COMMERCIAL TRUCK INSURANCE MARKET REPORT OVERVIEW
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The global commercial truck insurance market size was USD 112283.71 million in 2021 and is projected to touch USD 248270.39 million by 2031 at CAGR 8.26% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the commercial truck insurance market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.
Commercial trucks of all kinds, including dump trucks, tow trucks, flatbed trucks, and other types, are covered by insurance. Thefts, accidents, medical costs, damage from vandalism, and other perils are all covered by insurance. It is vital to obtain insurance for these business vehicles for all possible risks as they transport items from one location to another. The cost of recovering charges is made easier with the aid of commercial truck insurance, which also lowers the high expenses brought on by uncertainty.
The main cause of the commercial insurance industry's expansion is the rise in automotive demand and sales brought on by rising per capita income in emerging economies. Additionally, rules and regulations imposed by governments around the world requiring the purchase of insurance coverage when acquiring a new commercial vehicle also contributed to the market's expansion. In addition, this market is anticipated to develop as a result of new insurance product releases and advancements. Additionally, a number of add-on advantages and protections provided by top insurance providers, including reductions and zero depreciation insurance, are anticipated to open up profitable business chances in this sector. In addition, an increase in accidents and damage will fuel the expansion of this sector.
COVID-19 Impact: Cease in Operations Caused a Dramatic Fall in the Requirement for Insurance
The COVID-19 pandemic outbreak had a detrimental effect on the expansion of the world commercial vehicle insurance market. The pandemic compelled all commercial trucks to cease operation, which in turn caused a dramatic fall in the requirement for commercial insurance. However, once the lockdown is lifted, it is believed that the market would rebound quickly.
Latest Trends
"Introduction of Trucking Coverage to Protect Independent Contractors for Various Liabilities "
The biggest competitors in the market are active in implementing new insurance plans to the consumers that offer them the most advantages. For instance, Hudson Insurance Group (Hudson) announced the introduction of its new Commercial Trucking Coverage for Independent Contractors, which is currently available through retail providers in certain states, on September 1, 2020. Workplace incidents, conditional liability, truck damage, workers' compensation, and non-trucking liability are all included in the coverage, which will be offered starting on September 1, 2020.
COMMERCIAL TRUCK INSURANCE MARKET SEGMENTATION
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- By Type Analysis
According to type, the market can be segmented into Compulsory Insurance and Optional Insurance
- By Application Analysis
Based on application, the market can be divided into Semi-trailer Truck, Dump Truck, Tank Truck and Other
Driving Factors
"Utilization of Technologies will Present the Commercial Insurance with Lucrative Opportunities for Industry Growth"
Insurance companies now have creative prospects of account of the increased adoption of technology including GPS, artificial intelligence, block chain, telematics, and others. With these technology advancements, distribution platforms for commercial truck insurance are anticipated to increase productivity for delivering coverage easily at the point of purchase. Additionally, digitalization allows commercial insurance businesses to provide their clients highly customized user experiences. In addition, insurance companies use digital technology such as mobile telematics and photo estimation algorithms to resolve claims. Therefore, it is anticipated that the application of these technologies would present lucrative chances for the market's growth in the years to come.
"Increasing Number of Road Accidents is Piloting the Growth of the Insurance Industry"
Due to an increase in accidents involving damage to property or bodily harm, traffic collisions, theft, and other incidents, the need for truck insurance is significantly increasing. Commercial insurance offers financial protection to the owner of the vehicle in the event of medical expenses or any other type of harm. The requirement for commercial truck insurance has increased as a result of a rise in traffic accidents in recent years, including drunk driving accidents, traffic accidents resulting in injuries, and distracted driving accidents resulting in speeding. The vast majority of companies that utilize commercial trucks rely on commercial truck insurance to protect themselves from potential financial losses that include injury to drivers, pedestrians, or passengers. This fuels the commercial truck insurance market growth.
Restraining Factors
"Lack of Seasoned Truck Drivers will Hinder the Industry Expansion"
Commercial driving had 60,800 open positions in 2018, up 10,000 from the previous year. The number of open posts may increase to 160,000 by 2030. The sector will likely face challenges from scarcity for the foreseeable future as the median age of today's truckers is 46. More collisions are inevitable since there are smaller numbers of seasoned motorists on the highway and far less professional drivers are filling the unfilled slots.
COMMERCIAL TRUCK INSURANCE MARKET REGIONAL INSIGHTS
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"Increasing Sales and Rise in SMEs in the Region Will Lead to Europe Dominating the Market "
During the projection period, Europe is anticipated to have the greatest commercial truck insurance market share. Increasing sales of commercial trucks and the presence of several of the world's fastest-growing economies in the region are to blame for this. In the European region, the requirement for commercial insurance is gradually rising along with the number of independent businesses. It is anticipated that the expansion of the business insurance industry will be aided by the rise in SMEs and the coverage offered by the insurance providers in the area.
The forecast period is expected to have the highest CAGR in Asia Pacific. Due to the increasing number of traffic incidents, it is anticipated that demand for truck insurance will increase. The World Health Organization estimates that low- and middle-income nations account for 93% of all traffic accidents. The most important forces behind the growth of the Asia Pacific insurance market are the regulatory requirements for having insurance in the area.
Key Industry Players
"Customized Offerings and Collaborations with Other Firms by the Key Players to Increase their Customer Base"
The main participants in the international commercial truck insurance industry are involved in various methods to increase their market shares. Due to the numerous competitors present in the industry, the market is extremely fragmented in terms of market share. In order to increase client attraction and broaden their product offering, businesses have been concentrating more on offering customized solutions. To take advantage of the new market prospects, major insurance providers are looking to collaborate with budding entrepreneurs.
List of Market Players Profiled
- Aetna (U.S.)
- MS&AD (Japan)
- Metlife (U.S.)
- Aegon (Netherlands)
- Samsung (South Korea)
- Nippon Life Insurance (Japan)
- Assicurazioni Generali (Italy)
- Ping An (China)
- Zurich Insurance (Switzerland)
- Old Mutual (South Africa)
Report Coverage
This report covers the commercial truck insurance market. The CAGR expected to be in during the forecast period, and also the USD value in 2024 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 112283.71 Million in 2021 |
Market Size Value By |
US$ 248270.39 Million by 2031 |
Growth Rate |
CAGR of 8.26% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the global commercial truck insurance market expected to touch by 2031?
The global commercial truck insurance market is expected to touch USD 248270.39 million by 2031.
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What CAGR is the commercial truck insurance market expected to exhibit during 2024-2031?
The commercial truck insurance market is expected to exhibit a CAGR of 8.26% over 2024-2031.
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Which are the driving factors of the commercial truck insurance market?
Utilization of technologies will present the commercial insurance with lucrative opportunities for industry growth and increasing number of road accidents is piloting the growth of the insurance industry are the driving factors of the commercial truck insurance market.
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Which are the top companies operating in the commercial truck insurance market?
Aetna, MS&AD, Metlife, Aegon and Samsung are the top companies operating in the commercial truck insurance market.