Report : Europe Trade Credit Insurance Market Forecast to 2031 - Regional Analysis - by Enterprise Size (Large Enterprises and SMEs), Application (International and Domestic), and End User (Energy, Automotive, Aerospace, Chemicals, Metals, Agriculture, Food and Beverages, Financial Services, Technology and Telecommunication, Transportation, and Others)
At 9.7% CAGR, Europe Trade Credit Insurance Market is Projected to be Worth US$ 11,108.01 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Europe trade credit insurance market was valued at US$ 5,296.59 million in 2023 and is expected to reach US$ 11,108.01 million by 2031, registering a CAGR of 9.7% from 2023 to 2031. Government initiatives supporting MSMES and SMES to adopt trade credit insurance and surge in business insolvencies are among the critical factors attributed to drive the Europe trade credit insurance market growth.
Insurance coverage is critical for micro, small, and medium enterprises (MSMEs) and small and medium enterprises (SMEs) as it lowers financial risks and absorbs risks such as payment defaults. The growing geopolitical issues, economic downturn, instability in the supply chain, inflation, and other factors have increased the risks with exports worldwide, which boosts the demand for trade credit insurance among MSMEs for making seamless payments. They only purchase insurance when a buyer or a bank requires it, which makes them vulnerable to financial risks. This also encourages the government to take initiatives to support MSMEs and SMEs in adopting trade credit insurance to secure their business from financial risks and payment defaults. Thus, favorable guidelines and other government initiatives supporting MSMEs and SMEs to adopt trade credit insurance for safeguarding their businesses from financial risks fuel the market growth.
On the contrary, lack of awareness among SMEs hampers the growth of Europe trade credit insurance market.
Based on enterprise size, the Europe trade credit insurance market is bifurcated into large enterprises and SMEs. The large enterprises segment held 70.9% share in 2023, amassing US$ 3,756.17 million. It is projected to garner US$ 7,628.26 million by 2031 to register 9.3% CAGR during 2023–2031.
In terms of application, the Europe trade credit insurance market is bifurcated into international and domestic. The international segment held 73.9% share of Europe trade credit insurance market in 2023, amassing US$ 3,912.57 million. It is anticipated to garner US$ 8,446.68 million by 2031 to expand at 10.1% CAGR during 2023–2031.
By end user, the Europe trade credit insurance market is segmented into energy, automotive, aerospace, chemicals, metals, agriculture, food and beverages, financial services, technology and telecommunication, transportation, and others. The automotive segment held 15.0% share of Europe trade credit insurance market in 2023, amassing US$ 795.62 million. It is anticipated to garner US$ 1,870.15 million by 2031 to expand at 11.3% CAGR during 2023–2031.
By country, the Europe trade credit insurance market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 18.0% share of Europe trade credit insurance market in 2023. It was assessed at US$ 951.80 million in 2023 and is likely to hit US$ 2,339.30 million by 2031, registering a CAGR of 11.9% during 2023–2031.
Key players operating in the Europe trade credit insurance market Allianz Trade, American International Group Inc, Aon Plc, Atradius NV, Chubb Ltd, COFACE SA, Credendo, Great American Insurance Company, QBE Insurance Group Ltd, and Zurich Insurance Group AG, among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com