Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Global Automotive Usage-based Insurance Market size is valued at US$ 33.2 billion in 2023 and is predicted to rise at a substantial CAGR of 19.1% during the forecast period of 2023 and 2030 according to RationalStat analysis.
Market Definition, Market Scope, and Report Overview
The automotive usage-based insurance (UBI) market has been influenced by several key drivers that have shaped its growth and evolution. The rapid advancement of telematics technology, which involves the use of sensors and communication devices installed in vehicles, has been a significant driver of the UBI market. These technologies can track various aspects of a driver’s behavior, such as speed, distance, acceleration, and braking, allowing insurance companies to assess risk more accurately.
Further, the availability of large volumes of data and advancements in data analytics tools have enabled insurance companies to process and analyze driver data effectively. This has made it possible to create more personalized and accurate risk profiles for individual policyholders.
- According to a deep-dive market assessment by RationalStat, the automotive usage-based insurance market has been analyzed based on market segments, including type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the automotive usage-based insurance market covers market sizes based on market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the automotive usage-based insurance market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
Request A Customization- https://store.rationalstat.com/store/global-automotive-usage-based-insurance-market/#tab-ux_global_tab
Global Automotive Usage-based Insurance Market: Segmental and Market Share Analysis
- Based on the type, the Pay-How-You-Drive (PHYD) segment is expected to capture the majority of the automotive usage-based insurance market as it uses real-time driving data such as cornering, speed, and distracted driving to price premiums more accurately.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 33.2 billion |
| Market Size Forecast | US$ 112.7 billion |
| Growth Rate | 19.1% |
| Dominant Segment | PHYD Segment |
| Leading Region | North America |
| Key Market Drivers |
|
| Companies Profiled |
|
Explore more about this report- https://store.rationalstat.com/store/global-automotive-usage-based-insurance-market/#tab-ux_global_tab
Competition Analysis and Market Structure
Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the automotive usage-based insurance market include,
- In March 2023, Liberty Mutual Insurance partnered with Ford to bring usage-based insurance to connected vehicles.
- In July 2022, Bajaj Allianz launched usage-based insurance cover add-on-cover- Pay As You Consume (PAYC).
Some of the prominent players and suppliers operating and contributing significantly to the automotive usage-based insurance market growth include Liberty Mutual Insurance, Mapfre S.A, Insurethebox, Nationwide Mutual Insurance Company, Allstate Corporation, Progressive Corporation, AXA, UNIPOLSAI ASSICURAZIONI S.P.A., Allianz SE, and Aviva, among others.
Get A Free Sample- https://store.rationalstat.com/store/global-automotive-usage-based-insurance-market/#tab-ux_global_tab
RationalStat has segmented the automotive usage-based insurance market based on type, application, and region
- Global Automotive Usage-based Insurance Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Pay-How-You-Drive Insurance (PHYD)
- Pay-As-You-Drive Insurance (PAYD)
- Manage-How-You-Drive Insurance (MHYD)
- Technology (OBD-II-Based UBI Programs
- Hybrid-Based UBI Programs
- Smartphone-Based UBI Programs
- Black-Box-Based UBI Programs
- Global Automotive Usage-based Insurance Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
- Global Automotive Usage-based Insurance Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Automotive Usage-based Insurance Market
- US
- Canada
- Latin America Automotive Usage-based Insurance Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Automotive Usage-based Insurance Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Automotive Usage-based Insurance Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Automotive Usage-based Insurance Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Automotive Usage-based Insurance Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Automotive Usage-based Insurance Market
For more information about this report- https://store.rationalstat.com/store/global-automotive-usage-based-insurance-market/
Key Questions Answered in the Automotive Usage-based Insurance Report:
- What will be the market value of the automotive usage-based insurance market by 2030?
- What is the market size of the automotive usage-based insurance market?
- What are the market drivers of the automotive usage-based insurance market?
- What are the key trends in the automotive usage-based insurance market?
- Which is the leading region in the automotive usage-based insurance market?
- What are the major companies operating in the automotive usage-based insurance market?
- What are the market shares by key segments in the automotive usage-based insurance market?
Running a Year End Discount of 20%- https://store.rationalstat.com/store/global-automotive-usage-based-insurance-market/#tab-ux_global_tab
Explore Our Trending Reports
- Global Emission Control Catalyst for Motorcycles Market- Global Emission Control Catalyst for Motorcycles Market is expected to grow at a CAGR of 5.5% over the forecast period of 2022-2028
- Global Emission Control Catalyst for Small Engines Market- Global Emission Control Catalyst for Small Engines Market is expected to grow at a significant CAGR over the forecast period of 2022-2028
- Global Automotive Steering System Market- According to RationalStat estimates, the automotive steering systems market size reached US$ 28.3 billion in 2022 and is projected to grow at a CAGR of 3.3% during the forecast period (2023-2028).
- Global Automotive & Aircraft Interior Genuine Leather Aftermarket Market- Global Automotive & Aircraft Interior Genuine Leather Aftermarket Market is expected to grow at a significant CAGR over the forecast period of 2022-2028
- Global Automotive Load Floor Market- Global Automotive Load Floor Market is expected to grow at a CAGR of 4.8% over the forecast period of 2022-2028
- Global Automotive Suspension System Market- Global Automotive Suspension System Market is expected to grow at a CAGR of 2.6% over the forecast period of 2022-2028
- Global Electric Vehicle Rapid Charger Market- Global Electric Vehicle Rapid Charger Market is expected to grow at a CAGR of 29.3% over the forecast period of 2022-2028
- Global Autonomous Mining Truck Market- Global Autonomous Mining Truck Market is expected to grow at a CAGR of 23.2% over the forecast period of 2022-2028
- India Electric Delivery Vehicles Market- India electric delivery vehicles market is anticipated to attain a value of US$ 334 million by 2030, growing at a compound annual growth rate (CAGR) of 12.7% during the forecast period.
- Global Electric Delivery Vehicles Market- Global electric delivery vehicles market is anticipated to attain a value of US$ 52.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 18.5% during the forecast period.
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Download Key Insights and Market Data - Raise a Query
About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
Contact
RationalStat LLC
Kimberly Shaw,
Content and Press Manager
US Phone: +1 302 803 5429
UK Phone: +44 203-287-1245
LinkedIn | Facebook | Twitter | Instagram | Pinterest
