Press release
Usage-Based Insurance for Automotive Market is Projected to Register a CAGR of 22.6% to Attain US$ 570.44 Billion Revenue Forecast By 2025 to 2034
Usage-Based Insurance for Automotive Market
Market Overview:
Usage-based insurance (UBI) computes the insurance premium based on the driving instead of a fixed amount such as traditional car insurance. Distance commuted and driving behavior are two important elements that determine the car insurance premium. The insurer utilizes data such as driving speed, acceleration proportion, braking usage, and if one utilizes a phone while driving to compute insurance premiums.
UBI utilizes a telematics gadget positioned in the car to track the driving style. Telematics leverages telecommunication and informatics to track and allocate driving data. It utilizes progressive analytics to register driving details such as braking, speed, acceleration, and prevalence of usage. The insurance firm these details to inspect driving behavior and decides the probability profile of the driver, which assists in computing the premium.
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Market Dynamics:
Growing Government Initiatives: Governments globally are applying regulatory structures that encourage telematics acquisition and data-propelled insurance models. Strict road security inventiveness and schemes targeted at decreasing mishap-connected prices are driving UBI for automotive market demand as insurers support real-time driving details to estimate probability more precisely, paving the way for usage-based insurance for automotive market sales.
Rising Adoption of Electric Vehicles: The growing adoption of electric vehicles and allocated mobility services is amending the automated insurance landscape. As per IEA, in 2023, approximately 14 million contemporary electric vehicles were inscribed globally ushering the aggregate on the road to 40 million in line with 2023. This stamps a 35% year-on-year escalation with 3.5 million more EVs disbursed as contrasted to 2022.
Market Players:
The usage-based insurance for automotive market players is adopting new alluring programs, partnering with vehicle makers, and funding publicity campaigns to acquire a prominent market share.
Market leaders are enumerated as follows:
• Allianz
• Allstate Insurance Company
• American International Group, Inc.
• Assicurazioni Generali S.p.A.
• AXA
• insurethebox
• Liberty Mutual Insurance
• MAPFRE
• Progressive Casualty Insurance Company
• State Farm Mutual Automobile Insurance Company
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Usage-Based Insurance for Automotive Market Report Highlights:
• In terms of type, the pay-how-you-drive (PHYD) segment dominated the usage-based insurance for automotive market share in 2024 due to its ability to offer highly personalized premium structures based on real-time driving behavior.
• Based on vehicle, the passenger auto segment accounted for a larger market share in 2024 due to the rapid adoption of telematics-based insurance among private vehicle owners.
• In 2024, North America accounted for the largest market share due to the widespread adoption of telematics and strong regulatory support.
• The Europe usage-based insurance for automotive market is expected to witness substantial growth during the forecast period due to stringent emission regulations and increasing EV adoption.
Market Segmentation:
The usage-based insurance for automotive market segmentation is mainly based on type, technology, vehicle, and region.
Based on type, the pay-how-you-drive (PHYD) segment accounted for the largest market share in 2024 owing to its capacity to provide excessively customized premium structures dependent on real-time driving behavior.
Based on vehicle, the passenger auto segment dominated the market in 2024 due to the speedy acquisition of telematics-dependent insurance amongst private vehicle possessors.
Usage-Based Insurance for Automotive Market, Type Outlook (Revenue - USD Billion, 2020-2034)
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
Usage-Based Insurance for Automotive Market, Technology Outlook (Revenue - USD Billion, 2020-2034)
• OBD II
• Black Box
• Smartphones
• Others
Usage-Based Insurance for Automotive Market, Vehicle Outlook (Revenue - USD Billion, 2020-2034)
• Passenger Auto
• Commercial Auto
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Geographical Analysis:
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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