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Automotive Usage-Based Insurance Market Growth Analysis: Trends, Size, Share, And Outlook Report 2024-2033
Automotive Usage-Based Insurance Market
As per the report, 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 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%.
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What Is Driving The Growth Of The Global Automotive Usage-Based Insurance Market?
Growing Vehicle Ownership Boosts Growth Of The Automotive Usage-Based Insurance Market
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.
What Is The Key Trend In The Global Automotive Usage-Based Insurance Market?
Advancements In Technology-Driven Auto Insurance Enhance Assessment And Customer Experience
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.
How Is The Global Automotive Usage-Based Insurance Market Segmented?
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
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How Is The Competitive Landscape Of The Global 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.
Contents Of The Global Automotive Usage-Based Insurance Market
1. Executive Summary
2. Automotive Usage-Based Insurance Market Report Structure
3. Automotive Usage-Based Insurance Market Trends And Strategies
4. Automotive Usage-Based Insurance Market - Macro Economic Scenario
5. Automotive Usage-Based Insurance Market Size And Growth
…..
27. Automotive Usage-Based Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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