The electric vehicle (EV) insurance market is predicted to skyrocket over the next decade, according to a report by Market Research Future.
The EV industry is projected to grow from $93.94 billion in 2025 to $555.03 billion by 2034 at a compound annual growth rate (CAGR) of 21.8%, the data showed, attributed to increasing demand for convenient and eco-friendly transportation options and a global shift towards sustainability and reduced carbon emissions.
“As more consumers embrace EVs, driven by environmental consciousness, government incentives, and technological advancements, the demand for specialized insurance products tailored to the unique needs of electric vehicle owners is experiencing rapid growth,” Market Research Future said in the report. “Electric vehicles present distinct coverage needs, such as battery replacement costs and charging infrastructure damage, prompting the development of insurance policies designed to address these specific risks.”
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Joe Toppe
Joe Toppe serves as managing editor of PropertyCasualty360.com. Joe is also a father of three, an author, and longtime lover of baseball.
