Pune, India, March 01, 2023 (GLOBE NEWSWIRE) — The global Electric Vehicle (EV) Insurance market size was USD 40.27 billion in 2021. The market is expected to grow from USD 64.18 billion in 2022 to USD 687.62 billion by 2029 at a CAGR of 40.33% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Electric Vehicle (EV) Insurance Market, 2022-2029.”
The demand for electric vehicles is increasing rapidly due to growing fossil fuel prices, concerns regarding the environment, and government initiatives to boost EV adoption. However, electric vehicles are expensive as compared to fossil fuel powered alternatives owing to the high cost of lithium-ion batteries, which generate demand for EV insurance.
Request a Free sample PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/electric-vehicle-ev-insurance-market-107153
Market Drivers & Restraints:
Increasing awareness and easy availability of Electric Vehicle (EV) insurance are the primary factors driving the Electric Vehicle (EV) insurance market growth in the coming years. Most of the insurance companies offer car insurance for electric vehicles nowadays. Insurance providers are focusing on providing programs and policies to satisfy consumer requirements. Leading EV manufacturers such as Tesla have also started offering insurance on electric vehicles. The above-mentioned factors will stimulate market expansion in the coming years.
On the other hand, high costs of insuring EVs as compared to gas or diesel-powered vehicles will act as a challenge for businesses operating in this domain.