Automotive Usage-based Insurance Market Size, Share, Company Profiles, Outlook, and Forecasts 2023-2030 | According to RationalStat
Rationalstat LLC
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Rationalstat LLC
The global automotive usage-based insurance market is projected to reach US$ 112.7 billion by 2030, at a CAGR of 19.1%.
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.
GlobalAutomotive 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.
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.
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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.
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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.
