The global car insurance aggregators market is experiencing growth due to the increasing number of aggregators and digital brokers
PORTLAND, Ore., June 19, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Car Insurance Aggregators Market by Insurance Type (Third Party Liability Insurance, Comprehensive Car Insurance, and Others), by Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprises), by Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global car insurance aggregators industry generated $3.7 billion in 2021, and is anticipated to generate $17.9 billion by 2031, witnessing a CAGR of 17.5% from 2022 to 2031.
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Prime determinants of growth
The global car insurance aggregators market is experiencing growth due to the increasing number of aggregators and digital brokers. However, certain challenges such as dependence on insurance providers and limited geographic coverage are impeding the market's progress. On the other hand, the rise in digital influence has resulted in more customers using digital channels to research and purchase car insurance policies. This presents a valuable opportunity for aggregators and digital brokers to expand their reach and offer convenient and efficient services to customers. As a result, the car insurance aggregators market is expected to witness significant growth during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2021 |
Market Size in 2021 | $3.7 billion |
Market Size in 2031 | $17.9 billion |
CAGR | 17.5 % |
No. of Pages in Report | 356 |
Segments covered | Insurance Type, Enterprise Size, Application, and Region. |
Drivers | Easy availability of GPS Transparency in the process Rise in number of aggregators and digital brokers |
Opportunities | Increase in digital influence |
Restraints | Dependence on insurance providers Limited geographic coverage |
Covid-19 Scenario
- The car insurance aggregator market experienced a mixed impact during the COVID-19 pandemic. While the economic downturn caused by the pandemic resulted in a decrease in new car sales and driving activity, leading to a decline in demand for car insurance, this situation had potential negative consequences for car insurance aggregators relying on commissions from policies sold through their platforms.
- However, the pandemic also brought about an increased reliance on digital platforms and online transactions, which may have contributed to a higher adoption rate of car insurance aggregators. These platforms offer consumers a convenient and efficient way to compare multiple insurance policies and find the best deals without the need for face-to-face interactions with insurance providers.
- Looking ahead, the long-term prospects for car insurance aggregators appear promising due to the ongoing trend of digitization and the growing preference for online transactions. Although the short-term impact of COVID-19 may have been negative, the shift toward digital solutions could ultimately work in favor of car insurance aggregators.
The comprehensive car insurance segment to maintain its leadership status throughout the forecast period
Based on insurance type, the comprehensive car insurance segment held the highest market share in 2021, accounting for more than half of the global car insurance aggregators market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is a growing focus on customization and personalization, with many insurance providers offering flexible policy options that allow consumers to tailor their coverage to their specific needs and budget. However, the others segment is projected to manifest the highest CAGR of 19.4% from 2022 to 2031, as car insurance aggregators often offer personal accident cover and roadside assistance as optional add-ons to a standard car insurance policy. Therefore, with these add-ons customers can choose to include these features in their policy for an additional premium, which can provide them with added peace of mind and protection while driving.
The large enterprises segment to maintain its leadership status throughout the forecast period
Based on enterprise size, the large enterprises segment held the highest market share in 2021, accounting for more than two-thirds of the global car insurance aggregators market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that large enterprises benefit from their established brand value, customer base, and distribution networks to capture a larger market share. In addition, the use of data analytics and artificial intelligence help large enterprises to offer customized insurance policies and enhance customer engagement. However, the small and medium-sized enterprises segment is projected to manifest the highest CAGR of 19.3% from 2022 to 2031, as there is a growing focus on providing value-added services such as roadside assistance, vehicle maintenance, and repair services to SME customers, which has helped insurance aggregators to differentiate themselves in a highly competitive market.
The personal segment to maintain its lead position during the forecast period
Based on application, the personal segment accounted for the largest share in 2021, contributing to more than three-fourths of the global car insurance aggregators market revenue, as there is an increasing demand for personalized and affordable insurance policies, and car insurance aggregators have become the go-to solution for customers looking to compare and purchase car insurance policies online. However, the commercial segment is expected to portray the largest CAGR of 21.0% from 2022 to 2031, and is projected to maintain its lead position during the forecast period. This is owing to the fact that businesses continue to prioritize cost savings and risk management, the demand for specialized and tailored insurance solutions will likely increase, presenting further opportunities for car insurance aggregators to differentiate themselves and capture market share.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, generating more than one-third of the global car insurance aggregators market revenue, owing to the increasing use of smartphones and the internet, rising demand for online services, and growing awareness about the benefits of using aggregators to purchase car insurance policies. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.4% from 2022 to 2031, and is likely to dominate the market during the forecast period, owing to the fact that the car insurance aggregator market in Asia Pacific has seen significant growth in recent years, driven by increasing internet penetration, the rise of online sales channels, and growing demand for transparent and convenient insurance products.
Leading Market Players: -
- Comparepolicy.com
- Gabi
- Girnar Insurance Brokers Pvt. Ltd. (InsuranceDekho)
- Insurance Zebra
- Insuranks.com
- Insurify, Inc.
- Kweeder
- NerdWallet, Inc.
- Policybazaar.com
- Turtlemint
The report provides a detailed analysis of these key players in the global car insurance aggregators market. These players have adopted different strategies such as acquisition, product launch, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the car insurance aggregators market forecast from 2022 to 2031 to identify the prevailing car insurance aggregators market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the car insurance aggregators market share assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global car insurance aggregators market trends, key players, market segments, application areas, and market growth strategies.
Car Insurance Aggregators Market Report Highlights
By Insurance Type
- Others
- Third Party Liability Insurance
- Comprehensive Car Insurance
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Application
- Personal
- Commercial
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players: Insurify, Inc., Comparepolicy.com, Girnar Insurance Brokers Pvt. Ltd. (InsuranceDekho), Kweeder, The Zebra, Insuranks.com, Policybazaar, Turtlemint, NerdWallet, Inc., Gabi
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