Market Size of Global Two-Wheeler/Motorcycles Insurance Industry
| Study Period | 2019 - 2028 |
| Market Size (2024) | USD 51.5 Billion |
| Market Size (2028) | USD 59.70 Billion |
| CAGR (2024 - 2028) | > 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Global Two-Wheeler/Motorcycles Insurance Market Analysis
The Global Two-Wheeler/Motorcycles Insurance Market size in terms of gross written premiums value is expected to grow from USD 51.5 billion in 2024 to USD 59.70 billion by 2028, at a CAGR of greater than 4.5% during the forecast period (2024-2028).
Post-COVID, global motorcycle sales have observed a continuous increase, with total unit sales at more than 52 million; in addition, revenue of motorcycles is also observing a continuous increase, creating a positive externality for the two-wheeler/automobile insurance market globally. In terms of region, Asia-Pacific has the largest share of motorcycle sales, leading to global motorcycle insurance providers entering the market to provide their insurance services. The rising number of road accidents globally is resulting in the implementation of stringent government regulations for the adoption of auto insurance and a surge in the two-wheeler/motorcycle insurance market globally.
An increase in the number of road fatalities is leading to a rise in awareness among the population to opt for two-wheeler/insurance products. In terms of road accidents, the United States, Japan, and India are among the countries with the highest number of road accidents, leading to an increasing number of two-wheeler/ motorcycle insurance providers entering the market to fill the existing insurance market gap.
Two-wheeler insurance companies have been integrating digital technologies of IOT and AI into their insurance offerings to reduce manual efforts, time, and costs in providing insurance. Among the developed countries of the United Kingdom, the United States, Japan, Germany, and Australia, a major share of the population prefer to buy motor insurance online rather than in person. With the continuous expansion of internet penetration rate and development of online insurance products, online sales of two-wheeler insurance are observing continuous growth globally.
Global Two-Wheeler/Motorcycles Insurance Industry Segmentation
Two-wheeler/motorcycle insurance provides financial protection against physical damage or injury resulting from traffic collisions and against liability that could also arise from incidents in a two-wheeler.
The study gives a brief description of the global two-wheeler/motorcycle insurance market. It includes details on gross written premiums for motorcycle insurance, investments by the insurance providers, and the launch of new two-wheeler/Motorcycle insurance products.
The global two-wheeler/motorcycle insurance market is segmented by policy type, distribution channel, and geography. By policy type, the market is segmented into zero depreciation, third-party, and comprehensive motor insurance. By distribution channel, the market is segmented into online and offline. By geography, the market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
The report also covers the market sizes and forecasts for the global two-wheeler/motorcycle insurance market in value (USD) for all the above segments.
| By Policy Type | |
| Zero Depreciation | |
| Third Party Motor Insurance | |
| Comprehensive Motor Insurance |
| By Distribution Channels | |
| Online | |
| Offline |
| By Geography | |
| Europe | |
| North America | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Global Two-Wheeler/Motorcycles Insurance Market Size Summary
The global two-wheeler/motorcycle insurance market is poised for significant growth, driven by the increasing sales of motorcycles and the rising awareness of the necessity for insurance due to road accidents. The market is experiencing a positive impact from the surge in motorcycle sales post-COVID, with Asia-Pacific leading in sales and attracting global insurance providers. The implementation of stringent government regulations aimed at reducing road fatalities is further propelling the demand for two-wheeler insurance. The integration of digital technologies such as IoT and AI is transforming the insurance landscape, streamlining processes, and enhancing customer experiences. This digital shift is particularly evident in developed countries, where a substantial portion of the population prefers purchasing insurance online, a trend that is gaining traction in developing economies as well.
The market is characterized by moderate fragmentation, with key players like ACKO, GEICO, Aviva, Farmers Insurance, and Allstate Insurance Company employing innovative strategies to expand their market presence and attract more customers. The rise in electric two-wheeler sales, especially in developing countries like India, is creating a demand for specialized insurance products, including battery covers. The COVID-19 pandemic has accelerated the shift towards digital platforms, compelling insurance companies to enhance their digital infrastructure for policy sales and claims processing. Recent strategic moves, such as Aviva's acquisition of a majority stake in a joint venture in India and ACKO's launch of a new insurance plan for electric vehicle batteries, highlight the dynamic nature of the market and the ongoing efforts to meet evolving consumer needs.
Global Two-Wheeler/Motorcycles Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Mandatory Insurance Requirements and Sales of Two Wheelers Drives the Market
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1.2.2 High Repair Costs of Vehicles Drives the Insurance Market
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1.3 Market Restraints
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1.3.1 Complex Regulatory Requirement Restraints the Growth of the Market
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1.3.2 High Insurance Cost Restraints the Market Growth
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1.4 Market Opportunities
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1.4.1 Digital Approach Toward Sale and Services
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1.4.2 Customized Insurance Policies for Needs of Customer
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1.5 Industry Value Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitutes
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1.6.5 Intensity of Competitive Rivalry
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1.7 Insights on technology Innovation in the Market
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2. MARKET SEGMENTATION
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2.1 By Policy Type
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2.1.1 Zero Depreciation
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2.1.2 Third Party Motor Insurance
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2.1.3 Comprehensive Motor Insurance
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2.2 By Distribution Channels
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2.2.1 Online
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2.2.2 Offline
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2.3 By Geography
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2.3.1 Europe
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2.3.2 North America
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2.3.3 Asia-Pacific
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2.3.4 Latin America
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2.3.5 Middle East and Africa
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Global Two-Wheeler/Motorcycles Insurance Market Size FAQs
How big is the Global Two-Wheeler/Motorcycles Insurance Market?
The Global Two-Wheeler/Motorcycles Insurance Market size is expected to reach USD 51.5 billion in 2024 and grow at a CAGR of greater than 4.5% to reach USD 59.70 billion by 2028.
What is the current Global Two-Wheeler/Motorcycles Insurance Market size?
In 2024, the Global Two-Wheeler/Motorcycles Insurance Market size is expected to reach USD 51.5 billion.
