Commercial auto insurance market expected to reach $307.10 billion by 2030

Commercial Automobile Insurance Market by Distribution Channel (Brokers & Agents, Direct Response, Banks & Others), Coverage Type (Liability & Collision Coverage/Full Coverage/Optional) and Vehicle Type (Light Commercial Vehicle & Heavy Duty Vehicle) ): Global Opportunities Analysis and Industry Forecast, 2021-2030. According to a recent report published by Allied Market Research, titled “Commercial Automobile Insurance Market by Distribution Channel, Coverage Type and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021-2030”, the size of the global commercial auto insurance market was valued at USD 128.44 Billion in 2020 and is projected to reach USD 307.10 Billion by 2030, growing at a CAGR of 9.2% from 2021 to 2030 .

Main impact factors

  • Increase in the number of road accidents
  • Expensive commercial auto insurance policies
  • Implementation of technology in commercial auto insurance

The report provides a detailed study of the driving and restraining dynamic factors, major challenges and lucrative opportunities. The report offers SWOT analysis which helps in understanding the driving and restraining factors of the industry. The report highlights market segmentation and includes the study of major market players. Additionally, the report covers a detailed study of the impact of the Covid-19 outbreak on the global commercial auto insurance market. The Global Commercial Automobile Insurance Market report offers an overview of the market and highlights the definition and scope of the market.

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The Commercial Automobile Insurance Market report offers a detailed analysis of the market based on several parameters including sales, sales analysis, market size, and key driving factors. In addition, the report offers SWOT analysis, Porter’s five forces analysis, portfolio and financial analysis, and service and product business overview. These statistical tools provide essential insights on the major players in the market and help to take advantage of the lucrative opportunities in the industry. The report helps industry players and new entrants in the industry to design sound business strategies and take advantage of opportunities.

The report provides a comprehensive study of key market trends and driving factors fueling the growth of the global Commercial Automobile Insurance Market. Driver and opportunity analysis is key to understanding dynamic industry trends and how companies can take advantage of these trends. Moreover, the analysis of challenges and restraints offered in the report helps in recognizing the dynamics of the market. The Global Commercial Motor Insurance report provides both quantitative and qualitative analysis of the market. The qualitative study provides value chain analysis, pain point analysis and key regulations.

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The report covers a detailed analysis of the impact of the Covid-19 pandemic on the market. Prolonged lockdown across the globe and strict restrictions on international trade are having a significant impact on the global commercial auto insurance market. The Covid-19 pandemic has resulted in a disrupted supply chain and value. Additionally, the pandemic has driven up commodity prices and created a shortage of skilled labor. The report provides consumer preferences, trends and budget impact on the market due to the Covid-19 pandemic.

Commercial Automobile Insurance Market Report Highlights

Per cover

  • Liability insurance
  • Collision/Full/Optional Coverage

By distribution channel

  • Brokers and agents
  • Direct response
  • Banks
  • Others

By type of vehicle

  • Light commercial vehicle
  • New vehicles
  • Used vehicles
  • Heavyweight

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The global commercial auto insurance market offers segmented offerings on the basis of type, coverage, application, and region. The commercial automobile insurance market is segmented on the basis of geography. The regions studied in the report are North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Russia and Italy), Asia-Pacific (China, Japan, Korea , India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa). This market research helps in designing business strategies and identifying lucrative opportunities.

The report includes a comprehensive study of market trends, major market players, and major investment pockets that help in understanding strategies and making informed decisions. The study includes a detailed analysis of key impacting factors and key investment pockets that affect the overall market growth. The Global Commercial Automobile Insurance Market report offers the segmentation and study of the key market players. The main companies are American Financial Group Inc., Chubb, Fairfax Financial Holdings Limited, QBE Insurance Group Limited, Sompo International Holdings Limited, Tokio Marine HCC, Zurich, American International Group Inc., PICC, ICICI Lombard General Insurance Company Limited.

These companies have adopted various business strategies such as partnerships, new product launches, collaboration, and mergers and acquisitions. These market developments help new entrants in the industry understand profitable strategies and make informed decisions. This study offers a comprehensive study of the major impacting factors and major investment pockets in the market.

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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

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