The global automotive usage-based insurance market size is poised to grow by 37.25 million units during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Automotive Usage-Based Insurance Market 2020-2024 (Graphic: Business Wire)
The growth in smartphone-enabled programs and their usage will be a significant factor driving the growth of the automotive usage-based insurance market. Automotive OEMs are increasingly collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. The growing demand for electric vehicle (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. These factors coupled with the rising penetration of smartphones have resulted in the development of app-based UBI systems for the automotive industry. Hence, the increasing use of smartphone-enabled programs will fuel the growth of the automotive usage-based insurance market during the forecast period.
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The major automotive usage-based insurance market growth came from the pay-how-you-drive (PHYD) pricing scheme segment. The premium in the pay-how-you-drive (PHYD) pricing scheme is calculated based on the driving behavior of the driver. Continuous growth in vehicle ownership, an increase in customer demand for vehicles, advancement in technology, and increased availability of data are some