EV (ELECTRIC VEHICLE) INSURANCE MARKET IS EXPECTED TO EXHIBIT SIGNIFICANT GROWTH OVER 2030

EV (Electric Vehicle) Insurance Market Is Expected To Exhibit Significant Growth Over 2030

EV (Electric Vehicle) Insurance Market Is Expected To Exhibit Significant Growth Over 2030

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EV Insurance market is anticipated to grow at an exponential CAGR of 27.81% during the forecast period (2024-2031).Electric Vehicle (EV) Insurance provides coverage tailored specifically for electric cars, addressing unique risks such as battery damage and charging infrastructure. It safeguards against financial loss due to accidents, theft, or malfunctions.

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Governments around the world are acting as a powerful accelerators for the EV insurance market through their incentive programs. Tax breaks, purchase subsidies, and investments in charging infrastructure are making electric vehicles a more attractive option for consumers. For instance, In Indonesia, starting from 2022, government vehicles are mandated to be electric, while subsidies for electric vehicle purchases have been introduced since 2023. Meanwhile, in Seychelles, there is a target for 30% of new vehicle sales to be electric by 2030. Additionally, the upcoming National Electric Mobility Strategy aims for 100% of buses to transition to electric by 2050.As a result, EV sales soar, leading to a larger pool of vehicles needing insurance. These incentives not only increase EV adoption but also indirectly stimulate the growth of the EV insurance market. This creates a win-win situation for both environmentally conscious consumers and the insurance industry.

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  • Market Coverage

  • Market number available for – 2025-2031

  • Base year- 2025

  • Forecast period- 2025-2031

  • Segment Covered- By Source, By Product Type, By Applications

  • Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill

  • , and others


Market Segmentation

Global EV Insurance Market byCoverage

  • First-Party Liability Coverage

  • Third-Party Liability Coverage

  • Others


Global EV Insurance Market by Vehicle Age

  • New Vehicle

  • Used Vehicle


Global EV Insurance Market by Application

  • Personal

  • Commercial


Global EV Insurance Market by Distribution Channel

  • Insurance Companies

  • Banks

  • Insurance Agents/ Brokers

  • Others


Regional Analysis

  • North America

  • United States

  • copyright

  • Europe

  • UK

  • Germany

  • Italy

  • Spain

  • France

  • Rest of Europe

  • Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Rest of Asia-Pacific

  • Rest of the World

  • Latin America

  • The Middle East & Africa


Company Profiles 

  • Acko General Insurance Ltd.

  • Aviva plc

  • Bajaj Allianz General Insurance Company

  • Beinsure Digital Media

  • Direct Line Insurance Group plc

  • Esure Group plc

  • GEICO

  • HDFC ERGO General Insurance Company Limited

  • Lemonade, Inc.

  • State Farm Mutual Automobile Insurance Company


The Report Covers

  • Market value data analysis of 2023 and forecast to 2031.

  • Annualized market revenues ($ million) for each market segment.

  • Country-wise analysis of major geographical regions.

  • Key companies operating in the global EV Insurance based on the availability of data, information related to new product launches, and relevant news is also available in the report.

  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

  • Analysis of market-entry and market expansion strategies.

  • Competitive strategies by identifying ‘who-stands-where’ in the market.


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