The Guaranteed Auto Protection (GAP) Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Guaranteed Auto Protection (GAP) Insurance Global Market Report 2024, The guaranteed auto protection (gap) insurance market size has grown rapidly in recent years. It will grow from $3.61 billion in 2023 to $3.99 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increase in demand for transportation, rise in vehicle sales, increased income levels, .
The guaranteed auto protection (gap) insurance market size is expected to see strong growth in the next few years. It will grow to $5.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to expansion of online insurance marketplaces, focus on personalized insurance solutions, growth of alternative financing options, expansion into emerging markets. Major trends in the forecast period include adoption of telematics and usage-based insurance (ubi), integration of ai and ml, introduction of digital platforms, collaborations by key players.
Increasing vehicle sales is significantly contributing to the growth of the guaranteed auto protection (GAP) insurance market going forward. Vehicle sales are increasing mainly due to increasing demand for transportation, customer preference for vehicles as a lifestyle product, increasing income levels, and others. Guaranteed auto protection (GAP) insurance helps users by paying the difference between what a vehicle is currently worth (which the regular insurance will pay) and the amount a person really owes on it in the case of an accident in which they severely damage or total the vehicle. For instance, in June 2023, According to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK are expected to rise by 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Furthermore, in 2022, according to reports shared by the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the sales of passenger vehicles across the globe increased from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the increase in vehicle sales is driving the growth of the guaranteed auto protection (GAP) insurance market.
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The guaranteed auto protection (gap) insurance market covered in this report is segmented –
1) By Type: Return-To-Invoice GAP Insurance, Finance GAP Insurance, Vehicle Replacement GAP Insurance, Return-To-Value GAP Insurance, Other Types
2) By Distribution Channel: Agents And Brokers, Direct Response, Other Distribution Channels
3) By Application: Passenger Vehicle, Commercial Vehicle
4) By End-User: Individuals, Corporates
Product innovation is the key trend gaining popularity in the guaranteed auto protection (GAP) insurance market. Major companies operating in the guaranteed auto protection (GAP) insurance market are developing innovative auto insurance products and services for vehicles to sustain their position in the market. For instance, in April 2021, AXA Affin General Insurance, a Malaysia-based general insurance company, launched Guaranteed Asset Protection – Return to Insured Value (GAP-RTIV), a plan that safeguards a car’s complete worth in the event of a total loss scenario. With this product, the company enhanced its product offering, with a purpose to safeguard car owners from such unexpected setbacks so they don’t have to bear the financial load of covering the vehicle’s uninsured outstanding value but can instead quickly recover and buy a new replacement vehicle. It is accessible for cars with a maximum age of five years through a single upfront payment. Following the resolution of the comprehensive vehicle insurance claim and the owner’s submission of the necessary paperwork, the company will swiftly settle the GAP-RTIV claim.
The guaranteed auto protection (gap) insurance market report table of contents includes:
1. Executive Summary
2. Guaranteed Auto Protection (GAP) Insurance Market Characteristics
3. Guaranteed Auto Protection (GAP) Insurance Market Trends And Strategies
4.Guaranteed Auto Protection (GAP) Insurance Impact Of COVID-19
5.Guaranteed Auto Protection (GAP) Insurance Market Size And Growth
6.Guaranteed Auto Protection (GAP) Insurance Segmentation
7. Guaranteed Auto Protection (GAP) Insurance Regional And Country Analysis
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27. Guaranteed Auto Protection (GAP) Insurance Competitive Landscape And Company Profiles
28. Guaranteed Auto Protection (GAP) Insurance Key Mergers And Acquisitions
29.Guaranteed Auto Protection (GAP) Insurance Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Berkshire Hathaway Inc.
- Axa S.A.
- State Farm Mutual Automobile Insurance Company
- Nationwide Mutual Insurance Company
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