세계 EV 보험 시장 규모는 2023년 600억 2,000만 달러에서 2031년 2,388억 6,000만 달러로 2024-2031년 예측 기간 동안 연평균 18.85% 성장할 것으로 예상됩니다. 시장 확대는 편리하고 친환경적인 운송에 대한 수요 증가와 지속가능성 및 탄소 발자국을 줄이려는 전 세계적인 움직임에 기인하는 것으로 보입니다. 이 두 가지 전환이 시장을 상승 궤도로 이끌고 있습니다.
전기차 보험 시장은 전기자동차의 보급에 영향을 받고 있습니다. 환경 인식, 정부 장려책, 기술 발전으로 인해 전기차를 선택하는 소비자가 증가함에 따라 전기차 소유자의 요구사항에 맞는 특수 보험 상품에 대한 수요가 증가하고 있으며, 전기차에는 배터리 교체 비용, 충전 인프라 손상과 같은 특수한 보상 요구사항이 있기 때문에 이러한 위험에 대한 보험이 개발되고 있습니다. 이러한 위험에 대응하는 보험이 개발되고 있습니다. 또한, 지속가능성과 탄소배출량 감소를 위한 전 세계적인 추세는 소비자들의 전기차 선택에 힘을 실어주고 있으며, 환경 친화적인 운전자들을 위한 보험사들에게 중요한 시장을 형성하고 있습니다. 전기자동차로의 전환을 더욱 촉진하고, EV 보험의 필요성을 높이고 있습니다. 전기차 시장이 계속 성장하고 발전함에 따라 보험사들은 치열한 경쟁에 직면하고 있습니다. 이는 혁신적인 보상 옵션의 개발과 시장 경쟁의 격화로 이어져 세계 전기차 보험 시장 확대에 박차를 가하고 있습니다.
세계 인터넷과 모바일 기기의 확산
세계 곳곳으로 인터넷 연결이 확대되면서 온라인 활동, 특히 EV 보험 분야에서 온라인 활동이 크게 증가했습니다. 스마트폰은 오늘날 많은 사람들에게 없어서는 안 될 필수적인 도구가 되었습니다. 스마트폰과 태블릿의 사용 증가와 4G 및 5G와 같은 기술을 통해 고속 인터넷에 접속할 수 있게 된 것은 디지털 기술의 보급에 박차를 가하고 있습니다. 또한, 금융기관들은 업무의 효율성과 중요한 데이터에 대한 원격 액세스를 위해 클라우드 기반 소프트웨어를 사용하는 경우가 증가하고 있습니다. 이러한 움직임은 기업들이 최신 거래 현황을 파악하고 클라우드 기술의 이점을 활용하여 효율성을 향상시킬 수 있도록 돕습니다.
InsurTech의 2022년 1월 기사에서는 플랫폼 호스팅, 데이터 저장, 백업, 마케팅 캠페인, ERP 통합 등 보험회사가 클라우드 서비스를 활용하는 다양한 방법을 소개하였습니다. 인터넷 접속과 모바일 기기의 전 세계적인 보급으로 EV 보험 시장은 향후 몇 년 동안 크게 성장할 것으로 예상됩니다. 이러한 추세는 예측 기간 동안 EV 보험 제공 및 서비스 확장을 촉진할 것으로 예상됩니다.
전기차 보험 수요 증가가 성장 추세
최근 몇 달 동안 전기 오토바이와 전기자동차의 인기가 높아졌지만, 전기자동차의 인기 상승을 막지는 못하고 있습니다. Bajaj Allianz General과 HDFC ERGO와 같은 주요 보험사들은 전기자동차 소유자의 요구에 부응하는 전용 플랫폼을 구축하여 잠재적 구매자에게 가치 있는 정보를 제공하고 있습니다. 전 세계 전기차 판매량은 2022년에 처음으로 1,000만 대를 돌파했으며, 2023년 1분기에는 전년 동기 대비 약 25% 성장한 230만 대 이상의 전기차가 판매되었습니다.
EV의 인기가 높아짐에 따라 전기차 보험료는 상승 추세에 있으며, Quadrant Information Services의 데이터에 따르면 2023년 전체 자동차 보험의 평균 연간 보험료는 2,008달러에 달합니다. 전기자동차에 특화된 경우 EV의 보험료는 모델에 따라 다르지만 기존 자동차보다 10%-135% 더 높을 것으로 추정됩니다.
이 보고서는 세계 EV 보험 시장을 조사 분석하여 시장 규모와 예측, 시장 역학, 주요 기업 현황 및 전망 등을 제공합니다.
Global EV insurance market is projected to witness a CAGR of 18.85% during the forecast period 2024-2031, growing from USD 60.02 billion in 2023 to USD 238.86 billion in 2031. The market's expansion can be credited to a rise in the need for convenient and environmentally friendly transportation choices, coupled with a global drive towards sustainability and reducing carbon footprints. The dual transition is driving the market towards an upward trajectory.
The electric vehicle insurance market is impacted by the increasing adoption of electric vehicles. With more consumers choosing EVs due to environmental awareness, government incentives, and technological progress, there is a growing demand for specialized insurance products tailored to the unique requirements of electric vehicle owners. Electric vehicles (EVs) have specific coverage needs such as battery replacement costs and damage to charging infrastructure, leading to the development of insurance policies that address these risks. Additionally, the global trend towards sustainability and lower carbon emissions encourages consumers to opt for EVs, creating a significant market for insurers catering to environmentally conscious drivers. Government regulations, such as tax credits and rebates for EV owners, further promote the shift to electric vehicles and drive the need for EV insurance. As the electric vehicle market continues to grow and evolve, insurance providers face heightened competition. It is leading to the development of innovative coverage options and more competitive pricing, which in turn is fueling the expansion of the global EV insurance market.
Increase in Global Internet and Mobile Device Penetration
The expansion of internet connectivity in every corner of the world has led to a significant increase in online activity, particularly in the realm of EV insurance. Smartphones have become an essential tool for many individuals in the modern era. The rise in smartphone and tablet usage, combined with access to high-speed internet through technologies such as 4G and 5G, has fueled the widespread adoption of digital technology. In addition, financial institutions are increasingly turning to cloud-based software to streamline their operations and access crucial data remotely. The move allows businesses to stay current with their transactions and leverage the benefits of cloud technology for improved efficiency.
InsurTech's article, published in January 2022, highlighted various ways insurers can leverage cloud services, including platform hosting, data storage, backup, marketing campaigns, and ERP integration. With the global proliferation of internet access and mobile devices, the EV insurance market is poised for significant growth in the coming years. The trend is expected to drive the expansion of EV insurance offerings and services during the forecast period.
Rising Demand for Electric Vehicle Insurance as a Growing Trend
The trend of electric bikes and cars catching fire has increased in recent months but has not deterred the increasing popularity of electric vehicles. Insurance companies are now paying close attention to this growing segment despite being in the early stages. Major insurers such as Bajaj Allianz General and HDFC ERGO have established dedicated platforms to cater to the needs of electric car owners and provide valuable information to potential buyers. Worldwide, the sales of electric vehicles surpassed 10 million units for the first time in 2022. During the initial quarter of 2023, more than 2.3 million electric vehicles were sold globally, marking a growth of approximately 25% compared to the previous year.
With the increasing popularity of electric vehicles (EVs), the cost of insuring these vehicles has been on the rise. Data from Quadrant Information Services indicated that the average annual cost of full-coverage car insurance in 2023 was USD 2,008. When focusing on electric vehicles specifically, the estimates suggest that insuring an EV can be between 10% and 135% more expensive than traditional vehicles, varying based on the specific model.
The surge in electric vehicle purchases in countries such as Japan, India, China, and others has led to significant growth in the demand for EV insurance. Electric vehicles are quickly becoming the preferred mode of transportation due to their silent operation, eco-friendly nature, and cost savings from not using petrol or diesel. However, owning an electric vehicle comes with additional costs, such as expensive repairs and replacement parts like batteries. With an EV, an insurance policy is crucial to protect vehicle owners from hefty repair and replacement costs in case of damage or depreciation. The growing need for insurance coverage drives the global EV insurance market forward and creates new opportunities for insurers.
Rising Expansion of Electric Vehicle Insurance Market in Asia-Pacific
Asia-Pacific is witnessing a significant surge in demand for Electric Vehicle (EV) insurance, fueled by the booming tourism sector and the ongoing urbanization trends. The increasing urban population in Asia-Pacific has led to a growing need for specialized insurance products for electric vehicles. With tailored coverage, reduced premiums for eco-friendly vehicles, and comprehensive protection, EV insurance is becoming increasingly popular in the region. Government efforts to promote clean energy and sustainable development have played a vital role in driving the growth of the EV insurance market in Asia-Pacific. Leading industry players are heavily investing in research and development, expanding their market presence, and catering to the region's diverse insurance requirements of electric vehicle owners. As a result, the Asia-Pacific EV insurance market is poised for substantial expansion in the coming years, ensuring that electric vehicle owners have access to the necessary insurance coverage to protect their vehicles and investments.
Insights into Electric Vehicle Insurance Coverage Trends
The electric vehicle insurance market is categorized into two main segments: third-party liability coverage and comprehensive coverage. Among these segments, third-party liability coverage is projected to experience rapid growth and dominate the market, with a substantial volume share from 2023 to 2031. Third-party liability coverage is crucial for meeting legal mandates and providing financial protection in accidents. This necessity will contribute to the continued dominance of this type of coverage over the forecast period. Additionally, as the adoption of electric vehicles continues to rise, there will be an increased need for insurance coverage tailored to the unique characteristics of these vehicles with the evolving landscape of electric vehicles and insurance requirements, there is a growing opportunity for insurance providers to develop specialized products and services catering specifically to the needs of electric vehicle owners. By staying ahead of these trends and offering tailored coverage options, insurance companies can effectively meet the market's evolving needs and establish themselves as leaders in the electric vehicle insurance sector.
Insights into Electric Vehicle (EV) Insurance Distribution Channels
The Electric Vehicle (EV) Insurance Market segmentation, based on Distribution Channels, includes categories such as Insurance Companies, Banks, Insurance Agents/Brokers, and Others. Among these, Insurance Agents/Brokers are expected to experience substantial growth. This growth can be attributed to various factors, such as acting as intermediaries, offering personalized advice, and creating tailored EV insurance solutions to meet clients' individual needs. Furthermore, the expanding EV market necessitates expert guidance in navigating insurance options. Insurance Agents/Brokers play a critical role in raising customer awareness about EV insurance, ensuring that EV owners receive comprehensive coverage that addresses unique risks associated with electric vehicles, concerns related to batteries, and environmental benefits. With their ability to offer a wide range of insurance products and facilitate connections between clients and insurance providers, Insurance Agents/Brokers are pivotal for driving growth in the EV insurance market.
Future Market Scenario (2024 - 2031F)
The global electric vehicle (EV) insurance market is expected to experience rapid growth in the coming years due to the increasing adoption of electric vehicles worldwide. As more consumers switch to EVs, there will be a growing demand for specialized insurance products tailored to the unique needs of EV owners.
Insurers are likely to offer innovative insurance solutions to cater to the specific requirements of EV owners. This may include coverage for battery-related issues, charging infrastructure, and autonomous driving features. Insurers may also introduce usage-based insurance models leveraging telematics technology.
Regulatory changes and government incentives promoting the adoption of electric vehicles may impact the EV insurance market. Insurers must adapt to evolving regulations and policies to provide compliant and competitive insurance products for EV owners.
The growing EV insurance market is expected to attract both traditional insurers and new entrants looking to capitalize on this emerging sector. This may lead to increased competition and collaboration within the industry as players strive to differentiate themselves and offer value-added services to EV owners.
Key Players Landscape and Outlook
The future of the global EV insurance market is set to be shaped by a diverse range of players, each bringing unique strengths and capabilities to meet the evolving needs of EV owners. Established insurance companies such as Allstate, State Farm, and The Government Employees Insurance Company are expected to play a significant role, leveraging their resources and experience to offer competitive EV insurance products. At the same time, specialized EV insurance providers such as Tesla Insurance and Electric Insurance Company are emerging to cater specifically to the unique requirements of EV owners, offering tailored coverage options and services.
Technology companies such as Google and Amazon are entering the global EV insurance market, utilizing their technological expertise and data analytics capabilities to provide innovative insurance solutions for EV owners. Collaborations and partnerships between traditional insurers, EV manufacturers, and technology companies will likely shape the future landscape of the EV insurance market, leading to the development of integrated insurance solutions that combine vehicle data, telematics, and smart technology. Players in the EV insurance market must adapt to changing market dynamics, regulatory requirements, and technological advancements to remain competitive in the rapidly growing sector.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work