The Global Car Insurance Market is Segmented by Policy Coverage (Third Party, Comprehensive, Collision and More), Vehicle Type (Passenger Cars, Light Commercial Vehicles and More), Distribution Channel (Direct To Customer, Intermediated, and Embedded), and Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

The global automotive insurance market is experiencing steady growth, projected to reach [estimated 2033 value] by 2033. Learn about key market drivers, trends, and the leading insurance companies shaping this dynamic sector. Discover regional market analysis and insights into various insurance types.

The United States Car Insurance Market is Segmented by Coverage Type (Liability, Collision, Comprehensive, and More), Application (Personal Vehicles, Commercial Fleet), Distribution Channel (Direct-To-Customer, Intermediated, Embedded), and Region (Northeast, Midwest, South and West). The Market Forecasts are Provided in Terms of Value (USD)

The size of the Automotive Insurance Market was valued at USD 713.99 Billion in 2023 and is projected to reach USD 940.19 Billion by 2032, with an expected CAGR of 4.01% during the forecast period. Recent developments include: March 2024: ACKO has made the announcement that they had successfully implemented a specialized insurance plan for all Maruti and Tata car owners. Customers who acquire Tata and Maruti insurance via ACKO will not only have the opportunity to save money, but they will also be able to enjoy a hassle-free and effective experience throughout the whole process., It is particularly well-known because Maruti Suzuki manufactures automobiles that are affordable. Utilizing the ACKO website or application, you are able to immediately buy or renew the insurance policy for your Maruti Suzuki vehicle. Simply providing the information about your Maruti automobile is all that is asked of you, and you will be able to acquire an insurance plan or finish the renewal of your Maruti Suzuki insurance policy with only a few clicks..

The global car insurance market is experiencing robust growth, driven by increasing vehicle ownership, particularly in developing economies, and rising awareness of the financial implications of accidents and theft. The market size in 2025 is estimated at $800 billion, demonstrating significant expansion. Considering a conservative Compound Annual Growth Rate (CAGR) of 5% over the forecast period (2025-2033), the market is projected to reach approximately $1.2 trillion by 2033. This growth is fueled by several key trends, including the increasing adoption of telematics-based insurance, which offers personalized premiums based on driving behavior, and the expansion of online insurance platforms, offering greater convenience and accessibility. Furthermore, the rise of autonomous vehicles presents both opportunities and challenges, with insurers needing to adapt their models to account for reduced accident rates and new liability considerations. However, the market faces certain restraints. Fluctuating fuel prices and economic downturns can impact consumer spending on insurance, leading to reduced premiums. Furthermore, the increasing frequency and severity of natural disasters, resulting in higher claims payouts, can put pressure on insurers' profitability. Market segmentation reveals a significant portion of the market is dominated by private car insurance, followed by commercial car insurance. Key players in the market such as AXA, Allianz, and State Farm are constantly innovating to meet evolving customer demands and remain competitive. Regional variations are expected, with North America and Europe maintaining a substantial market share, while Asia-Pacific is projected to witness significant growth due to its rapidly expanding middle class and increasing vehicle sales. The focus on diverse insurance types, including accidental damage, theft, and fire insurance, further indicates the market's holistic approach to protecting vehicle assets.

The global auto insurance market, valued at $206 billion in 2021, is projected to grow steadily at a 1.5% CAGR through 2033. Learn about key market drivers, trends, and the leading players shaping this competitive landscape. Discover insights into regional market share and future growth projections.

The United States car insurance market, a substantial sector valued at approximately $194.15 billion in 2025, is projected to experience steady growth, fueled by a Compound Annual Growth Rate (CAGR) of 4.21% from 2025 to 2033. This growth is driven by several key factors. The increasing number of vehicles on the road, coupled with rising vehicle prices and repair costs, necessitates higher insurance premiums. Furthermore, stricter regulations regarding minimum insurance coverage and a growing awareness of the risks associated with uninsured or underinsured motorists are contributing to market expansion. Technological advancements, such as telematics and usage-based insurance, are also influencing market dynamics, offering personalized premiums based on driving behavior and promoting safer driving practices. The market is segmented by coverage type (third-party liability, collision/comprehensive, and other optional coverages), vehicle type (personal and commercial), and distribution channel (agents, banks, brokers, and others). Competition within the sector is fierce, with major players like State Farm, Berkshire Hathaway, Progressive, Allstate, and USAA vying for market share through innovative products and targeted marketing campaigns. The market's robust growth is expected to continue, driven by sustained economic activity and the ongoing need for reliable vehicle insurance protection. The regional distribution of the US car insurance market mirrors the population density and economic activity across the nation. While precise regional breakdowns are not provided, it can be reasonably inferred that states with larger populations and higher vehicle ownership rates, such as California, Texas, and Florida, constitute significant portions of the overall market. The market's segmentation by distribution channels reflects the evolving preferences of consumers and the strategies employed by insurance providers. The rise of online platforms and digital insurance brokers is gradually challenging the dominance of traditional agents, leading to greater competition and potentially lower prices for consumers. However, the personal interaction offered by agents remains a valuable service for many policyholders. Future growth will depend on factors such as economic fluctuations, evolving regulatory landscapes, and technological innovation within the insurance industry. Understanding these dynamics is crucial for both insurers and consumers navigating this significant and dynamic market. Recent developments include: August 2023: AXA S.A. introduced its latest digital claims solution, STeP, which simplifies the car insurance process., May 2022: GEICO partnered with Tractable, an AI technology company, to accelerate its car claim and repair process. The AI is used to assess car damage.. Key drivers for this market are: Rising Number of Accidents Drives The Market, An increase in Road Traffic Accidents Drives The Market. Potential restraints include: Rising Number of Accidents Drives The Market, An increase in Road Traffic Accidents Drives The Market. Notable trends are: Rise In Number Of Traffic Accidents.

Across Australia, the car insurance landscape is entering a new era of digital competition and data-driven risk management. Recent results show premium growth under pressure from higher claims costs, even as demand holds steady, with online platforms pulling consumer attention towards faster, more transparent service. Telematics-based pricing and app-driven claims are becoming the norm, reshaping the customer experience and forcing traditional players to lift their tech game. The car insurance market has also faced more frequent natural disasters and tighter regulatory scrutiny, pushing insurers to bolster capital resilience and risk analytics. A clear signal of the shift came in late 2024, when Suncorp announced a $560.0 million digital upgrade to embed AI and power its next chapter of expansion. Rising costs and expanding exposure have defined the market’s performance. Comprehensive premiums rose about 42% since 2019, to an average of roughly $1,052 in 2024, while claims costs climbed about 42% from mid-2019 to mid-2024. Higher repair prices, more expensive parts and labour and surging vehicle values fed a tighter premium cycle and a growing number of registered vehicles widened the insured base. The rise of online aggregators and digital competitors intensified price pressure, squeezing margins and pushing firms to differentiate with tailored coverage and quicker, more transparent claims handling. Nonetheless, the industry benefited from a larger pool of customers and the accelerating use of data to price risk more accurately. Overall, industry revenue is expected to climb at an annualised 2.7% over the five years through 2025-26 to reach $32.7 billion, including an upswing of 0.8% in the current year. Looking ahead, digital disruptions and climate risks are set to shape the industry’s trajectory. Telematics, AI underwriting and insurtech entrants will keep driving efficiency and personalised pricing, while regulators push for stronger climate risk disclosures and resilience planning. Product innovation – usage-based plans, EV-focused coverage and tailored bundles – will help insurers attract and retain customers in a crowded market. Premiums may stabilise as inflation eases, but claims costs tied to extreme weather will keep pressure on pricing. With competition unlikely to abate, firms will pursue scale, partnerships and data-driven cross-selling to defend market share and some consolidation is likely as players invest in digital capabilities to stay competitive. Overall, industry revenue is forecast to expand at an annualised 1.6% through the end of 2030-31 to total $35.3 billion.

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Motor Vehicle Insurance Market Size 2024-2028

The motor vehicle insurance market size is forecast to increase by USD 545.9 billion, at a CAGR of 10.44% between 2023 and 2028.

The market is experiencing significant shifts driven by increasing government regulations on mandatory insurance coverage in developing countries and the digitalization of the industry. These factors are shaping the market's strategic landscape, presenting both opportunities and challenges for insurance players. Government regulations in developing countries are pushing for mandatory insurance coverage, expanding the potential customer base for motor vehicle insurers. This trend is particularly noticeable in Asia Pacific and Latin America, where economic growth and urbanization are leading to increased car ownership. However, this regulatory environment also tightens the competitive landscape, as more players enter the market and compliance becomes a priority.
Simultaneously, the digitalization of the motor vehicle insurance industry is transforming the way insurers engage with customers and manage risk. Digital platforms enable real-time underwriting, claims processing, and customer service, enhancing the overall customer experience. However, this digital shift also brings challenges, such as data security concerns and the need for robust IT infrastructure. To capitalize on opportunities and navigate challenges effectively, insurers must stay abreast of regulatory changes and invest in digital capabilities.

What will be the Size of the Motor Vehicle Insurance Market during the forecast period?

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The market continues to evolve, shaped by dynamic market forces and advancements in technology. AI-powered claims processing streamlines underwriting and settlement negotiations, while digital insurance platforms offer convenience and personalized pricing. Data analytics and credit scoring inform risk assessment and customer segmentation, shaping insurance regulations and product offerings. Collision coverage and liability limits are subject to ongoing adjustments, influenced by factors such as driving record and insurable interest. Third-party administrators (TPAs) and legal counsel facilitate dispute resolution, ensuring regulatory compliance and comparative negligence assessments. Fraud detection and independent verification are essential components of claims processing, with advanced predictive modeling and accident reconstruction techniques aiding in claims investigation and policy administration.

How is this Motor Vehicle Insurance Industry segmented?

The motor vehicle insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Personal
  Commercial


Distribution Channel

  Brokers
  Direct
  Banks
  Others


Vehicle Age

  New Vehicles
  Old Vehicles
  New Vehicles
  Old Vehicles


Coverage Type

  Liability Insurance
  Collision Insurance
  Comprehensive Insurance


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    Italy
    Spain
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Application Insights

The personal segment is estimated to witness significant growth during the forecast period.

Motor vehicle insurance is a crucial financial protection for vehicle owners and drivers. The insurance policy, which is a compulsory requirement under the Motor Policy, offers coverage for both comprehensive and third-party liability packages. Personal insurance, an optional add-on cover, safeguards the owner or driver against accidental injuries. Insurance agents and brokers play a significant role in advising clients on coverage limits and policy options. Actuarial modeling and predictive analytics are used to assess risk and determine personalized pricing. Liability coverage, including property damage and bodily injury, is a key component of motor vehicle insurance. Fraud detection and independent verification are essential for dispute resolution and maintaining regulatory compliance.

Digital insurance platforms and ai-powered claims processing streamline the claims management process. Data analytics and customer segmentation help insurers tailor policies to individual needs. Usage-based insurance and mobile apps provide real-time data for risk assessment and customer retention. Insurance regulations mandate coverage for medical payments and accident reconstruction, as well as policy administration and claims processing. Policy cancellation, clai

In 2023, State Farm Mutual Automobile Insurance led the private passenger auto insurance market in the United States. State Farm held **** percent of the U.S. private passenger auto insurance market in terms of value of written premiums in 2023, followed by Progressive Corp and Berkshire Hathaway Inc.

The Europe Car Insurance Market Report is Segmented by Vehicle Type (Personal, Commercial), Insurance Type (Third-Party, Comprehensive), Distribution Channel (Direct, Agents, Brokers, Banks, Other Distribution Channels), and Geography (United Kingdom, Germany, France, Spain, Italy, BENELUX, NORDICS, Rest of Europe). The Market Forecasts are Provided in Terms of Value (USD).

The global car insurance market, valued at $629.45 million in 2025, is projected to experience robust growth, driven by a rising number of vehicle owners globally, increasing urbanization leading to higher vehicle density, and stricter government regulations mandating insurance coverage. The market's Compound Annual Growth Rate (CAGR) of 5.13% from 2025 to 2033 indicates a steady expansion, fueled by technological advancements such as telematics and usage-based insurance (UBI) that offer personalized premiums and improved risk assessment. The increasing adoption of online distribution channels is also streamlining the purchasing process and broadening market reach, attracting a wider customer base. Segmentation within the market reveals significant opportunities in both personal and commercial vehicle insurance, with third-party liability coverage remaining a cornerstone, while collision and comprehensive coverage are witnessing growth due to rising vehicle values and consumer preference for greater protection. Competition among major players such as State Farm, GEICO, and Progressive is fierce, leading to innovative product offerings and competitive pricing strategies. Geographic variations in market size and growth potential are significant. North America and Europe are expected to remain dominant regions, owing to high vehicle ownership rates and established insurance markets. However, developing economies in Asia-Pacific and certain regions in Africa are poised for substantial growth, propelled by rising middle-class populations and increasing vehicle sales. Challenges facing the market include fluctuating fuel prices impacting consumer spending, economic downturns affecting insurance purchases, and the increasing complexity of claims processing. Addressing these challenges requires insurers to implement efficient claims management systems and offer flexible, affordable insurance products tailored to diverse consumer needs. This adaptability will be key to continued success in this dynamic market. Recent developments include: June 2022: StoneRidge Insurance Brokers (SIB) has formed a new partnership deal with K5 Insurance, a full-service insurance brokerage. The partnership with K5 Insurance expands its personal and commercial presence in both Manitoba and Saskatchewan., January 2023: Tekion, the innovator of the Automotive Retail Cloud, partnered with Polly, the leading insurance marketplace for automotive retail. Through this partnership, dealers can access Polly’s insurance quotes directly from Tekion ARC.. Key drivers for this market are: Increase in Sales of Car, Increase in Number of Car Accidents. Potential restraints include: Increase in Sales of Car, Increase in Number of Car Accidents. Notable trends are: Rising Number of Road Accidents in America Region.

US Commercial Auto Insurance Market size was valued at USD 43.85 Billion in 2024 and is projected to reach USD 78.87 Billion by 2031, growing at a CAGR of 8.40% from 2024 to 2031.

US Commercial Auto Insurance Market Drivers

Economic Activity and Business Expansion: As the economy grows, businesses expand their operations creating a greater demand for commercial auto insurance to protect their fleets and vehicles. Economic growth is directly related to higher business auto insurance prices. Regulatory Requirements: Federal and state regulations require firms to have commercial auto insurance on their cars. Compliance with these regulations generates ongoing demand for insurance products ensuring legal compliance and financial protection from liabilities. Technological Advancements: Technological advancements in car tracking, telematics, and safety features have an impact on insurance premiums because they allow insurers to better assess risk and offer more personalized pricing based on vehicle usage, driver behavior, and safety measures.

The automotive & vehicle insurance market is booming, projected to reach $365 Billion by 2033! Learn about key drivers, trends, and challenges impacting major players like State Farm, GEICO, and Progressive in this comprehensive market analysis. Explore the impact of telematics and UBI on this rapidly evolving sector.

In 2023, the leading commercial auto insurance company in the United States was Progressive Corp., by direct premiums written. In that year, Progressive Corp., with direct commercial auto insurance premiums written amounting to almost ** billion U.S. dollars, had a market share of **** percent.

The private passenger auto insurance market is a substantial and dynamic sector, exhibiting consistent growth driven by factors such as rising vehicle ownership, increasing urbanization, and stricter government regulations mandating insurance coverage. The market is segmented by both application (ordinary private cars versus medium and high-end vehicles) and type of insurance (compulsory versus commercial). While precise figures for market size and CAGR are unavailable, we can infer significant growth based on the listed key players, the broad geographical coverage, and the consistent demand for auto insurance across developed and developing economies. The presence of major insurers like State Farm, GEICO, and Progressive indicates a highly competitive landscape characterized by intense pricing strategies and ongoing innovation in product offerings and digital services. Market trends suggest a shift towards telematics-based insurance, usage-based pricing models, and increasing adoption of online platforms for policy purchase and management. Restrictive factors could include economic downturns impacting consumer spending and regulatory changes influencing pricing and coverage options. Based on observed trends in other similar markets, we can expect a compound annual growth rate (CAGR) in the range of 3-5% over the forecast period (2025-2033). The geographical segmentation reveals a varied market landscape. North America, particularly the United States, is likely to hold the largest market share due to high vehicle ownership rates and a well-established insurance industry. However, significant growth potential exists in developing economies within Asia-Pacific and other regions, fueled by rising middle classes and increasing vehicle purchases. The competitive landscape is further shaped by the actions of numerous regional and international insurers, each vying for market share through various strategies. The segment focusing on medium and high-end private cars offers premium opportunities due to higher insurance coverage needs and associated pricing. The ongoing integration of technology, including AI-driven risk assessment and fraud detection, will likely continue to transform the industry, allowing for more personalized and efficient insurance offerings.

The US motor insurance market, a substantial sector within the broader insurance landscape, is projected to experience robust growth over the forecast period (2025-2033). With a 2025 market size estimated at $424.5 million (based on the provided global figure and assuming a significant US market share), a compound annual growth rate (CAGR) of 8.13% indicates a substantial expansion. Several factors drive this growth. Increasing vehicle ownership, particularly in expanding suburban areas, fuels demand for insurance coverage. Moreover, stricter regulatory frameworks emphasizing comprehensive insurance policies contribute to market expansion. The rising adoption of telematics and usage-based insurance (UBI) is transforming the sector, offering personalized premiums and risk assessment based on driving behavior. This technological advancement not only drives efficiency but also attracts a wider customer base. Furthermore, a growing awareness of liability and the financial implications of accidents promotes the uptake of comprehensive insurance policies, surpassing the basic third-party liability cover. Competition among established players like Progressive, Travelers, and Liberty Mutual, alongside the emergence of innovative insurtech companies, further intensifies market dynamism and fosters growth. However, the market also faces challenges. Economic downturns can impact consumer spending on insurance, potentially slowing growth rates. Fluctuations in fuel prices and overall economic conditions can influence consumer purchasing decisions. Furthermore, the increasing frequency and severity of weather-related events, particularly in regions prone to natural disasters, contribute to higher claim payouts and pressure on insurance premiums. Successfully navigating these headwinds requires insurers to adopt innovative risk management strategies, leverage data analytics for efficient pricing models, and strengthen customer engagement through digital channels. The market segmentation by vehicle type (commercial vs. personal), policy coverage (third-party, partial, comprehensive), and distribution channels (agents, online, etc.) reflects the diverse needs and preferences of the US consumer base, providing opportunities for targeted market penetration and product diversification. Growth within specific segments, like commercial vehicle insurance driven by the expanding logistics and transportation sectors, warrants close monitoring. Recent developments include: In January 2024, The Travelers Companies, Inc. finalized its acquisition of Corvus Insurance Holdings, Inc., a top-tier cyber insurance managing general underwriter known for its cutting-edge proprietary technology., In August 2023, Zurich Holding Company of America acquired SpearTip, a cyber counterintelligence firm. SpearTip specializes in proactive and responsive services designed to protect clients from cyber threats.. Notable trends are: Increase in Motor vehicles registration:.

When insurers make use of telematics data in the decision-making process, they can deliver much more accurate risk assessments. Moreover, the growing penetration of advanced telematics solutions along with positive regulatory supports is also expected to boost the growth of market. The report indicates that this market will grow from USD 3,542.1 Million in 2025 to USD 19,339.7 Million by 2035, at a Compound Annual Growth Rate (CAGR) of approximately 18.5% during 2025 to 2035.

Metric	Value
Market Size in 2025	USD 3,542.1 Million
Projected Market Size in 2035	USD 19,339.7 Million
CAGR (2025 to 2035)	18.5%

Country-Wise Outlook

Country	CAGR (2025 to 2035)
USA	18.6%

Country	CAGR (2025 to 2035)
UK	18.3%

Region	CAGR (2025 to 2035)
EU	18.5%

Country	CAGR (2025 to 2035)
Japan	18.4%

Country	CAGR (2025 to 2035)
South Korea	18.6%

Competitive Outlook

Company Name	Estimated Market Share (%)
Progressive Corporation	14-18%
Allstate Corporation (Drivewise)	12-16%
State Farm Mutual Automobile Insurance	10-14%
Liberty Mutual Insurance	8-12%
Root Insurance Company	6-9%
Other Telematics Insurance Providers	30-40%

Discover Market Research Intellect's Commercial Auto Insurance Market Report, worth USD 78.5 billion in 2024 and projected to hit USD 109.2 billion by 2033, registering a CAGR of 4.5% between 2026 and 2033.Gain in-depth knowledge of emerging trends, growth drivers, and leading companies.

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Automotive Usage-Based Insurance Market Size 2024-2028

The automotive usage-based insurance market size is expected to grow by USD 67.51 billion at a CAGR of 25.1% from 2023 to 2028. Market growth is driven by flexible pricing models offering personalized coverage, government regulations mandating motor vehicle insurance, and advancements in telematics and data analytics. These factors enable innovative UBI programs and foster an environment of innovation and advancement. Trends indicate a shift towards smartphone-based UBI and mobility-as-a-service, revolutionizing traditional insurance models. However, challenges such as data security issues and fraudulent claims persist, requiring continuous advancements in telematics and state regulations to ensure the integrity of the automotive insurance ecosystem. As insurers and OEMs develop new solutions, the industry adapts to evolving consumer needs and embraces technological advancements.

What will be the Size of the Automotive Usage-Based Insurance Market During the Forecast Period?

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Automotive Usage-Based Insurance Market Segmentation

The automotive usage-based insurance market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD Billion' for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments

Application Outlook 

  Embedded UBI
  App-based UBI





Pricing Scheme Outlook 

  PHYD
  PAYD
  MHYD

Region Outlook


  North America

    The U.S.
    Canada


  South America

    Chile
    Brazil
    Argentina 





  Europe

    U.K.
    Germany
    France
    Rest of Europe





  APAC

    China
    India





  Middle East & Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East & Africa

The market is revolutionizing the insurance industry with its focus on telematic devices and connected cars. This innovative approach to insurance relies on on-road vehicles equipped with car telematics to track automotive usage and consumer driving behavior. Insurance companies leverage telematics data gathered from smartphones and black box devices to offer personalized insurance premiums based on factors like location tracking and fuel consumption. This shift from traditional insurance models to UBI and specialty insurance creates an automotive usage-based insurance ecosystem, enhancing data security and enabling vehicle recovery while addressing concerns such as fraudulent claims. With the integration of advanced technology and hybrid-based UBI, the market continues to expand, catering to both passenger cars and commercial vehicles in the mobility-as-a-service landscape.

By Application

The embedded UBI segment is estimated to witness significant growth during the forecast period. Embedded UBI solutions use external devices fitted into vehicles onboard diagnostics (OBD) to collect data about driving behavior. The data is transmitted to the insurer for optimum premium pricing. As the requirement of an external device posed a challenge for the adoption of embedded UBI and on-board diagnostics telematics, app-based UBI saw high adoption in the last 2-3 years.

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The embedded UBI was the largest segment and was valued at USD 10.10 billion in 2018. Additionally, governments around the world have established various committees to ensure safety during road transportation. Russia, Brazil, and many countries in Europe have mandated automotive telematics, such as emergency calls and stolen vehicle assistance, in vehicles. This trend will likely be followed by developing nations like India and China during the forecast period, thereby increasing the market share of embedded solutions. Additionally, it is expected that higher adoption of embedded solutions from luxury OEMs as they are ready to invest heavily in differentiating their products in the market. Therefore, the adoption of embedded UBI solutions in the automotive market will witness a continuous rise. This, in turn, is expected to drive automotive usage-based insurance market growth during the forecast period.

Key Regions

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Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe dominates the automotive market. Factors such as pricing play an important role in the adoption of automotive UBI in this region. The largest distribution channel in Europe is through price comparison websites. These websites allow users to compare and choose among the various offerings provided by insurers. Additionall