The Automotive Usage-Based Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Usage-Based Insurance Global Market Report 2024, 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.
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.
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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
4) By End-User: Individual Consumers, Fleet Owners Or Managers
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.
The automotive usage-based insurance market report table of contents includes:
1. Executive Summary
2. Automotive Usage-Based Insurance Market Characteristics
3. Automotive Usage-Based Insurance Market Trends And Strategies
4. Automotive Usage-Based Insurance Market – Macro Economic Scenario
5. Global Automotive Usage-Based Insurance Market Size and Growth
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32. Global Automotive Usage-Based Insurance Market Competitive Benchmarking
33. Global Automotive Usage-Based Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Usage-Based Insurance Market
35. Automotive Usage-Based Insurance Market Future Outlook and Potential Analysis
36. Appendix
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