The car insurance aggregators market has grown rapidly, increasing from $4.19 billion in 2023 to $4.87 billion in 2024, reflecting a compound annual growth rate (CAGR) of 16.3%. This growth is due to rising vehicle ownership, increased internet penetration, growing insurance awareness, higher disposable income, and urbanization. The market is expected to grow to $7.72 billion by 2028, at a CAGR of 12.2%. The forecast growth is driven by rising electric vehicle sales, increased usage of telematics, enhanced customer experience, smart city initiatives, and government incentives for insurance. Major trends in the forecast period include usage-based insurance models, blockchain for data security, advancements in AI and machine learning, partnerships with automakers, and integration with smart devices.
Global Car Insurance Aggregators Market Key Driver
The rising car sales are expected to drive the growth of the car insurance aggregator market. Car sales, which refer to the total number of vehicles sold in a specific period, are increasing due to factors like consumer demand, economic growth, technological advancements, attractive financing options, and government incentives. Car insurance aggregators facilitate this rise by simplifying the insurance buying process, offering competitive pricing, and enhancing consumer confidence in vehicle purchases. For instance, in April 2024, data from the International Energy Agency revealed that nearly 14 million new electric cars were registered globally in 2023, bringing the total to 40 million and representing a 35% year-on-year increase with 3.5 million more sales than in 2022, closely aligning with the 2023 Global EV Outlook forecast. Thus, rising car sales are propelling the car insurance aggregator market forward.
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Global Car Insurance Aggregators Market Segments
The car insurance aggregators market covered in this report is segmented –
1) By Insurance: Third Party Liability Insurance, Comprehensive Car Insurance, Other Insurances
2) By Enterprise: Large Enterprises, Small And Medium-Sized Enterprises
3) By Application: Personal, Commercial
By Geography:The regions covered in the car insurance aggregators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the car insurance aggregator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Car Insurance Aggregators Industry Players
United India Insurance Co. Ltd., Reliance General Insurance, Direct Line Group, ICICI Lombard, IFFCO Tokio General Insurance Co. Ltd., Universal Sompo General Insurance Co. Ltd., Future Generali India Insurance Company Ltd., Nerdwallet, Go Digit General Insurance Ltd., Royal Sundaram General Insurance Co. Limited, Root Insurance Company, Turtlemint, Bajaj Allianz General Insurance, Chill Insurance, Cholamandalam MS General Insurance Co. Ltd., Gabi Personal Insurance Agency Inc., Insurify Inc., The Oriental Insurance Company Ltd., Comparepolicy.com, HDFC ERGO General Insurance, A-Plan Group, TATA AIG General Insurance Company Limited
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Car Insurance Aggregators Market Overview
A car insurance aggregator is an online platform that allows users to compare car insurance policies from multiple providers in one place. These websites or apps gather information on various insurance options, presenting quotes and coverage details side by side. The purpose of a car insurance aggregator is to help consumers make informed decisions by easily comparing prices, coverage options, and customer reviews, ultimately finding the best insurance policy to meet their needs.
Car Insurance Aggregators Global Market Report 2023 provides data on the global car insurance aggregators market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The car insurance aggregators market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
