Automotive Usage Based Insurance Market by Type [Pay-As-You-Drive (PAYD), by Solution (Dongle, Black Box, Embedded, Smartphones), by Vehicle Type (Passenger Cars, Commercial Vehicles), by By Geography (North America), by Europe (U.K., Germany, Italy, Rest of Europe), by Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific) Forecast 2024-2032
The Automotive Usage Based Insurance Market size was valued at USD 50.35 USD Billion in 2023 and is projected to reach USD 152.02 USD Billion by 2032, exhibiting a CAGR of 17.1 % during the forecast period. Usage-based insurance is a term refers to car insurance that allows the insurance company to track the driving behavior of the insured by placing a monitoring device inside their car. Benefits of automotive usage-based insurance are discounted premiums, safer driving, improved habits, tracking that helps with accidents, stolen vehicle recovery, reduced claim fraud, and others. It measures speeding, acceleration, and harsh braking, along with mileage and the time of day you drive. There are several types of usage-based insurance, such as pay as you drive, pay how you drive, and pay as you go. Telematics technology, which involves the use of GPS, sensors, and onboard diagnostic systems, enables the collection of data on vehicle usage, driving behavior, and performance. Advancements in telematics technology have made it easier and more cost-effective for insurance companies to implement UBI programs and collect data from policyholders' vehicles.
Type
Vehicle Type
Our report provides a comprehensive analysis of the automotive UBI market, including:
Strengths
Weaknesses
Opportunities
Threats
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 17.1% from 2018-2032 |
Segmentation |
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 17.1% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
Secondary Research
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