Portland, OR, November 17, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the commercial auto insurance Marlet generated $ 128.43 billion in 2020 and is expected to reach $ 307.10 billion by 2030, with a CAGR of 9.2% from 2021 to 2030. The report provides a detailed analysis of the changing dynamics market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Rising number of traffic accidents, strict government guidelines, and increasing usage of commercial vehicles are driving the growth of the global commercial auto insurance market. However, expensive commercial auto insurance policies restrict the market to some extent. On the other hand, the implementation of technology in the field of commercial auto insurance presents new opportunities in the coming years.
- The outbreak of the COVID-19 pandemic has negatively impacted the growth of the global commercial auto insurance market.
- All vehicles used for commercial purposes such as food trucks, ice cream vans, school buses and other vehicles have been forced to shut down during the pandemic, resulting in a sharp drop in demand for commercial auto insurance.
- However, the market is expected to rebound as soon as the foreclosure ends.
The report offers detailed segmentation of the global commercial auto insurance market on the basis of vehicle type, vehicle age, type of coverage, distribution channel, and region.
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On the basis of vehicle type, the light commercial vehicle segment held the highest market share in 2020, holding more than three-fifths of the total market share, and is expected to maintain its leading status during the period of forecast. However, the heavy-duty segment is expected to register the highest CAGR of 11.0% from 2021 to 2030.
Based on the age of coverage, the liability segment held the biggest market share in 2020, holding nearly three-fifths of the total market share, and is expected to retain its leading status during the forecast period. Additionally, the collision / comprehensive / optional insurance segment is expected to register the highest CAGR of 10.5% from 2021 to 2030.
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Based on region, North America contributed the highest revenue share in 2020, holding nearly two-fifths of the global market share, and is expected to retain its dominant share by 2030. Additionally, Asia-Pacific is expected to exhibit the fastest CAGR of 10.9% during the forecast period.
The major players in the global commercial auto insurance market analyzed in the research include Allianz, American International Group Inc., Aon plc, Aviva, AXA, Berkshire Hathaway Inc., Chubb, Liberty Mutual Insurance Company, Willis Towers Watson and Zurich.
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.