Usage-Based Insurance for Automotive Market Report: Trends, forecast and Competitive Analysis to 2030

Usage-Based Insurance for Automotive Trends and forecast

The future of the global usage-based insurance for automotive market looks promising with opportunities in the new vehicle and old vehicle markets. The global usage-based insurance for automotive market is expected to grow with a CAGR of 19.0% from 2024 to 2030. The major drivers for this market are growing acceptance of usage-based insurance due to its advantages over traditional insurance, such as having a cheaper premium and growing customer preference for cars, a rise in the number of pre-equipped telematics cars sold, and government safety restrictions.

A more than 150-page report is developed to help in your business decisions.

Usage-Based Insurance for Automotive by Segment

The study includes a forecast for the global usage-based insurance for automotive by package type, vehicle type, vehicle usage, electric vehicle type, and region.

Usage-Based Insurance for Automotive Market by Package Type [Shipment Analysis by Value from 2018 to 2030]:

• Pay-As-You-Drive
• Pay-How-You-Drive
• Manage-How-You-Drive

Usage-Based Insurance for Automotive Market by Vehicle Type [Shipment Analysis by Value from 2018 to 2030]:

• Light-Duty Vehicle
• Heavy-Duty Vehicle

Usage-Based Insurance for Automotive Market by Vehicle Usage [Shipment Analysis by Value from 2018 to 2030]:

• New Vehicle
• Old Vehicle

Usage-Based Insurance for Automotive Market by Electric Vehicle Type [Shipment Analysis by Value from 2018 to 2030]:

• Battery Electric Vehicle
• Plug-In Hybrid Vehicle
• Fuel-Cell Electric Vehicle

Usage-Based Insurance for Automotive Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Usage-Based Insurance for Automotive Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies usage-based insurance for automotive companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the usage-based insurance for automotive companies profiled in this report include-

• Unipolsai Assicurazioni
• Progressive Casualty
• Allstate
• State Farm Automobile Mutual Insurance
• Liberty Mutual Insurance

Usage-Based Insurance for Automotive Market Insights

Lucintel forecasts that pay-how-you-drive is expected to witness highest growth over the forecast period due to more sophisticated telematics programs.

Within this market, new vehicle is expected to witness highest growth over the forecast period due to growing in demand for security is driving the ubi program.

APAC is expected to witness highest growth over the forecast period due to peak levels of vehicle ownership rates.

Features of the Global Usage-Based Insurance for Automotive Market

Market Size Estimates: Usage-based insurance for automotive market size estimation in terms of value ($B).

Trend and forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Usage-based insurance for automotive market size by various segments, such as by package type, vehicle type, vehicle usage, electric vehicle type, and region in terms of value ($B).

Regional Analysis: Usage-based insurance for automotive market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different package type, vehicle type, vehicle usage, electric vehicle type, and regions for the usage-based insurance for automotive market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the usage-based insurance for automotive market.

Analysis of competitive intensity of the industry based on Porter's Five forces model.

FAQ

Q1. What is the growth forecast for usage-based insurance for automotive market?

Answer: The global usage-based insurance for automotive market is expected to grow with a CAGR of 19.0% from 2024 to 2030.

Q2. What are the major drivers influencing the growth of the usage-based insurance for automotive market?

Answer: The major drivers for this market are growing acceptance of usage-based insurance due to its advantages over traditional insurance, such as having a cheaper premium and growing customer preference for cars, a rise in the number of pre-equipped telematics cars sold, and government safety restrictions.

Q3. What are the major segments for usage-based insurance for automotive market?

Answer: The future of the usage-based insurance for automotive market looks promising with opportunities in the new vehicle and old vehicle markets.

Q4. Who are the key usage-based insurance for automotive market companies?

Answer: Some of the key usage-based insurance for automotive companies are as follows.

• Unipolsai Assicurazioni
• Progressive Casualty
• Allstate
• State Farm Automobile Mutual Insurance
• Liberty Mutual Insurance

Q5. Which usage-based insurance for automotive market segment will be the largest in future?

Answer: Lucintel forecasts that pay-how-you-drive is expected to witness highest growth over the forecast period due to more sophisticated telematics programs.

Q6. In usage-based insurance for automotive market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to peak levels of vehicle ownership rates.

Q7. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the usage-based insurance for automotive market by package type (pay-as-you-drive, pay-how-you-drive, and manage-how-you-drive), vehicle type (light-duty vehicle and heavy-duty vehicle), vehicle usage (new vehicle and old vehicle), electric vehicle type (battery electric vehicle, plug-in hybrid vehicle, and fuel-cell electric vehicle), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?