Portland, OR, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global guaranteed auto protection (gap) insurance market garnered $3.2 billion in 2021, and is estimated to generate $8.0 billion by 2031, manifesting a CAGR of 9.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.2 billion |
| Market Size in 2031 | $8.0 billion |
| CAGR | 9.9% |
| No. of Pages in Report | 365 |
| Segments Covered | Type, Application, Distribution Channel, and Region. |
| Drivers | Increase in need for protection against borrowers’ unforeseen losses among self-financing companies and vehicle leasing companies |
| Rise in the consciousness of theft claims for motor merchants and fleet owners | |
|
Opportunities |
Increase in focus on working with current vehicle insurance companies |
| Adopting comprehensive insurance with the addition of GAP insurance | |
| Restraints | Lack of awareness of the advantages of guaranteed GAP insurance |
| Decline in new policy sales… |
