Usage-based Insurance

Usage-based Insurance

Global Usage-based Insurance Market to Reach $145 Billion by 2030
The global market for Usage-based Insurance estimated at US$30.3 Billion in the year 2023, is expected to reach US$145 Billion by 2030, growing at a CAGR of 25.1% over the analysis period 2023-2030. Pay-As-You-Drive (PAYD) Insurance, one of the segments analyzed in the report, is expected to record a 27.5% CAGR and reach US$75.7 Billion by the end of the analysis period. Growth in the Pay-How-You-Drive (PHYD) Insurance segment is estimated at 24.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $9.3 Billion, While China is Forecast to Grow at 23.7% CAGR
The Usage-based Insurance market in the U.S. is estimated at US$9.3 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$23.8 Billion by the year 2030 trailing a CAGR of 23.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 22.8% and 21.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 17.6% CAGR.

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What to Expect from the Global Economy in 2024
Edgy geopolitics, and economic instability caused by monetary policy tightening and ensuing higher interest rates will create a tumultuous landscape for 2024. Several factors will continue to exert pressure on the path to recovery including hostilities in the Middle East and increasingly common climate disasters. Among the risks, several positives are also taking shape such as growing signs of disinflation and easing of anxiety over stubborn inflation, supply chain normalization and price moderation despite volatility in energy costs. Elections across several G21 jurisdictions, notably in India and the United States, will have potential ramifications for capital flows and investment strategies. While India emerges as a compelling destination in the global investment landscape, U.S, based tech firms will continue to dominate, fueled by a dynamic ecosystem of talent and capital. Tech opportunities in Silicon Valley and beyond remain attractive for investors seeking high-growth prospects supported largely by a resilient albeit slowing domestic economy and conducive regulatory environment. Europe will continue to battle tight monetary policy and recession risks with U.K. having the most challenging outlook and running the greatest risk of recession in 2024. China remains a wild card with hope for growth in the country underpinned by government spending and improvements in consumer spending. The volatile environment will offer both opportunities and challenges for investors and businesses alike. Embracing volatility as a catalyst for growth together with agility and strategic foresight in navigating investment decisions will remain important for survival.

Select Competitors (Total 11 Featured) -

• Allianz SE
• Allstate Insurance Company
• Cambridge Mobile Telematics
• Inseego Corporation
• insurethebox
• Intelligent Mechatronic Systems, Inc.
• Liberty Mutual Insurance
• Mapfre
• Modus Group
• Octo Telematics Ltd.
• Progressive Corporation
• Sierra Wireless, Inc.
• The Floow Ltd.
• TomTom International BV
• TrueMotion
• Unipolsai Assicurazioni S.P.A.
• Verizon Enterprise Solutions
• Vodafone Group PLC

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