Electric Vehicle Insurance Market Size, Share, and Forecast 2031: Rapid Expansion at 21.2% CAGR
Electric vehicle (EV) insurance is a specialized form of motor insurance designed specifically for electric cars and other electric-powered vehicles. It provides financial protection against risks such as accidents, theft, fire, vandalism, natural disasters, and third-party liabilities, while also covering EV-specific components. These include high-value lithium-ion batteries, electric motors, onboard electronics, and charging equipment, which often result in higher repair and replacement costs compared to conventional internal combustion engine vehicles. Electric Vehicle Insurance Market Size and Share The global electric vehicle insurance market is experiencing significant transformation, fueled by the rapid adoption of electric vehicles and the global transition toward sustainable transportation. The market size is expected to increase from US$ 52.3 billion in 2023 to US$ 243.5 billion by 2031 , expanding at a compound annual growth rate (CAGR) of 21.2% during...