significant pace owing to the increasing demand for two-wheelers. The benefits offered by motorcycles, such as ease of commuting and time-saving in traffic coupled with its rising preference for tourism is likely to boost the demand for motorcycles in the coming years, thereby driving the demand for motorcycle insurance.

    Global Motorcycle Insurance Market is anticipated to register a 5% CAGR during the forecast period.

    Scope of the Report

    This report provides an in-depth analysis of the global motorcycle insurance market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global motorcycle insurance market by policy type, application, and region.

    Policy Type
    Liability Insurance

    Comprehensive and Collision Insurance

    Medical Payments Insurance

    Others

    Application
    Personal

    Commercial

    By Region
    North America 

    Asia-Pacific 

    Europe

    Rest of the World

    Key Players

    The key market players include GEICO, Farmers Insurance, Allstate, Aviva, Allianz, AXA, CPIC, PingAn, Assicurazioni Generali, Cardinal Health, State Farm Insurance, Dai-ichi Mutual Life Insurance, Munich Re Group, Zurich Financial Services and Prudential.

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    About Market Research Future:

    Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

    Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.

     

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