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(Transportation-News.com, July 11, 2024 ) Pune, 10 July 2024: Electric Vehicle Insurance Market was valued at USD 111.28 billion in 2023 and is expected to reach USD 1673.54 billion by 2032, with a CAGR of 40.3 %.
The EV insurance market is a growing sector that caters to the unique needs of electric vehicle owners, covering expensive components like high voltage systems and batteries. Some policies also cover charging devices and address issues like range anxiety. The growing demand for EVs has created more opportunities for insurance products that meet these unique needs. Key drivers contributing to the development of this industry include offering additional insurance relating to electric vehicles, such as dedicated battery coverage, roadside assistance, theft or damage of EV charging equipment, and discounts or bonuses to promote energy-sustainable mobility. UBI is also becoming more popular for EVs, as it helps minimize accident risks by calculating premiums based on how the car is used. The market for electric vehicle insurance is expected to grow alongside the electric vehicle market, increasing the choice and competitiveness of prices for owners.
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Electric Vehicle Insurance's Key Competitors include:
Plug Power Inc. (U.S.)
Cummins Inc. (U.S.)
Ballard Power Systems (Canada)
Siemens Energy (Germany)
Nel ASA (Norway)
ITM Power PLC (U.K.))
McPhy Energy S.A. (France)
Linde plc (United Kingdom)
ENGIE SA (France)
Kawasaki Heavy Industries, Ltd. (Japan) and other major players.
Electric Vehicle Insurance Market Dynamics
The insurance industry for electric vehicles (EVs) is undergoing a significant transformation due to increased interest and climate change awareness. EV-specific insurance policies are being developed to cater to the unique needs of EV drivers, often incorporating sections on high-voltage systems, batteries, and specialized repairs, reflecting the added risks associated with owning an EV.
The EV insurance market presents unique opportunities due to the growing adoption of electric vehicles. The unique nature of EV insurance underwriting allows for highly differentiated products, protecting expensive-to-fix or replacement parts like high-voltage systems and batteries. Additionally, the growing preference for environmentally conscious travel methods can benefit insurers by offering discounts or incentives to support EV use and align with sustainability goals.
Electric Vehicle Insurance Market Regional Insights
Asia Pacific is Expected to Dominate the Market Over the Forecast Period. The Asia-Pacific EV insurance market is growing due to government policies, environmental concerns, and advancements in technology. Countries like China, Japan, and South Korea are experiencing high EV penetration, leading to a need for insurance products covering EV-specific components. Insurers are developing unique insurance models, such as usage-based insurance (UBI) to encourage safer driving behavior. Additionally, some insurers offer coverage for damage or theft of charging equipment due to the growth of electric car networks in the region.
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Electric Vehicle Insurance Market Segment Analysis
By Propulsion Type:
Battery Electric Vehicles (BEV)
Hybrid
The Electric Vehicle Insurance Market segment is expected to dominate the market during the forecast period. BEVs, or battery-electric vehicles, are environmentally friendly and cost-effective due to their energy efficiency and reduced emissions. They are preferred by environmentally conscious consumers due to their lower operating costs and simpler maintenance process. However, they have shorter refueling times and shorter travel distances. Hybrids, on the other hand, use an ICE, battery, and electric motor to run on electricity or petroleum, aiming to reduce emissions and improve fuel economy. Although they offer the comfort of gasoline-powered vehicles, hybrids are typically more expensive and difficult to obtain than BEVs.
By technology:
Electric Vehicle Insurance-based Foods & Beverages
Electric Vehicle Insurance Oil
By Vehicle Type:
Passenger Cars
Commercial Vehicles
By Coverage Type:
Accidental Damage
Theft or Malicious Damage
Car Battery & Auto Parts Replacement
Others
GLOBAL ELECTRIC VEHICLE INSURANCE MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
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Key questions answered in the Electric Vehicle Insurance Market report are:
Which market segment dominated the Electric Vehicle Insurance market in 2023?
What are the current trends in the Electric Vehicle Insurance market?
What future industry applications and trends are emerging in the Canadian frozen Bakery market?
What growth strategies are companies adopting to expand their presence in the Electric Vehicle Insurance market?
Who are the leading companies in the Canadian frozen Bakery market, and what are their product portfolios?
What are the primary challenges that the Electric Vehicle Insurance market may face in the future?
Which region had the largest share of the Electric Vehicle Insurance market in 2023?
How is the regulatory environment influencing the Electric Vehicle Insurance market?
Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Electric Vehicle Insurance Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porter’s Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Electric Vehicle Insurance Market Segmentation
Competitive Landscape – Profiles of selected key players in a strategic perspective
Competitive landscape – Competitive Benchmarking, Electric Vehicle Insurance Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
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