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(USGovernment-News.Com, April 03, 2019 ) Global Automotive Usage Based Insurance Market is expected to grow from US$ 15.62 Bn in 2018 to US$ 105.12 Bn in 2027 at a CAGR of 23.6% between 2019 and 2027.Automotive usage based insurance market is experiencing high growth across the globe, with the increasing adoption of mobility-as-a-service worldwide. Furthermore, the different reward programs offered by insurers is another factor propelling the market growth.
The report aims to provide an overview of the global automotive usage based insurance market with detailed market segmentation. Also, it analyzes the current automotive usage based insurance market scenario and forecasts the market till 2027. The report covers market dynamics affecting the automotive usage based insurance market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the automotive usage based insurance market with respect to all geographic regions.
- To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global automotive usage based insurance market.
- To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
The matured markets in global automotive usage based insurance market accounted for the US, Italy and the UK, owing to which North America led the market followed by Europe. The dominance of North America in global automotive usage based insurance market is due to the fact that, the country houses a large number of automotive OEMs, telematics companies, and insurance companies. Additionally, the trend of adoption of newer technologies and solutions is also high in the country, which has pushed the residents to opt for telematics insurance. Moreover, the region is one of the precursors of mobility-as-a-service across the globe, and the MaaS market has propelled extensively over the years in the region and is also continually witnessing upward trends.
The report focuses on an in-depth segmentation of automotive usage based insurance market based on technology fitted and policy type. The geographic segmentation of the report covers major regions including; North America, Europe, Asia-Pacific (APAC), and Rest of World (RoW). The regional market has been further bifurcated by respective countries. By policy type, Pay-How-You-Drive policy type segment accounted for the largest share of the automotive usage based insurance market in 2018.
Further, owing to the higher disposable income among the individuals, the pattern of procurement of new vehicles is high in the country. Pertaining to the rise in the number of vehicles, several associated technologies and solutions are also increasing rapidly in the US. These factors have positively impacted on the growth of the usage based insurance market in the US.
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