Surging Growth in Usage-Based Insurance Market: Market Size, CAGR & Key Drivers

The usage-based insurance market, driven by vehicle ownership rates, robust demand for passenger car sales, and high adoption of connected cars, is set to grow exponentially, offering major opportunities for industry players.

What Is The Projected Market Size Of The Global Usage-Based Insurance Market And Its Growth Rate?
• The global usage-based insurance market size will grow from $63.07 billion in 2024 to $83.11 billion in 2025 at a compound annual growth rate (CAGR) of 31.8%.
• The market size is expected to reach $211.86 billion in 2029 at a CAGR of 26.4%.

What Is Driving The Growth In The Usage-Based Insurance Market?
The expansion of the automobile industry is propelling the growth of the usage-based insurance market. The industry comprises businesses involved in all aspects of automobile design, development, marketing, and sale. The growing interest of car owners in telematics-driven usage-based insurance-due to its provision for low premiums for low-risk driving and high premiums for high-risk driving-promises substantial market growth. For instance, in 2023, the global automotive industry experienced a substantial rise, with total vehicle production reaching 93546599 units, a significant increase from the 85016728 units produced in 2022, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA). Thus, the growth in the automobile industry is driving the usage-based insurance market.

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Who Are the Key Players Driving Usage-Based Insurance Market Growth?
• Progressive Corporation
• Allstate Corporation
• UNIPOLSAI ASSICURAZIONI S.P.A
• Allianz SE
• Liberty Mutual Insurance
• AXA
• Mapfre S.A.
• State Farm Mutual Automobile Insurance Company
• American International Group, Inc
• Nationwide Mutual Insurance Company
• Tata AIG

and many others.

What Are The Key Trends In The Usage-Based Insurance Market?
• Focusing on connected technologies
• Focusing on smartphone technology-based telematics platforms
• Focusing on telematics technology
• Focusing on partnerships and collaborations
• Focusing on Self-Installed telematics devices

What Are The Segments Of The Global Usage-Based Insurance Market?

• By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)
• By Technology: On-Board Diagnostic (OBD)-II-Based UBI Programs, Smartphone-Based UBI Programs, Black-Box-Based UBI Programs, Other Technologies
• By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)

Which Region Leads The Usage-Based Insurance Market?
North America was the largest region in the usage-based insurance market in 2024. This region will likely continue to dominate, supported by a strong automotive industry. The market report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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What Is Covered In The Usage-Based Insurance Market Global Market Report?
- Market Size Analysis: Analyze the Usage-Based Insurance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Usage-Based Insurance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Usage-Based Insurance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Usage-Based Insurance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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