Global Automotive Usage-based Insurance Market Insights, Size and Growth Forecast To 2027
Global automotive usage-based insurance market likely to drive due to growth of the automobile industry around the world coupled with the rise in adoption of telematics and connected cars. Global automotive usage-based insurance market size valued at USD 29.7 billion in 2019, which expected to reach USD 138.7 billion by 2027, growing at a CAGR of 18.08% during the forecast period, 2020–2027. The primary factors are lower insurance premium compared to regular insurance, the rise in adoption of connected car services, and government regulations on telematics. Additionally, the changing demographic trend, changing driving habits, and the growing number of the affluent middle-class population are estimated to propel the growth of the global automotive usage-based insurance market. Moreover, the surge in the adoption of in-vehicle connected insurance solutions for reducing unanticipated claims and incentivizing safe will accelerate the growth of the automotive usage-based...