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In-Depth Analysis of the Automotive Usage-Based Insurance Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Automotive Usage-Based Insurance
The surge in motor vehicle ownership is anticipated to boost the expansion of the automotive usage-based insurance sector in future. Vehicle ownership essentially means possessing a motorized vehicle legally, which includes both the rights and responsibilities linked to the vehicle. This increment in vehicle ownership is fuelled by factors like economic upturn, greater disposable income, urbanization, and an escalating need for personal transport. The automotive usage-based insurance (UBI) system rewards secure, less-frequent drivers with more affordable premiums, offering individualized rates derived from their driving behaviours. This appeals to economical car owners. For example, Statistics Canada, a Canada-based governmental organization, reported in June 2024, that the total count of road motor vehicles registered in Canada in 2022 touched 26.3 million, indicating a slight growth of 0.3% compared to 2021. Hence, the escalating vehicle ownership trend plays a significant role in promoting the expansion of the automotive usage-based insurance sector.
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What Is the projected market size and growth rate for the automotive usage-based insurance market?
The market size of usage-based insurance in the automotive sector has seen brisk growth in the past few years. The market that is projected to be $48.9 billion in 2024, is expected to accelerate to $57.91 billion by 2025, pacing at a compound annual growth rate (CAGR) of 18.4%. The historical growth surge is tied to factors such as increased insurance premiums, expansion of connected vehicles, the demand for enhanced risk evaluation, regulatory alterations promoting usage-based patterns, and the adoption of mobile applications.
In the coming years, the automotive usage-based insurance market is set to experience rapid expansion, projected to reach a valuation of $112.35 billion by 2029, with a compound annual growth rate (CAGR) of 18.0%. This growth trajectory during the forecast period can be accredited to advancements in artificial intelligence (AI) and machine learning, strengthened data privacy and security procedures, incorporation of smart home technologies, the popularity of subscription-based insurance models, and heightened environmental awareness. Key trends predicted to mark the forecast period include leveraging AI and machine learning for improved risk evaluation, burgeoning personalized and flexible insurance models, spreading adoption of telematics in electric vehicles, the integration of real-time data from connected and self-driving vehicles, and proliferation of subscription-based models.
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What new trends are reshaping the automotive usage-based insurance market and its opportunities?
Prominent businesses in the automotive usage-based insurance market are turning their attention towards the creation of innovative offerings such as usage-based insurance models in order to offer personalized premiums, boost customer interaction, and improve risk assessment. These usage-based insurance models leverage data gathered from a car's telematics system to analyze driving aspects like speed, distance, and regularity. This enables insurance providers to offer tailored premiums, encouraging safer driving and delivering more precise risk evaluations. For example, in August 2024, Zuno General Insurance Limited, a company based in India, introduced Pay How You Drive. This program rewards safe driving and gives customers more influence over their insurance expenses. This type of insurance customizes car insurance premiums by correlating them with individual driving behaviour, which is evaluated via a mobile app that yields a Zuno Driving Quotient. This inventive method not only provides discounts according to driving scores but also promotes safer driving habits by letting customers track their progress and earn rewards for enhancing their driving behaviours.
What major market segments define the scope and growth of the automotive usage-based insurance market?
The automotive usage-based insurance market covered in this report is segmented -
1) By Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Technology: Black Box, On-Board Diagnostics (OBD)-II, Embedded, Smartphone, Other Technologies
4) By Distribution Channel: Insurance Companies, Aggregator Platforms
5) By End-User: Individual Consumers, Fleet Owners Or Managers
Subsegments:
1) By Pay-As-You-Drive (PAYD): Distance-Based PAYD Insurance, Time-Based PAYD Insurance, Geographical PAYD Insurance
2) By Pay-How-You-Drive (PHYD): Driving Behavior-Based PHYD Insurance, Speed And Acceleration-Based PHYD Insurance, Risk-Based PHYD Insurance (Harsh Braking, Cornering)
3) By Manage-How-You-Drive (MHYD): Telematics-Driven MHYD Insurance, Driver Coaching And Feedback-Based MHYD, Risk Reduction And Safety-Enhanced MHYD
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Which region dominates the automotive usage-based insurance market?
North America was the largest region in the automotive usage based insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive usage-based insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the automotive usage-based insurance industry growth?
Major companies operating in the automotive usage-based insurance market are 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.
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What Is Covered In The Automotive Usage-Based Insurance Global Market Report?
•Market Size Forecast: Examine the automotive usage-based insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive usage-based insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive usage-based insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive usage-based insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive usage-based insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive usage-based insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive usage-based insurance market.
•Competitive Landscape: Review strategic developments in the automotive usage-based insurance market, including expansions, agreements, and new product launches.
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