Commercial vehicle insurance market to reach $199b by 2029

The market was valued at $141.52b in 2024.

The global commercial vehicle insurance market is expected to grow to $151.98b in 2025, representing a compound annual growth rate (CAGR) of 7.4%, according to The Business Research Company.

The market was valued at $141.52b in 2024.

Growth has been supported by rising urban freight movement, increasing use of heavy diesel vehicles, long-distance transport demand, driver shortages, and greater reliance on third-party logistics providers.

By 2029, the market is expected to reach $199.46b, growing at a 7.0% CAGR. 

Expansion will be fueled by the adoption of electric commercial vehicles, wider use of telematics in insurance, higher Insurtech investment, real-time risk assessment, and demand for coverage tailored to autonomous vehicles.

The sector is also seeing advances in AI-based risk evaluation, blockchain for claims processing, and telematics-linked premium models. 

North America was the largest market in 2024, whilst Asia-Pacific is forecast to be the fastest-growing region in 2025.