APAC foreseen as top growth region in self-driving car insurance market

The market is projected to reach $88.1b by 2032 globally.

Asia Pacific is poised for the fastest-growing region in 2023 to 2032 in the self-driving car insurance market, driven by increasing populations and growing interest in driving technology and features. It is projected to grow at a rate of 19.0% in eight years.

However, North America leads the market, with nearly two-fifths of the revenue share in 2022.

Allied Market Research recently released a report titled "Global Self-driving Car Insurance Market," which showed that the global self-driving car insurance market generated $22b in 2022 and is projected to reach $88.1b by 2032, with a compound annual growth rate (CAGR) of 15.3%.

Key factors driving this growth include advancements in autonomous technology and increased vehicle purchases. 

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However, regulatory complexities have posed challenges to market expansion, especially amidst the COVID-19 pandemic, which impacted global activities and automotive manufacturing.

The report indicates that the personal segment dominates the market, holding three-fourths of the market share in 2022 and is expected to maintain its leadership status throughout the forecast period.

 Similarly, the third-party liability coverage segment is projected to maintain its dominance, driven by the growing number of vehicles and accidents.

In terms of distribution channels, independent agents/brokers are expected to retain their leading position, offering expertise in automotive technology. 

However, the "others" segment is anticipated to grow rapidly due to increasing partnerships among technology companies, automobile manufacturers, and corporations.