Automotive Usage Based Insurance Market Forecast Showing 26.0% CAGR to 2027

The automotive usage based insurance market was valued at US$ 19.64 billion in 2019 and is expected to reach US$ 124.02 billion by 2027; it is estimated to grow at a CAGR of 26.0% during 2020-2027.

The matured markets in global automotive usage based insurance market accounted for the US, Italy and the UK, owing to which North America led the market followed by Europe. The dominance of North America in the global automotive usage based insurance market is attributed to the presence of large number of automotive OEMs, telematics companies, and insurance companies in the region. Additionally, rising adoption of newer technologies and solutions has pushed the residents to opt for telematics insurance. Moreover, the region is one of the precursors of mobility-as-a-service (MaaS) across the world, and the MaaS market has propelled extensively over the years in the region and is continually witnessing upward trends. Further, owing to a higher disposable income among the individuals, the pattern of procurement of new vehicles is rising in the region. With the rising number of vehicles, several associated technologies and solutions are also increasing rapidly in the US. These factors have positively impacted the growth of the usage based insurance market in the US.

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Companies Profiled in this report includes:  Advanced Card Systems Holdings Limited, Atos SE, Cubic Corporation, GMV, Thales Group, Vix Technology, Singapore Technologies Electronics Limited, Scheidt & Bachmann GmbH, Samsung SDS Co. Ltd. and LG Corporation

Impact of COVID-19 Pandemic on Automotive Usage Based InsuranceMarket

Due to the outbreak of COVID-19, the count of car trips has dropped drastically across the world. Therefore, the drivers and the vehicle owners are seeking for different criteria for making payment of insurance instead of making a flat rate, as the cars have been parked idle in the garages since last few months. Due to reduced trips of vehicles, the usage-based insurance is expected to be adopted highly. Thus, the companies are carefully monitoring the driving behavior because of restrictions imposed to curb the spread of COVID-19. To encourage safe driving in this pandemic situation, the need to measure the user's driving behavior is a must. This pandemic situation would assist in stimulating the use of telematics more in the auto insurance industry..

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Market Insights-Automotive Usage Based InsuranceMarket

The increasing traction of Mobility-as-a-Service (MaaS) among the consumers is leading the third party service providers to procure increased count of vehicles so as to enhance the customer experience. This factor is also increasing the number of service providers across the globe; some of the prominent mobility-as-a-service providers are Uber, Lyft, Zipcar, Car2go, Beeline Singapore, UbiGo AB, and Smile Mobility, among others.The increasing procurement of vehicles by these vehicle service providers is a crucial factor influencing the market for telematics technology providers (TTP), telematics service providers (TSP), and auto insurers across the globe. With the rise in MaaS in these geographies, there has been a remarkable rise in the number of young drivers, who indulge themselves in rash driving causing fatal accidents. With an objective to reduce vehicle accidents, several telematics providers and insurance companies are partnering with each other to introduce advanced, robust, and attractive insurance solutions, thereby, pacing up the telematics insurance or automotive usage based insurance market in the current scenario.

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