Press release
Surging Growth in Usage-Based Insurance Market: Market Size, CAGR & Key Drivers
Usage-Based Insurance Market Size
What Is The Projected Market Size Of The Global Usage-Based Insurance Market And Its Growth Rate?
• The global usage-based insurance market size will grow from $63.07 billion in 2024 to $83.11 billion in 2025 at a compound annual growth rate (CAGR) of 31.8%.
• The market size is expected to reach $211.86 billion in 2029 at a CAGR of 26.4%.
What Is Driving The Growth In The Usage-Based Insurance Market?
The expansion of the automobile industry is propelling the growth of the usage-based insurance market. The industry comprises businesses involved in all aspects of automobile design, development, marketing, and sale. The growing interest of car owners in telematics-driven usage-based insurance-due to its provision for low premiums for low-risk driving and high premiums for high-risk driving-promises substantial market growth. For instance, in 2023, the global automotive industry experienced a substantial rise, with total vehicle production reaching 93546599 units, a significant increase from the 85016728 units produced in 2022, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA). Thus, the growth in the automobile industry is driving the usage-based insurance market.
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Who Are the Key Players Driving Usage-Based Insurance Market Growth?
• Progressive Corporation
• Allstate Corporation
• UNIPOLSAI ASSICURAZIONI S.P.A
• Allianz SE
• Liberty Mutual Insurance
• AXA
• Mapfre S.A.
• State Farm Mutual Automobile Insurance Company
• American International Group, Inc
• Nationwide Mutual Insurance Company
• Tata AIG
and many others.
What Are The Key Trends In The Usage-Based Insurance Market?
• Focusing on connected technologies
• Focusing on smartphone technology-based telematics platforms
• Focusing on telematics technology
• Focusing on partnerships and collaborations
• Focusing on Self-Installed telematics devices
What Are The Segments Of The Global Usage-Based Insurance Market?
• By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)
• By Technology: On-Board Diagnostic (OBD)-II-Based UBI Programs, Smartphone-Based UBI Programs, Black-Box-Based UBI Programs, Other Technologies
• By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
Which Region Leads The Usage-Based Insurance Market?
North America was the largest region in the usage-based insurance market in 2024. This region will likely continue to dominate, supported by a strong automotive industry. The market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Usage-Based Insurance Market Global Market Report?
- Market Size Analysis: Analyze the Usage-Based Insurance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Usage-Based Insurance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Usage-Based Insurance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Usage-Based Insurance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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