The commercial auto insurance market in the Asia-Pacific (APAC) region is expected to see steady growth, with a compound annual growth rate (CAGR) of 3.2% from 2024 to 2032, according to Market Data Forecast.
This growth is anticipated to be driven by a surge in demand for new vehicles, spurred by the rapid expansion of the middle-class population in the region. In 2023, APAC’s motor insurance market was valued at approximately $257.88 billion, marking a 13.5% increase since 2019.
On a global scale, the commercial auto insurance market is forecast to grow at a much faster pace, with an expected CAGR of 9.9% from 2024 to 2032.
The report highlights that the rise in the commercial insurance sector will be further fueled by increased competition among small and medium-sized businesses and the growing presence of retail insurance providers, offering more options to consumers.
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