India Motor Insurance Market Size, Share, Growth, Trends 2032
The packaging industry in North India has been one of the major markets adopting Motor Insurance due to the extensive availability of companies offering packaging solutions and services associated with them. Additionally, the region is also home to various food & beverages, automotive, pharmaceutical, and electronic goods manufacturing units that have assisted the growth of Motor Insurance in the region. According to the UnivDatos Market Insights Analysis, growing investments in the Motor Insurance solutions for improving sustainable transportation solutions, the sector will surge in demand for the India Motor Insurance market, which will drive the growth scenario of the “India Motor Insurance Market” report; the India market was valued at USD 12.15 Billion in 2023, growing at a CAGR of 6.31 % during the forecast period from 2024 - 2032.
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Motor Insurance Market Overview in North India:
North India holds a sizeable market share in motor insurance. One of the factors attributing to the growth of the north India region is the high sales of automobiles in the previous years. The region comprises states such as Uttar Pradesh, New Delhi, Punjab, Haryana, Jammu & Kashmir, etc., which have sizeable populations as well as have witnessed incessant growth in vehicle ownership in recent years. According to the Society of India Automotive Manufacturers (SIAM), Uttar Pradesh, New Delhi, and Haryana had 10.04%, 5.94%, and 6.60% share in car sales in 2023 in India. A similar trend was seen while observing two-wheeler sales with 14.35%, 2.5%, and 2.89% sales in a similar period.
With the high sales of automobiles in the North India region, it is anticipated the demand for motor insurance is further anticipated to rise in the coming year, i.e., 2024-2032.
There have been major implications due to the expansion of automobile sales due to rise of sustainable transportation needs. E-rickshaw is one of the fastest growing segments, which has received a sizeable growth due to the government’s FAME II scheme offering incentives to the buyers on the purchase of new e-rickshaws. These e-rickshaws have significantly reduced the conventional fuel three-wheelers across the country which has opened a whole new set of consumer base of general insurance companies in India.
Growing Demand and Industry Trends:
The electric vehicle is a rising segment due to the growing focus of the customers towards sustainability. Electric cars offer various advantages over internal conventional fuel vehicles, such as lower operational costs over the long term, no tailpipe emission, etc. As electric vehicle sales in both the two-wheeler and four-wheeler categories have been witnessing higher sales, the demand for motor insurance is anticipated to rise in the coming years. As per the sales data for automobiles, the total sales of electric vehicles in 2023 accounted for 1.53 million, which is a 50% jump from 2022.
Additionally, the government initiatives offering free road tax in many of the states have further promoted the sales of electric vehicles in cars, two-wheelers, and e-rickshaw categories, which would contribute to a higher number of motor insurance markets in India.
Considering the rise of automotive in the electric vehicle category, the demand for motor insurance in the respective segment will grow further in the coming years, i.e., 2024-2032.
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Conclusion:
In conclusion, the North India Motor Insurance market reflects a dynamic and evolving landscape supported by government investment, industry collaboration, and technological innovation. As the region continues strengthening its packaging industry and its effectiveness through investment increase, regulatory frameworks, and strategic partnerships, it is well-positioned to navigate challenges and capitalize on emerging opportunities in the packaging industry.
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