Global Bicycle Insurance Market Major Players 2024, Forecast To 2033
12 Nov, 2024
The bicycle insurance market has seen rapid growth, projected to increase from $63.08 billion in 2023 to $69.48 billion in 2024 at a CAGR of 10.1%. Key growth factors include a rise in bicycle usage, increased accident risk, more cycle riders, the popularity of adventure sports, and greater awareness of cycling benefits. The bicycle insurance market is projected to experience rapid growth, reaching $102.83 billion by 2028, with a CAGR of 10.3%. Growth factors include the popularity of multi-modal transportation, increasing e-bike adoption, traffic congestion, rising health-conscious and environmentally friendly populations, and rising crude oil prices. Trends include technological development, digital integration, government initiatives, customizable coverage plans, and environmental discounts.
Major Driver In The Bicycle Insurance Market
The expansion of the food and beverage industry is expected to boost the growth of the berry market. The global food and beverage industry is experiencing rapid growth due to population increases, urbanization, changing dietary preferences, and rising demand for convenient food options. Berries are increasingly popular for their natural sweetness, vibrant colors, and nutritional benefits, making them a sought-after ingredient in smoothies, juices, snacks, and desserts. According to the Department for Environment, Food & Rural Affairs, the Gross Value Added (GVA) of the food chain, excluding agriculture and fishing, reached $177.27 billion in 2022, reflecting a 15.4% growth from the previous year. The expansion of the food and beverage industry is expected to contribute to the berry market's growth, which was valued at $4.2 billion in 2023 and is projected to reach $5.0 billion by 2024, growing to $8.0 billion by 2028.
Request A Free Sample Of The Bicycle Insurance Market ReportBicycle Insurance Market Competitive Landscape
Allianz SE, Progressive Corporation, Zurich Insurance Group Ltd., Chubb, Liberty Mutual Insurance, GEICO, Aviva Plc, Farmers Insurance Group, QBE Insurance Group Limited, Markel Group Inc., Suncorp Bank, Hiscox Ltd., Direct Line Insurance Group plc, HDFC Ergo General Insurance Company Limited, Admiral Group plc, Axa SA, Laka Ltd., Bikmo UK, Qover SA, BTA Baltic Insurance Company, AAS, Yellow Jersey LLP, Pedal Cover, Velosurance, Symbo Southasia Enterprises Pvt. Ltd
Key Bicycle Insurance Market Trend
Companies in the bicycle insurance market are innovating to enhance customer experience and address cyclists' specific coverage needs. In July 2024, Laka Ltd. launched a bicycle insurance plan in France offering theft protection, accidental damage coverage, roadside assistance, and race/travel insurance. This move expands Laka’s reach in the European market, promoting green mobility initiatives while catering to cyclists’ evolving needs.
Purchase The Global Bicycle Insurance Market Report Directly And Get A Swift DeliveryGlobal Bicycle Insurance Market Segmentation
The bicycle insurance market covered in this report is segmented –
1) By Type: Third-Party Insurance Policy, Standalone Own-Damage Insurance Policy, Comprehensive Insurance Policy
2) By Platform: Online, Offline
3) By Coverage: Injury, Sickness, Death, Other Coverages
4) By Distribution Channel: Insurance Agents Or Brokers, Direct Response, Banks, Other Distribution Channels
5) By Application: Pedal Cycle, Exercise Cycle, Other Applications
By Geography:The regions covered in the bicycle insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the bicycle insurance market in 2023.
The Bicycle Insurance Global Market Report 2024 furnishes information about the global bicycle insurance market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.