Automotive Usage-Based Insurance Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025
Technavio has been monitoring the automotive usage-based insurance market and it is expected to grow by 46.50 mn units, accelerating at a CAGR of almost 7% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Automotive Usage-Based Insurance Market: Key Trends to impact market growth
The Shared data plans to reduce the number of data subscriptions per user is one of the key automotive usage-based insurance market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
Automotive Usage-Based Insurance Market: Top Drivers to Boost Demand
The Growth in smartphone-enabled programs and their usage is one of the primary factors driving the growth of the automotive usage-based insurance market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business
Vendor Analysis: Allianz Partners SAS, AXA Group and Howden Broking Group Plc are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Allianz Partners SAS, AXA Group, Howden Broking Group Plc, Liberty Mutual Holding Co. Inc., OCTO Group Spa, Sierra Wireless Inc., The Progressive Corp., Trak Global Group, Verizon Communications Inc., and Vodafone Group Plc are some of the major market participants.
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Automotive Usage-Based Insurance Market: Key Highlights of the Report for 2021-2025
The Global Automotive Usage-Based Insurance (UBI) Market is expected to grow by 46.50 million units accelerate at a CAGR of over 7% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. View our Free Sample Report
Automotive Usage-Based Insurance Market: Segmentation by Geography
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. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive usage-based insurance market size.
The growing demand for electric vehicles (EVs) has also encouraged the development of applications that allow consumers to connect their smartphones with their cars to check the real-time status of vehicle batteries. The rising penetration of smartphones has also resulted in the development of app-based UBI systems for the automotive industry. 44% of the market 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. The high demand for luxury electric cars will facilitate the automotive UBI market growth in Europe over the forecast period. However, market growth in Europe will be slower than the growth of the market in other regions.
Automotive Usage-Based Insurance Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Allianz Partners SAS, AXA Group, Howden Broking Group Plc, Liberty Mutual Holding Co. Inc., OCTO Group Spa, Sierra Wireless Inc., The Progressive Corp., Trak Global Group, Verizon Communications Inc., and Vodafone Group Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio forecasts three scenarios (optimistic, probable, and pessimistic) to evaluate the impact of COVID-19 Download a Free Sample Report. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
