The global demand for Automotive Usage Based Insurance Market is presumed to reach the market size of nearly USD 120.48 MN by 2028 from USD 20.6 MN in 2021 with a CAGR of 28.7% under the study period 2022 - 2028.
Automotive usage-based insurance has various advantages over traditional insurance. It considers several criteria in determining the insurance price, including past driving history, the vehicle makes and model, and operating method. Automotive usage-based insurance makes decisions about insurance pricing and type based on real-time data. Furthermore, end-users benefit from high customization and flexibility with car usage-based insurance. Pay-as-you-drive, pay-how-you-drive, and distance-based insurance are all examples of automotive user-based insurance. Telematics or driving habits such as miles traveled, speed, and hard-braking events, are used to provide automotive usage-based insurance. Automotive usage-based firms install a telematics device to monitor and record driving habits. Automobile usage-based insurance is a win-win situation for both policyholders and insurers.
Market Dynamics
Increasing automobile production and sales, particularly in developing countries, changing demographic trends, changing driving patterns, and an increase in the number of affluent middle-class people are some of the primary drivers driving the rise of worldwide automotive usage-based insurance. Moreover, throughout the forecast period, the constant growth and advancement of IoT are likely further to boost the development of the vehicle usage-based insurance market. Increased use of automation and telematics and the rising popularity of tailored insurance are driving the growth of the Automotive Usage-Based Insurance market. Increasing customer acceptance of UBI will fuel the expansion of the Automotive Usage-Based Insurance Market.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of automotive usage based insurance. The growth and trends of automotive usage based insurance industry provide a holistic approach to this study.
Market Segmentation
This section of the automotive usage based insurance market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Insurance Type
- Pay-How-You Drive (Phyd)
- Pay-As-You Drive (Payd)
- Distance Based Insurance
- Manage-How-You Drive (Mhyd)
By Vehicle Type
- Passenger Cars
- Compact Cars
- Luxury Cars
- Suvs
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By End-User
- Fleet Owners
- Individual Owners
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Automotive Usage Based Insurance market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Automotive Usage Based Insurance Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the automotive usage based insurance market include Nationwide Mutual Insurance Company, Esurance Insurance Services, Inc., The Travelers Indemnity Company, Progressive Casualty Insurance Company, Metromile Inc., Liberty Mutual Insurance, Trak Global Group, Allianz SE, Desjardins Insurance, Insurance Box Pty Ltd. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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