Kathmandu. The global commercial car insurance market is expected to reach $151.98 billion by 2025. This will be achieved at a Compound Annual Growth Rate of 7.4 percent. In 2024, the market was valued at $141.52 billion.
According to The Business Research Company, increasing urban freight transport, increasing use of heavy diesel vehicles, demand for long-distance transportation, driver shortages and increasing reliance on third-party logistics providers are driving this growth. The commercial vehicle market is expected to grow at an annual rate of 7 percent to reach $199.46 billion by 2029, according to the company.
Adoption of electric commercial vehicles, widespread use of telematics in insurance, high insurance technology investment, real-time risk assessment, and demand for customized coverage for autonomous vehicles will drive this expansion. Advances are also being made in premium models linked, including AI-based risk assessment, blockchain for claim processing, and telematics.
North America was the largest market in 2024. Asia Pacific is projected to be the fastest-growing region in 2025.
