June 23, 2022

Usage-based auto insurance market will grow by 46.50 million units | Growth of Smartphone Compatible Programs and Their Use to Drive Market Growth

NEW YORK, January 11, 2022 / PRNewswire / – The “Auto Insurance Market Based On Usage By Geography (Europe, North America, APAC, MEA and South America), Application (Integrated UBI and Application Based UBI) and Other 1 (PHYD, PAYD and MHYD) – Forecast and Analysis 2021-2025“has been added to Technavio’s offerings. With ISO 9001: 2015 certification, Technavio is proud to have partnered with more than 100 Fortune 500 companies for over 16 years.

Attractive Opportunities in Automobile Usage Based Insurance Market by Pricing System, Application, and Geography – Forecast and Analysis 2021-2025

The difference in potential growth for the usage-based auto insurance market between 2020 and 2025 is 46.50 million units. To get the exact annual growth variance and the growth rate YOY, Talk to our analyst.

Key market dynamics:

  • Market engine

  • Market challenges

The growth of programs compatible with smartphones and their use is one of the main drivers of the market. Automotive OEMs are increasingly collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. The growing demand for electric vehicles (EVs) has also encouraged the development of applications that allow consumers to connect their smartphones to their cars and check the status of vehicle batteries in real time.

However, factors such as high installation cost of telematics devices will challenge the growth of the market.

Find out more about the main drivers, trends and additional challenges available with Technavio. Read our FREE sample report now!

Market segmentation

The Usage Based Auto Insurance Market report is segmented by geography (Europe, North America, APAC, MEA and South America), the app (integrated UBI and app-based UBI) and the pricing system (PHYD, PAYD and MHYD).

By geography, Europe will be the first region with 44% of the market growth during the forecast period. Germany, the United Kingdom and France are the key countries for the usage-based auto insurance market in Europe. However, the growth of the market in Europe is expected to be slower than the market growth in other regions. Strong demand for luxury electric cars will drive the growth of UBI automotive market by Europe during the forecast period.

The growth in auto insurance market share based on the use of PHYD segment will be significant during the forecast period. Continued growth in the number of vehicle owners, increasing customer demand for vehicles, advancements in technology and growth in data availability are some of the key factors that will propel the growth of the PHYD segment.

See our sample report for additional information on the contribution of all segments and regional opportunities in the report.

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Associated reports:

  • Car rental market in Europe by type and geography – Forecast and analysis 2021-2025: The size of the railcar rental market in Europe should reach a value of $ 254.04 million from 2020 to 2025 at a CAGR of 4.21%. Download a free sample report

  • Car Rental Market by Type, Method of Booking, Rental Category and Geography – Forecast and Analysis 2021-2025: The size of the car rental market has the potential to grow by $ 66.62 billion from 2020 to 2025, and the market growth dynamics will accelerate at a CAGR of 18.11%. Download a free sample report

Scope of the usage-based auto insurance market

Cover of the report

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth dynamics and CAGR

Accelerate to a CAGR of over 7%

Market growth 2021-2025

46.50 mn of units

Market structure

Fragmented

Annual growth (%)

6.46

Regional analysis

Europe, North America, APAC, MEA and South America

Efficient contribution to the market

Europe at 44%

Main consumer countries

Germany, United Kingdom, France, United States and Canada

Competitive landscape

Leading companies, competitive strategies, reach of consumer engagement

Profiled companies

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

Market dynamics

Parent Market Analysis, Market Growth Drivers and Obstacles, Analysis of Fast Growing and Slow Growing Segments, Impact of COVID-19 and Future Consumer Dynamics, Analysis of Market Conditions for the Forecast Period.

Customization

If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments.

Main topics covered:

  • Summary

  • Market landscape

  • Market sizing

  • Five forces analysis

  • Market segmentation

  • Customer landscape

  • Geographic landscape

  • Supplier landscape

  • Supplier analysis

  • appendix

About Us
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Technavio (PRNewsfoto / Technavio)

Technavio (PRNewsfoto / Technavio)

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