Automotive Usage Based Insurance Market grow at a CAGR of 26.0% during 2020–2027

Global automotive usage-based insurance market accounted for US$ 15,617.8 million in 2018 and is anticipated to hit US$ 105,118.8 million by 2027 to rise at an annual growth rate of 23.6% from 2019 to 2027. The significant adoption of mobility-as-a-service (MaaS) and a wide variety of insurance premiums are the potential factors stimulating the market expansion.

The automotive insurance sector is catalyzing across the world due to recent developments. A number of auto insurers have been emerging in the automotive usage-based insurance market every year. They offer a wide variety of insurance policies such as pay-as-you-drive (PAYD) and pay-how-you-drive (PHYD). The former calculates insurance premium depending on vehicle mileage and stipulated time. While the PHYD policy is entirely a function of driving pattern or behavior. It promotes lenient and smooth driving on the road.

Get Sample Copy Of This report@ https://www.theinsightpartners.com/sample/TIPAT100001345/

Thus, third-party traveling services and variety of auto insurances bolster the global automotive usage-based insurance market. According to policy type, the global automotive usage-based insurance market is split into pay-as-you-drive (PAYD) and pay-how-you-drive (PHYD). The latter occupied 73.3% market share in 2018, amassing US$ 11,449.5 million. It is forecasted to accrue US$ 73,694.4 million by 2027 to grow at 23.0% CAGR along the forecast period.

A considerable chunk of travelers worldwide is no longer willing to own the vehicles to avoid messy traffic instances. This has led to the rise of other transit practices such as car-sharing and ride-hailing in both developed and developing economies. These practices are called mobility-as-a-service, as the customer avails the vehicle and driver from third-party service providers. This service makes substantial use of transportation infrastructure. Due to increasing traction of MaaS, the service providers are procuring more vehicles to expand the business. This surged the demand for telematics service providers (TSP) and auto insurers. The prominent MaaS providers are Uber, Lyft, Zipcar, Car2go, Beeline Singapore, Ubigo AB, and Smile Mobility, among others.

Key players dominating the global automotive usage-based insurance market are Allstate Insurance Company; Allianz SE; Metromile, Inc.; Octo Telematics S.P.A.; Vodafone Automotive S.P.A.; Axa SA; Ingenie Services Limited; Liberty Mutual Insurance Company; Tomtom Telematics BV; Sierra Wireless, Inc; and Unipolsai Assicurazioni S.P.A., among others.

More Info@ https://www.theinsightpartners.com/reports/automotive-usage-based-insurance-market