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Automotive Usage-Based Insurance Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Automotive Usage-Based Insurance Market Size
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According to The Business Research Company's, The automotive usage-based insurance market size has grown rapidly in recent years. It will grow from $41.48 billion in 2023 to $48.90 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to rising insurance premiums, the growth of connected vehicles, the need for improved risk assessment, regulatory changes favoring usage-based models, and the adoption of mobile apps.
The automotive usage-based insurance market size is expected to see rapid growth in the next few years. It will grow to $95.28 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to advancements in AI and machine learning, enhanced data privacy and security measures, integration with smart home technology, growth in subscription-based insurance models, and rising environmental concerns. Major trends in the forecast period include integration of AI and machine learning for enhanced risk assessment, the rise of personalized and flexible insurance models, increasing adoption of telematics in electric vehicles, the incorporation of real time data from connected and autonomous vehicles, and growth in subscription-based.
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Market Drivers and Trends:
The increasing vehicle ownership is expected to propel the growth of the automotive usage-based insurance market going forward. Vehicle ownership refers to the possession and registration of any motorized vehicle by an individual or entity that involves having the rights and responsibilities associated with the vehicle. The increase in vehicle ownership is driven by economic growth, higher disposable incomes, urbanization, and the growing need for personal mobility. Automotive usage-based insurance (UBI) encourages safe and low-mileage drivers with cheaper premiums, giving personalized rates based on driving patterns that attract cost-conscious car owners. For instance, in June 2024, according to Statistics Canada, a Canada-based government agency, the total number of road motor vehicles registered in Canada in 2022 was 26.3 million, a 0.3% increase from 2021. Therefore, increasing vehicle ownership is driving the growth of the automotive usage-based insurance market.
Major companies operating in the automotive usage-based insurance market are focused on developing advanced solutions, such as technology-driven auto insurance policies, to enhance risk assessment and improve the customer experience. Technology-driven auto insurance policies personalize coverage and premiums based on real-time driving habits and vehicle usage. These plans use devices and programs to collect data on parameters such as speed and braking patterns to provide customized insurance solutions that reflect individual driving habits. For instance, in February 2021, Carro, a Singapore-based automotive marketplace, teamed up with Mitsui Sumitomo Insurance (MSI), a Japan-based insurance company, to launch AI-powered behavior and usage-based car insurance (UBI). This insurance model uses data science and AI to analyze driver behavior. Carro plans to incentivize safe driving through rewards such as services at Carro workshops for good driving habits. This insurance encourages safer driving and connects users directly via an app2car solution, offering a more convenient and user-friendly experience than traditional car insurance.
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Major Key Players of the Market:
State Farm, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Allstate Insurance Company, Progressive Casualty Insurance Company, Chubb Limited, The Travelers Indemnity Company, Aviva plc, Government Employees Insurance Company (GEICO), MAPFRE SA, American Family Insurance, Mitsui Sumitomo Insurance Group, Bajaj Finserv Limited, Verisk Analytics Inc., Liberty Mutual Group Inc., Root Insurance Company, The Zebra, Lemonade Inc., Berjaya Sompo Insurance Berhad, Arity LLC, Octo Telematics S.p.A, Insurethebox limited, Flock Limited, Mile Auto Inc.
Automotive Usage-Based Insurance Market 2024 Key Insights:
• The automotive usage-based insurance market size is expected to see rapid growth in the next few years. It will grow to $95.28 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
• Growing Vehicle Ownership Boosts Growth Of The Automotive Usage-Based Insurance Market
• Advancements In Technology-Driven Auto Insurance Enhance Assessment And Customer Experience
• North America was the largest region in the automotive usage based insurance market in 2023
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