/Freepik
Globally, the market is forecasted to register CAGR of 9.9%.
Asia-Pacific’s (APAC) commercial auto insurance industry is slated to register a compound annual growth rate (CAGR) of 3.2% from 2024 to 2032, according to Market Data Forecast.
The growth will likely be influenced by the increase in demand for new car sales from the rapid expansion of the middle-class population.
The region’s motor insurance market was estimated to have grown by 13.5% to $257.88b in 2023 from 2019.
Globally, the market is forecasted to register CAGR of 9.9% from 2024 to 2032, the report further added.
“The commercial insurance industry is predicted to rise due to increased competition amongst small and medium-sized companies and the availability of many retail insurance providers,” the report stated.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.