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The global Commercial Truck Insurance market size was valued at USD 121558.66 Million in 2022 and will reach USD 195701.45 Million in 2028, with a CAGR of 8.26% during 2022-2028.
Commercial truck insurance is a type of insurance that specifically covers trucks or large vehicles used for business purposes. Commercial truck insurance typically provides coverage for damages caused to the truck and liability in the event that the truck causes injuries or property damage, and policies exist that cover lost or damaged cargo. For trucking businesses, businesses with trucks, or independent truck drivers, commercial truck insurance is a tailored policy that addresses trucking risks.
As the trucking industry grows, so does the need for commercial truck insurance, and as technology advances, the commercial truck insurance industry is undergoing technological change. In the past, commercial truck insurance was a cumbersome and time-consuming process, with insurers relying heavily on manual processes to provide insurance policies for commercial trucking companies, an approach that was not only inefficient but also error-prone, resulting in inaccurate premiums, policy coverage, and claims management. With the advancement of technology, such as big data analysis, artificial intelligence, Internet of Things and other technologies, making the industry more efficient, accurate and cost-effective.
1 Drivers
1.1 Product advantages and policy support.
1.2 Global truck freight market developments drive commercial truck insurance.
1.3 New energy trucks bring new opportunities to the commercial truck insurance market.
2 Challenges
2.1 Commercial truck insurance has high operating costs and risks.
2.2 Commercial Truck Insurance Faces Legal and Compliance Risks.
2.3 Market competition is becoming increasingly fierce.
Region Overview:
Europe was the largest revenue market with a market share of 31.84% in 2017 and 30.09% in 2022, a decrease of 1.76%. In 2022, United States market share was 26.93%, ranking second.
Company Overview:
Commercial Truck Insurance companies are mainly from Europe and United States; the industry concentrate rate is low. The market share of the top three companies in 2021 was 14.51%. The top three companies are Zurich Insurance Group, Progressive Corporation and Assicurazioni Generali, with the revenue market share of 6.18%, 4.82% and 3.51% in 2021.
Segmentation Overview:
Compulsory Insurance
Compulsory insurance is any type of insurance an individual or business is legally required to buy.
Optional Insurance
Optional insurance is not mandatory, and there are many types, including third party liability insurance and some additional insurance types.
Among different product types, Compulsory Insurance segment is anticipated to contribute the largest market share in 2027.
Application Overview:
Semi-trailer Truck
Commercial truck insurance can be divided into semi-trailer trucks, dump trucks, tank trucks and other commercial trucks according to the type of truck applied.
A semi-trailer truck, also known as a semitruck, is the combination of a tractor unit and one or more semi-trailers to carry freight.
Dump Truck
A dump truck is used for transporting materials (such as dirt, gravel, or demolition waste) for construction as well as coal.
Tank Truck
A tank truck is a motor vehicle designed to carry liquids or gases on roads. Many variants exist due to the wide variety of liquids that can be transported.
By type, Semi-trailer Truck segment accounted for the largest share of market in 2021.
The Commercial Truck Insurance market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global Commercial Truck Insurance market covered in Chapter 4:
Nationwide Insurance
Axa S.A.
Liberty Mutual Group
Sompo Holdings, Inc.
Progressive Corporation
Zurich Insurance Group
Berkshire Hathaway
Assicurazioni Generali
Travelers Group
Chubb
In Chapter 12 and Chapter 14.1, on the basis of types, the Commercial Truck Insurance market from 2018 to 2028 is primarily split into:
Compulsory Insurance
Optional Insurance
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the Commercial Truck Insurance market from 2018 to 2028 covers:
Semi-trailer Truck
Dump Truck
Tank Truck
Other
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the Commercial Truck Insurance market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the Commercial Truck Insurance market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides Commercial Truck Insurance industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts Commercial Truck Insurance industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the Commercial Truck Insurance market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight Commercial Truck Insurance market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the Commercial Truck Insurance market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the Commercial Truck Insurance market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
2022
Commercial truck insurance is a type of insurance that specifically covers trucks or large vehicles used for business purposes. Commercial truck insurance typically provides coverage for damages caused to the truck and liability in the event that the truck causes injuries or property damage, and policies exist that cover lost or damaged cargo. For trucking businesses, businesses with trucks, or independent truck drivers, commercial truck insurance is a tailored policy that addresses trucking risks.
As the trucking industry grows, so does the need for commercial truck insurance, and as technology advances, the commercial truck insurance industry is undergoing technological change. In the past, commercial truck insurance was a cumbersome and time-consuming process, with insurers relying heavily on manual processes to provide insurance policies for commercial trucking companies, an approach that was not only inefficient but also error-prone, resulting in inaccurate premiums, policy coverage, and claims management. With the advancement of technology, such as big data analysis, artificial intelligence, Internet of Things and other technologies, making the industry more efficient, accurate and cost-effective.
1 Drivers
1.1 Product advantages and policy support.
1.2 Global truck freight market developments drive commercial truck insurance.
1.3 New energy trucks bring new opportunities to the commercial truck insurance market.
2 Challenges
2.1 Commercial truck insurance has high operating costs and risks.
2.2 Commercial Truck Insurance Faces Legal and Compliance Risks.
2.3 Market competition is becoming increasingly fierce.
Region Overview:
Europe was the largest revenue market with a market share of 31.84% in 2017 and 30.09% in 2022, a decrease of 1.76%. In 2022, United States market share was 26.93%, ranking second.
Company Overview:
Commercial Truck Insurance companies are mainly from Europe and United States; the industry concentrate rate is low. The market share of the top three companies in 2021 was 14.51%. The top three companies are Zurich Insurance Group, Progressive Corporation and Assicurazioni Generali, with the revenue market share of 6.18%, 4.82% and 3.51% in 2021.
Segmentation Overview:
Compulsory Insurance
Compulsory insurance is any type of insurance an individual or business is legally required to buy.
Optional Insurance
Optional insurance is not mandatory, and there are many types, including third party liability insurance and some additional insurance types.
Among different product types, Compulsory Insurance segment is anticipated to contribute the largest market share in 2027.
Application Overview:
Semi-trailer Truck
Commercial truck insurance can be divided into semi-trailer trucks, dump trucks, tank trucks and other commercial trucks according to the type of truck applied.
A semi-trailer truck, also known as a semitruck, is the combination of a tractor unit and one or more semi-trailers to carry freight.
Dump Truck
A dump truck is used for transporting materials (such as dirt, gravel, or demolition waste) for construction as well as coal.
Tank Truck
A tank truck is a motor vehicle designed to carry liquids or gases on roads. Many variants exist due to the wide variety of liquids that can be transported.
By type, Semi-trailer Truck segment accounted for the largest share of market in 2021.
The Commercial Truck Insurance market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
Meticulous research and analysis were conducted during the preparation process of the report. The qualitative and quantitative data were gained and verified through primary and secondary sources, which include but not limited to Magazines, Press Releases, Paid Databases, Maia Data Center, National Customs, Annual Reports, Public Databases, Expert interviews, etc. Besides, primary sources include extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs, and marketing executives, downstream distributors, as well as end-clients.
In this report, the historical period starts from 2018 to 2022, and the forecast period ranges from 2023 to 2028. The facts and data are demonstrated by tables, graphs, pie charts, and other pictorial representations, which enhances the effective visual representation and decision-making capabilities for business strategy.
Key Companies in the global Commercial Truck Insurance market covered in Chapter 4:
Nationwide Insurance
Axa S.A.
Liberty Mutual Group
Sompo Holdings, Inc.
Progressive Corporation
Zurich Insurance Group
Berkshire Hathaway
Assicurazioni Generali
Travelers Group
Chubb
In Chapter 12 and Chapter 14.1, on the basis of types, the Commercial Truck Insurance market from 2018 to 2028 is primarily split into:
Compulsory Insurance
Optional Insurance
In Chapter 13 and Chapter 14.2, on the basis of the Downstream Industry, the Commercial Truck Insurance market from 2018 to 2028 covers:
Semi-trailer Truck
Dump Truck
Tank Truck
Other
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, history and forecast (2018-2028) of the following regions are covered in Chapters 6, 7, 8, 9, 10, 11, 15:
North America (United States, Canada, Mexico)
Europe (Germany, United Kingdom, France, Italy, Spain)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina)
Middle East & Africa (Saudi Arabia, UAE, South Africa)
Outline:
Chapter 1 begins with the Commercial Truck Insurance market scope and definition, product segment introduction, global overall market size, as well as market dynamics scenarios such as opportunities, challenges, and industry development trends under inflation. It offers a high-level view of the current state of the Commercial Truck Insurance market and its likely evolution in the short to mid-term and long term.
Chapter 2 provides Commercial Truck Insurance industry chain analysis, covering raw materials analysis, cost structure, price estimate, and forecast, along with price-impacting factors, downstream channels, and major customers. It aims to help readers to grab insights into product upstream, midstream, and downstream fields.
Chapter 3 depicts Commercial Truck Insurance industry competitive analysis regarding market concentration rate, saturation rate, feasibility analysis from new entrants, as well as substitute's status and trends. It indicates the developing space and prospects of the current industry.
Chapter 4 analyzes extensive company profiles, comprising company basic info, product or service profiles, and sales, price, value, gross, and gross margin 2018-2023. It incorporates the Commercial Truck Insurance market ranking, benchmarks, and company business portfolio.
Chapter 5 presents trade statistics of import and export volume from 2018-2023, demonstrating domestic and international market comparisons in specific countries.
Chapters 6-10 highlight Commercial Truck Insurance market status at the regional and country levels, including 5 major regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The region and country list in the sample is only for reference, and it can be adjusted as required.
Chapter 11 involves geographical market figures of sales, value, market share, and growth rate. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of each specific region.
Chapters 12-13 evaluate the Commercial Truck Insurance market based on different types and applications. It focuses on sales and value of 2018-2023 from both vertical and horizontal perspectives.
Chapters 14-15 elaborate on the Commercial Truck Insurance market forecast data from 2023-2028, segmented by types and applications, regions, and major countries, helping readers to know future aspects and growth trends.
Chapter 16 ends with an elaboration of data sources and research methodology. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
