The Asia-Pacific (APAC) commercial auto insurance industry is projected to experience a 3.2% compound annual growth rate (CAGR) from 2024 to 2032, according to a report by Market Data Forecast.
This growth is anticipated to be driven by the rising demand for new car sales, fueled by the rapid expansion of the middle-class population in the region. The APAC motor insurance market saw significant growth, increasing by 13.5% to $257.88 billion in 2023 compared to 2019.
Globally, the commercial auto insurance market is forecasted to register a higher CAGR of 9.9% during the same period. The report attributes the predicted growth in the commercial insurance industry to increased competition among small and medium-sized companies and the availability of numerous retail insurance providers.
The growth in the APAC region is expected to be influenced by various factors, including the expanding middle-class population and the subsequent increase in vehicle ownership and insurance demand.
As the market continues to evolve, insurance providers are likely to face both opportunities and challenges in meeting the changing needs of their customers.
