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The automotive usage-based insurance (UBI) market has the potential to grow by 46.50 million units during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 7.18%.
This automotive usage-based insurance market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report provides extensive insights on segmentation by pricing scheme (PHYD, PAYD, and MHYD), application (embedded UBI and app-based UBI), and geography (Europe, North America, APAC, MEA, and South America). The report also offers information on several market vendors, including Allianz Partners SAS, AXA Group, and Howden Broking Group Plc, among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growth in smartphone-enabled programs and their usage is notably driving the automotive usage-based insurance market growth, although factors such as high installation cost of telematics devices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the automotive usage-based insurance industry get your FREE report sample now.
This automotive usage-based insurance market analysis report also provides detailed information on upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on market drivers, trends, and challenges, which will help companies evaluate and develop growth strategies.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
The automotive UBI market is fragmented and the vendors are deploying growth strategies such as adopting UBI solutions for optimized premium pricing to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Download a free sample of the automotive usage-based insurance market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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44% of the market’s growth will originate from Europe during the forecast period. Germany, the UK, and France are the key markets for automotive usage-based insurance in Europe. However, market growth in Europe will be slower than the growth of the market in other regions.
The high demand for luxury electric cars will facilitate the automotive UBI market growth in Europe over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.
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The automotive usage-based insurance market share growth by the PHYD segment will be significant during the forecast period. Continuous growth in vehicle ownership, growth in customer demand for vehicles, advancement in technology, and increased availability of data are key factors that will propel the PHYD segment.
Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive usage-based insurance market size.
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Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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