India’s car insurance market will grow at a double-digit rate over the forecast period. This is due to growing car sales, backed by increasing disposable income and the launch of low-cost models. Cars built on the motor vehicle act must be covered for at least third-party liability. This is driving the car insurance market. The rising number of road accidents caused by increased road traffic is another reason why car insurance has grown in popularity. Here, we will discuss the India Car Insurance Market Forecast, Size, and Growth in 2027
India Car Insurance Market can also be divided by vehicle type, type of source, premium type, region, and type. The market can be divided into new and used cars according to their vehicle type. In 2019, the market was dominated by the new car segment. However, the market share for used cars is expected to rise in the next five years due to consumers’ growing preference for used cars because of their affordability and better mileage. Third-party insurance, based on type, is the most dominant segment because of its low cost. However, it doesn’t cover damage to your vehicle. Comprehensive insurance covers more than just liability. Comprehensive insurance covers damage to vehicles, as well as to your own vehicle, from traffic accidents and natural disasters.
Bajaj Allianz General Insurance Co. Ltd. is one of many companies that operate in India Car Insurance Market. Others include ICICI Lombard GIC Ltd. TATA AIG GIC Ltd. TATA AIG GIC Ltd. Bharti AXA General Insurance Co. Ltd. The New India Assurance Co. Ltd. The Oriental Insurance Co. Ltd. HDFC ERGO General Insurance Co. Ltd. United India Insurance Co. Ltd. National Insurance Company, Future Generali India Insurance. To increase their market share, insurers are now focusing on adding insurance that is based on customer needs and making it easy to file claims.
Year considered for this report:
- Historical Years 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021-2027
- To forecast and analyze the India Car Insurance Market.
- To forecast India Car Insurance Market, we need to classify it based on vehicle type, type of source, premium type, and regional distribution.
- To identify the drivers and challenges in India Car Insurance Market.
- To analyze competitive developments in India’s car insurance market, such as new product launches and expansions.
- To analyze and identify the top players in India’s car insurance market.
- TechSci Research conducted both primary and extensive secondary research on this topic. TechSci Research initially sourced a list of service providers throughout the country. TechSci Research then conducted primary research surveys of the companies. The respondents were also asked about their competitors during the interview. TechSci Research can include service providers that were not identified by secondary research using this method. TechSci Research examined the distribution channels, presence, and service providers of all the major service providers in the country.
- TechSci Research used a bottom-up approach to calculate the India Car Insurance Market. Data for different end-user segments were recorded and projected for the future. TechSci Research obtained these figures from industry professionals and company representatives. The data was then externally validated by analyzing historical data on these product types and applications to determine the appropriate market size. TechSci Research also examined secondary sources like company websites, press releases and investor presentations, financial reports, and company annual reports.
Key Target Audience:
- Car insurance companies, and other stakeholders
- Consulting companies and research organizations
- The government bodies, such as policymakers and regulating authorities, are also known as policymakers.
- Forums, organizations, and alliances that are related to the car insurance market
This study provides valuable information to industry stakeholders, including service providers, partners, end users, and other market participants. It also allows them to strategize investments and capitalize on market opportunities.