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The Global EV Insurance Market Size to Exceed $500 billion by 2033 | GlobalData Plc

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GlobalData UK Ltd
GlobalData UK Ltd

The electric vehicles (EV) insurance market size was worth $49 billion in 2020

LONDON, June 15, 2022 (GLOBE NEWSWIRE) -- Falling EV prices, greater battery ranges, and sufficient charging infrastructure will contribute to the worldwide proliferation of EVs, growing the market for EV insurance in parallel. The automotive industry is undergoing an unprecedented evolution, and the rapid, global spread of EVs is the most immediately pressing matter in the industry. The insurance industry must ensure it stays abreast of the changing motor vehicle landscape. Understanding and pricing the risk profile of these new vehicles without decades of data and experience is an immediate challenge, a race against time as insurers look to perfect this work as the prominence of EVs grows around the world. Battery costs, advanced in-vehicle technologies, and underdeveloped yet still constrained supply chains are driving high claims costs for EVs, although falling costs and maturing repair networks will moderate these factors over time.

The Electric Vehicles Insurance Market Research Report offered by GlobalData plc provides insights into the key trends involved in the electronic vehicle markets, value chain, and leading companies.

EV Insurance Industry Value Chain

  • Product development

  • Marketing and distribution

  • Underwriting and risk profiling

  • Claims management

  • Customer service

There is an increasing trend among leading insurers within the EV space to create standalone, EV-specific insurance policies. The added complications of the charging equipment, plus the different technological makeup of the vehicles, justifies this development. That being said, the traditional motor insurance product has itself been evolving in recent years and the electrification of vehicles will also continue this trend

For more insights on value chains in the EV insurance market, download a free report sample

Key Technology Trends Impacting the EV Insurance Market

  • Battery chemistries

  • Expensive batteries

  • Hybrid vehicles

  • Improved batteries

  • Fire risks in EVs

  • Tesla’s insurance product

For more insights on technology trends impacting the electric vehicles in insurance theme, download a free report sample

Key Macroeconomic Trends Impacting the EV Insurance Market

  • Chip shortage

  • COVID-19

  • China impact

  • Strategic partnerships

  • Raw material supply chains

  • Charging infrastructure

  • Inflation

  • Russia/Ukraine conflict

For more insights on macroeconomic trends impacting the electric vehicles in insurance theme, download a free report sample

Key Regulatory Trends Impacting the EV Insurance Market

  • ICE vehicle bans

  • Paris Agreement

  • Financial incentives to purchase EVs

For more insights on regulatory trends impacting the electric vehicles in insurance theme, download a free report sample

Leading Companies Associated with EV Insurance Market

  • Allianz

  • Allstate

  • Aviva

  • AXA

  • Direct Line

  • Ford

  • General Motors

  • Hyundai

  • Mercedes-Benz

  • Ping An Insurance

  • Stellantis

  • Tesla

  • Toyota

  • Travelers

  • Volkswagen

  • Zurich Insurance

  • Zhejiang Geely

To know more about leading companies associated with electric vehicles in insurance theme, download a free report sample

EV Insurance Market Overview

Value Chain

Product Development, Marketing and Distribution, Underwriting and Risk Profiling, Claims Management, and Customer Service

Key Technology Trends

Battery Chemistries, Expensive Batteries, Hybrid Vehicles, Improved Batteries, Fire Risks in EVs, and Tesla’s Insurance Product

Key Macroeconomic Trends

Chip shortage, COVID-19, China Impact, Strategic Partnerships, Raw Material Supply Chains, Charging Infrastructure, Inflation, and Russia/Ukraine Conflict

Key Regulatory Trends

ICE Vehicle Bans, Paris Agreement, Financial Incentives to Purchase EVs

Leading Companies

Allianz, Allstate, Aviva, AXA, Direct Line, Ford, General Motors, Hyundai, Mercedes-Benz, Ping An Insurance, Stellantis, Tesla, Toyota, Travelers, Volkswagen, Zurich Insurance, and Zhejiang Geely

Reasons to Buy

  • Visualize the growth potential of global electric vehicle insurance markets.

  • Identify key challenges and opportunities arising within the space.

  • Benchmark yourself against the progress of leading insurers within this developing sector.

FAQs

What are the key value chains in the EV insurance market?

The key value chains in the EV insurance market are product development, marketing and distribution, underwriting and risk profiling, claims management, and customer service.

What are the key technology trends impacting the EV insurance market?

The key technology trends impacting the EV insurance theme are battery chemistries, expensive batteries, hybrid vehicles, improved batteries, fire risks in EVS, and Tesla’s insurance product.

What are the key macroeconomic trends impacting the EV insurance market?

The key macroeconomic trends impacting the EV insurance theme are chip shortage, COVID-19, China impact, strategic partnerships, raw material supply chains, charging infrastructure, inflation, and Russia/Ukraine conflict.

What are the key regulatory trends impacting the EV insurance market?

The key regulatory trends impacting the EV insurance theme are ICE vehicle bans, Paris Agreement, and financial incentives to purchase EVs.

Which are the leading companies associated with the EV insurance market?

The leading companies associated with the EV insurance market are Allianz, Allstate, Aviva, AXA, Direct Line, Ford, General Motors, Hyundai, Mercedes-Benz, Ping An Insurance, Stellantis, Tesla, Toyota, Travelers, Volkswagen, Zurich Insurance, and Zhejiang Geely.

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About us

GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision makers to predict and navigate the future. This is why GlobalData's mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.

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GlobalData

Mark Jephcott
Head of PR EMEA
mark.jephcott@globaldata.com
cc: pr@globaldata.com
+44 (0)207 936 6400


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