Automotive UBI (Usage-based Insurance) Market size was valued at USD 9.5 Billion in 2024 and is projected to reach USD 30.1 Billion by 2033, exhibiting a CAGR of 14.2% from 2026 to 2033.
The global Automotive UBI (Usage based Insurance) market was valued at approximately USD 28.4 billion in 2022 and is projected to grow at a CAGR of 21.6% from 2022 to 2030. This surge is driven by the increasing penetration of connected car technologies and the rising consumer demand for personalized insurance policies. UBI models, including pay how you drive and pay as you drive, are gaining rapid traction as telematics data allows insurers to offer competitive premiums. North America dominated the market in 2022, accounting for over 42% of global revenue, primarily due to mature insurance ecosystems and early adoption of vehicle telematics. Europe followed closely, driven by regulatory support for road safety and digital transformation in insurance services. Meanwhile, Asia Pacific is emerging as the fastest growing region, with a projected CAGR above 24%, fueled by expanding vehicle sales, increasing smartphone penetration, and growing awareness of data driven insurance benefits in countries like China, India, and Japan.
Opportunities in the Automotive UBI market are abundant across regions, particularly in developing markets where traditional insurance adoption is still evolving. With advancements in AI powered analytics, insurers are now capable of leveraging granular driving behavior to deliver hyper personalized pricing models. Governments and regulatory bodies are also promoting road safety and transparent insurance practices, indirectly supporting UBI market growth. Latin America and the Middle East are expected to witness moderate yet steady adoption rates, as insurers in these regions explore UBI as a tool to reduce claim fraud and improve driver behavior. Furthermore, the rise of electric and shared mobility platforms is creating new data ecosystems, enabling UBI providers to tap into fleet based offerings. As vehicle data becomes more accessible and 5G connectivity enhances real time tracking, insurers are increasingly incentivized to develop region specific UBI products that align with evolving mobility patterns and consumer expectations.
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Allianz
AXA
Progressive
Generali Group
Insure The Box Ltd
Allstate
Desjardins
Metromile
Liberty Mutual
Aviva
Admiral Group
Ageas
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Automotive UBI (Usage-based Insurance) Market
Traditional Insurers
Insurtech Companies
Hybrid Models
Passenger Cars
Commercial Vehicles
Electric Vehicles
Telematics-Based UBI
Smartphone-Based UBI
Embedded UBI
Pay-Per-Mile
Pay-As-You-Drive
Pay-How-You-Drive
Individual Consumers
Fleet Owners
Commercial Businesses
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Automotive UBI (Usage-based Insurance) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Automotive UBI (Usage-based Insurance) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automotive UBI (Usage-based Insurance) Market, By Type
6. Global Automotive UBI (Usage-based Insurance) Market, By Application
7. Global Automotive UBI (Usage-based Insurance) Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Automotive UBI (Usage-based Insurance) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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