North America RV Insurance Market Size, Industry Analysis Report By Coverage Type (Bodily Injury and Property Damage Liability, Uninsured Motorist, Personal Injury Protection (PIP), Limited Property Damage, Property Protection, Comprehensive), By Distribution Channel (Direct Sales, Indirect Sales), Countries – Forecasts
- PUBLISHED ON
- 2024-01-08
- NO OF PAGES
- 228
- CATEGORY
- Banking & Finance
North America RV Insurance Market Analysis by insurance types, coverage type, distribution channel, Region and segments forecast till 2033
Market Overview
The North America RV Insurance Market was worth USD 16,550 million in 2022 and is expected to expand at a CAGR of 6.60%, thereby accumulating USD 22,180 million by the end of the assessment timeline.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 16,550 million |
Market Forecast in 2033 | USD 22,180 million |
CAGR % 2023-2033 | 6.60% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | United Services Automobile Association, Government Employees Insurance Company Ingersoll-Rand Plc., MetLife, Liberty Mutual, State Farm Mutual Automobile Insurance Company, Farmers Financial Solutions, LLC, National General Holding Corp., Good Sam Enterprises, LLC, RV America Insurance Marketing, Inc., Intact Insurance Company, Western Financial Group, Aviva Canada, and Allstate Corporation. |
North America RV Insurance Market- Description
RV insurance is a type of insurance policy which provides financial protection to recreational vehicle owners in the events pertaining to unfortunate scenarios including accidents, injuries, and breakdowns. It also covers the damages incurred by common risks such as theft, storms, fire, and collision. The insurance policies are generally based on the make, model, and year of a particular vehicle. Precisely, an older and smaller vehicle will cost less to insure in comparison to a newer model.
This market growth is primarily driven by rising cognizance about road safety, rapid urbanization, and increasing per capita income of the masses. Alongside, escalating demand for recreational vehicles and surging popularity of outdoor activities are adding traction to the industry development. Moreover, factors such as sudden changes in climatic conditions coupled with surge in the number of natural calamities and disasters are fueling the progression of North America RV insurance industry. However, the COVID-19 pandemic outbreak had a major impact in the progression of this industry vertical. The strict government protocols restricting unnecessary movements of people affected the sales of recreational vehicles to a massive extent. Further, the closure of manufacturing units and supply chain disruptions across various sectors impeded the market expansion.
North America RV Insurance Market-Key Trends
· Rising popularity of outdoor activities to augment market outlook
With rapid increase in the per capita income of the masses, recreational activities have gained immense popularity in North America. The presence of well-known tourist destinations and favorable tourism policies are attracting visitors from all across the globe which in turn is increasing the demand for recreational vehicles.
· Increasing awareness about road safety to aid industry expansion
There has been a rise in the occurrences of road accidents worldwide which are mainly driven by the instances of rash driving and improper road conditions. Therefore, government and private organizations across the region are taking initiatives to promote road safety habits so as to minimize the rate of road accidents. This in turn is creating lucrative opportunities for the market to prosper.
North America RV Insurance Market- Segment Analysis
By Insurance Type
• Towable RVs
o Fifth Wheel Insurance
o Travel Trailer Insurance
o Truck Camper Insurance
o Pop-up Trailer Insurance
• Motorized RVs
o Class A RV Insurance
o Class B RV Insurance
o Class C RV Insurance
By Coverage Type
• Bodily Injury and Property Damage Liability
• Uninsured Motorist
• Personal Injury Protection (PIP)
• Limited Property Damage
• Property Protection
• Comprehensive
• Others
The bodily injury and property damage liability segment is anticipated to grow considerably over the stipulated timeline ascribing to the surging prevalence of road accidents.
By Distribution Channel
• Direct Sales
• Indirect Sales (Agents, Brokers, Others)
The report further entails a scrutiny of the mentioned segments and sub segments to determine the accurate size and scope of this market sphere.
North America RV Insurance Market- Geographical Landscape
The U.S., Canada, and Mexico are the major countries defining the geographical ambit of this market place. The U.S. is anticipated to amplify with a substantial CAGR attributing to the rising sales of RVs, growing economy, increase in per capita income, and prompt urbanization. Moreover, the attractiveness of the nation as an investment destination attracts a vast population of immigrants which in turn has boosted the overall market growth.
North America RV Insurance Market: Recent Developments
· In January 2021, Allstate announced its acquisition of National General Holdings Corp., a specialty personal lines insurance holding company that includes RV insurance among its products. The acquisition is expected to expand Allstate's presence in the RV insurance market.
· In October 2020, Progressive Insurance announced the launch of several new products for the RV market, including a Total Loss Replacement option for RVs up to five years old and a Full Timer's Personal Liability option for full-time RVers. The new products are aimed at meeting the evolving needs of RV owners.
· In August 2020, GEICO announced new discounts on RV insurance for policyholders who take approved safety courses or who own an RV with certain safety features. The discounts are aimed at promoting safe driving and reducing the risk of accidents among RV owners.
· In June 2020, Good Sam Insurance Agency announced the launch of a new RV insurance policy that includes coverage for personal belongings, pet injuries, and emergency expenses. The policy is aimed at providing comprehensive coverage for RV owners.
· In March 2020, Winnebago Industries, a leading RV manufacturer, announced the launch of a new insurance program that provides coverage for Winnebago RVs and motorhomes. The program is designed to provide peace of mind for RV owners and streamline the insurance process.
North America RV Insurance Market: Key Companies
· United Services Automobile Association
· Ingersoll-Rand Plc.
· MetLife
· Liberty Mutual
· State Farm Mutual Automobile Insurance Company
· Farmers Financial Solutions, LLC
· National General Holding Corp.
· Good Sam Enterprises, LLC
· RV America Insurance Marketing, Inc.
· Intact Insurance Company
· Western Financial Group
· Aviva Canada
· Allstate Corporation
· Others
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1. North America RV Insurance Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. North America RV Insurance Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. North America RV Insurance Market Scope and Market Estimation
1.4.1. North America RV Insurance Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. North America RV Insurance Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. North America RV Insurance Market Segmentation
1.5.1. Insurance Type of North America RV Insurance Market
1.5.2. Coverage of North America RV Insurance Market
1.5.3. Distribution Channel of North America RV Insurance Market
1.5.4. Key Country of North America RV Insurance Market
2. North America RV Insurance Market - Executive Summary
2.1. North America RV Insurance Market – Summary & Snapshot
2.2. North America RV Insurance Market, By Insurance Type (US$ Million)
2.3. North America RV Insurance Market, By Coverage (US$ Million)
2.4. North America RV Insurance Market, By Distribution Channel (US$ Million)
2.5. North America RV Insurance Market, By Country (US$ Million)
2.6. North America RV Insurance Market Outlook & Future Opportunities
3. North America RV Insurance Market Trends, Outlook, and Factors Analysis
3.1. North America RV Insurance Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on North America RV Insurance Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. North America RV Insurance Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increase in the number of Recreational Vehicle sales across the Canada.
3.2.1.2. Mandatory requirement of insurance fueling the demand, owing to urbanization and high disposable income people are buying recreational vehicles
3.2.2. Restraints
3.2.2.1. Complications in claiming reimbursement may act as a major restraint for market growth
3.2.3. Opportunities
3.2.3.1. In Growing RV sales expected to open lucrative opportunities for RV insurance market.
3.2.3.2. A trend towards online policy purchase
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of North America RV Insurance Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of North America RV Insurance Market
3.9.1. By Insurance Type
3.9.2. By Coverage
3.9.3. By Distribution Channel
3.9.4. By Country
4. North America RV Insurance Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. North America RV Insurance Market, 2020 – 2021 (US$ Million)
4.2. North America RV Insurance Market, By Insurance Type, 2020 to 2021 (US$ Million)
4.3. North America RV Insurance Market, By Coverage, 2020 to 2021 (US$ Million)
4.4. North America RV Insurance Market, By Distribution Channel, 2020 to 2021 (US$ Million)
4.5. North America RV Insurance Market, By Country, 2020 to 2021 (US$ Million)
5. North America RV Insurance Market Estimates & Forecast Trend Analysis, by Insurance Type
5.1. North America RV Insurance Market Share (%) Estimates and Forecasts, by Insurance Type, 2022 & 2033
5.2. North America RV Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Insurance Type, 2022 to 2033
5.2.1. Towable RVs
5.2.1.1. Fifth Wheel Insurance
5.2.1.2. Travel Trailer Insurance
5.2.1.3. Truck Camper Insurance
5.2.1.4. Pop-up Trailer Insurance
5.2.2. Motorized RVs
5.2.2.1. Class A RV Insurance
5.2.2.2. Class B RV Insurance
5.2.2.3. Class C RV Insurance
5.2.2.4. Medium Duty Truck Insurance
6. North America RV Insurance Market Estimates & Forecast Trend Analysis, by Coverage
6.1. North America RV Insurance Market Share (%) Estimates and Forecasts, by Coverage, 2022 & 2033
6.2. North America RV Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Coverage, 2022 to 2033
6.2.1. Bodily Injury and Property Damage Liability
6.2.2. Uninsured Motorist
6.2.3. Personal Injury Protection (PIP)
6.2.4. Limited Property Damage
6.2.5. Property Protection
6.2.6. Comprehensive
6.2.7. Collision
6.2.8. Others
7. North America RV Insurance Market Estimates & Forecast Trend Analysis, by Distribution Channel
7.1. North America RV Insurance Market Share (%) Estimates and Forecasts, by Distribution Channel, 2022 & 2033
7.2. North America RV Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Distribution Channel, 2022 to 2033
7.2.1. Direct Sales
7.2.2. Indirect Sales (Agents, Brokers, Others)
8. North America RV Insurance Market Analysis and Forecast, by Country
8.1. North America RV Insurance Market Share (%) Estimates and Forecasts, by Country, 2022 & 2033
8.2. North America RV Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Country, 2022 to 2033
8.2.1. United States
8.2.2. Canada
9. United States RV Insurance Market Analysis and Forecast, by Country
9.1. United States RV Insurance Market Share (%) Estimates and Forecasts, by Country, 2022 & 2033
9.2. United States RV Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Country, 2022 to 2033
9.2.1. By Insurance Type
9.2.2. By Coverage
9.2.3. By Distribution Channel
10. Canada RV Insurance Market Analysis and Forecast, by Country
10.1. Canada RV Insurance Market Share (%) Estimates and Forecasts, by Country, 2022 & 2033
10.2. Canada RV Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Country, 2022 to 2033
10.2.1. By Insurance Type
10.2.2. By Coverage
10.2.3. By Distribution Channel
11. Competitive Landscape
11.1. North America RV Insurance Market Revenue Share Analysis (%), by Major Players (2021)
11.2. North America RV Insurance Market Competition Matrix, by Leading Players
11.3. North America RV Insurance List of Emerging, Prominent and Leading Players
11.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
12. Company Profiles
12.1. National General
12.1.1. Company Overview & Insights
12.1.2. Financial Performance
12.1.3. Product / Service Portfolio
12.1.4. Geographical Footprint & Share
12.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
12.2. Good Sam
12.3. RV America Insurance
12.4. Intact Insurance
12.5. Western Financial Group
12.6. Aviva plc
12.7. Allstate Insurance Company
12.8. USAA
12.9. GEICO
12.10. MetLife
12.11. Liberty Mutual
12.12. State Farm
12.13. Shelter Insurance
12.14. Farmers Financial Solutions, LLC
12.15. Others
13. Assumptions and Research Methodology
13.1. Data Mining
13.2. Secondary Research
13.3. Primary Research
13.4. Subject Matter Expert Advice
13.5. Quality Check
13.6. Final Review
13.7. Data Triangulation
13.8. Bottom-Up Approach
13.9. Top Down Approach
13.10. Research Flow
13.11. Key Insights from Industry Experts
13.12. Data Sources
13.13. Assumptions
13.14. Limitations
14. Conclusions and Recommendations
14.1. Key Research Findings and Conclusion
14.2. Key Insights & Recommendations from Analysts
Quality Assurance Process
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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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- Assign a senior SR executive as QA Executive
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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