Press release
Automotive Usage-Based Insurance Market Size Projected To Reach $112.35 Billion By 2034 With A Cagr Of 18%
Automotive Usage-Based Insurance Market
What Is the Projected Growth of the Automotive Usage-Based Insurance Market?
The automotive usage-based insurance market has seen substantial growth in recent years. It is expected to increase from $48.9 billion in 2024 to $57.91 billion in 2025, representing a compound annual growth rate (CAGR) of 18.4%. The historical growth is attributed to rising insurance premiums, the expansion of connected vehicles, the need for better risk assessment, regulatory changes favoring usage-based models, and the growth of mobile app adoption.
The automotive usage-based insurance market is projected to grow rapidly, reaching $112.35 billion by 2029 with a CAGR of 18.0%. Growth is attributed to advancements in AI and machine learning, enhanced data privacy, integration with smart home tech, subscription-based models, and rising environmental concerns. Major trends include AI-based risk assessment, the rise of personalized insurance models, telematics in electric vehicles, and real-time data usage in connected and autonomous vehicles.
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What Are the Different Automotive Usage-Based Insurance Market Segments?
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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What Are the Primary Drivers Shaping the Automotive Usage-Based Insurance Market?
The growth in vehicle ownership is anticipated to drive the expansion of the automotive usage-based insurance market. Vehicle ownership involves possessing and registering a motorized vehicle, accompanied by rights and responsibilities. Economic development, rising disposable incomes, urbanization, and increased demand for personal mobility are factors boosting vehicle ownership. Automotive usage-based insurance (UBI) provides cheaper premiums for safe and low-mileage drivers, offering personalized rates based on driving behavior, appealing to cost-conscious vehicle owners. For example, in June 2024, Statistics Canada reported that 26.3 million road motor vehicles were registered in Canada in 2022, marking a 0.3% increase from 2021. Therefore, the growing vehicle ownership is fostering the growth of the automotive usage-based insurance market.
Which Companies Are Leading in the Automotive Usage-Based Insurance Market?
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.
What Automotive Usage-Based Insurance Market Trends Are Gaining Traction Across Different Segments?
Companies in the automotive usage-based insurance market are developing products like usage-based insurance models to provide personalized premiums and enhance customer engagement. In August 2024, Zuno General Insurance Limited, an India-based company, launched Pay How You Drive, an insurance model that tailors car insurance premiums based on individual driving behavior, offering rewards for safe driving and providing customers with greater control over their insurance costs.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Usage-Based Insurance Market?
2. What is the CAGR expected in the Automotive Usage-Based Insurance Market?
3. What Are the Key Innovations Transforming the Automotive Usage-Based Insurance Industry?
4. Which Region Is Leading the Automotive Usage-Based Insurance Market?
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