Kathmandu. The commercial vehicle insurance sector in the Asia-Pacific region is projected to grow at a compound annual growth rate (CAGR) of 3.2 per cent. Such a CAGR will be from 2024 to 2032, according to market data.
The size of the commercial vehicle insurance market is also increasing with the increase in the trend of middle-class families buying new cars in the Asia Pacific region. Vehicle insurance business in the region stood at $257.88 billion in 2023. Which is an increase of 13.5 percent compared to 2019.
The size of the global vehicle insurance market is projected to grow at a CAGR of 9.9 per cent from 2024 to 2032.
