Bicycle Insurance Market Report 2024

This Bicycle Insurance market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The bicycle insurance market size has grown rapidly in recent years. It will grow from $63.08 billion in 2023 to $69.48 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth observed during the historical period can be attributed to a rise in bicycle usage, an increase in the risk of accidents, a surge in the number of cyclists, the growing popularity of adventure sports, and heightened awareness of the benefits associated with cycling.

The bicycle insurance market size is expected to see rapid growth in the next few years. It will grow to $102.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth during the forecast period can be attributed to the increasing popularity of multi-modal transportation, a rise in the adoption of e-bikes, escalating traffic congestion, a growing health-conscious and environmentally aware population, and rising crude oil prices. Key trends expected in this period include advancements in technology, digital integration in the claims process, government initiatives, customizable coverage plans, and discounts focused on environmental sustainability.

The rising incidence of bicycle-related accidents is anticipated to drive the growth of the bicycle insurance market in the coming years. Bicycle-related accidents refer to events in which cyclists are involved in collisions or crashes. These incidents arise from various factors, including infrastructure issues, inadequate safety education, driver awareness, and distractions. Bicycle insurance provides users with coverage for repair costs, medical expenses, and liability for damages in the event of an accident, offering both financial support and peace of mind. For example, the National Coalition for Safety Roadways, a US-based organization, reported in September 2023 that approximately 850 cyclists lost their lives in collisions with cars and trucks in 2022, which represents a 12% increase compared to the previous year. Consequently, the growing number of bicycle-related accidents is a key driver of the bicycle insurance market.

Leading companies in the bicycle insurance market are concentrating on developing innovative insurance services to improve customer experience and cater to specific coverage needs for cyclists. Innovative insurance services encompass customized, technology-driven policies that provide flexible coverage, real-time claims processing, and tailored protection for individual customer requirements. For instance, in July 2024, Laka Ltd, a UK-based insurance provider, launched bicycle insurance in France, offering comprehensive coverage options tailored specifically for cyclists. This new plan includes theft protection, accidental damage coverage, roadside assistance, and insurance for races and travel. This launch represents a significant step in Laka's strategy to enhance its presence in the European cycling market while supporting green mobility initiatives.

In September 2024, Laka Ltd., a UK-based insurance company that specializes in bicycle insurance, acquired the renewal rights of CoverCloud for an undisclosed amount. This acquisition strengthens Laka's position as a leading bicycle insurer in the UK, providing CoverCloud's existing customers with access to its community-driven insurance model while expanding its footprint across Europe. CoverCloud is a UK-based insurance firm that specializes in offering bicycle insurance solutions.

Major companies operating in the bicycle insurance market are Allianz SE, Progressive Corporation, Zurich Insurance Group Ltd, Chubb, Liberty Mutual Insurance, GEICO, Aviva Plc, Farmers Insurance Group, QBE Insurance Group Limited, Markel Group Inc., Suncorp Bank, Hiscox Ltd, Direct Line Insurance Group plc, HDFC Ergo General Insurance Company Limited, Admiral Group plc, Axa SA, Laka Ltd., Bikmo UK, Qover SA, BTA Baltic Insurance Company, AAS, Yellow Jersey LLP, Pedal Cover, Velosurance, Symbo Southasia Enterprises Pvt. Ltd.

North America was the largest region in the bicycle insurance market in 2023. The regions covered in the bicycle insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the bicycle insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bicycle insurance offers coverage for damage to or theft of your bike, as well as liability for injuries or damages you may cause to others while riding. This insurance can also protect accessories and gear, as well as cover bike repairs. Policies can vary significantly, catering to both recreational and high-value bicycles.

The primary types of bicycle insurance include third-party insurance policies, standalone own-damage insurance policies, and comprehensive insurance policies. A third-party insurance policy provides coverage for damages or injuries that the insured causes to a third party, but it does not cover the insured's own losses or damages. This type of insurance is available through various platforms, both online and offline, and it can cover injuries, illnesses, death, and more. It is distributed by insurance agents or brokers, through direct response methods, banks, and other channels, and is applicable to various types of bicycles, including pedal cycles and exercise cycles.

The bicycle insurance market research report is one of a series of new reports that provides bicycle insurance market statistics, including the bicycle insurance industry's global market size, regional shares, competitors with a bicycle insurance market share, detailed bicycle insurance market segments, market trends and opportunities, and any further data you may need to thrive in the bicycle insurance industry. This bicycle insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The bicycle insurance market includes revenues earned by entities by theft coverage, roadside assistance, replacement cost coverage, injury coverage, and damage coverage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.