In the United Kingdom, younger drivers paid more on average for their car insurance than older drivers in 2024. A driver who is around 20 years old would be charged roughly *** British pounds whereas a driver in their 30s would be charged an average rate of *** British pounds. This higher premium stems from the idea that young drivers engage in more risky driving behavior, such as drunk driving, and therefore pose a higher risk to insurance companies. Young drivers pay more, but also tend to have more coverage Prices of different car insurance cover plans in the UK have increased since early 2022 and exceeded *** British pounds in 2023. Third party, fire and theft plans overall had higher premiums than comprehensive plans. This, however, is because the basket of risks reflects the type of driver that buys such cover, which is typically young drivers.

The average annual cost of fully comprehensive motor insurance in the United Kingdom rose in the first quarter of 2023, increasing to *** British pounds. This is ** British pounds more than in the previous quarter, and over ** British pounds more than the average cost in the first quarter of 2022.

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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

The ability to easily delete their data was essential to European motor insurance customers in 2023. In a 2023 survey, ** percent of UK respondents and ** percent of German respondents wanted a simple solution to delete their own data. Meanwhile, only ** percent of UK motor insurance customers were even comfortable sharing real-time data about their driving with their insurer in 2022.

When it comes to car insurance providers, the most popular insurer among UK customers was AA in 2023. In comparison, Zurich and Geico were among the least popular providers, with only **** and ** percent of respondents liking these companies, respectively.

The size of the United Kingdom Motor Insurance Market was valued at USD 23.44 Million in 2023 and is projected to reach USD 31.18 Million by 2032, with an expected CAGR of 4.16% during the forecast period. Recent developments include: Feb 2022: For an initial payment of GBP 47.5 million, AXA UK&I purchased the renewal rights to Ageas UK's commercial operations. This acquisition reinforces AXA's growth strategy and dedication to its commercial business clients and broker alliances, particularly in the SME and Schemes market sectors. About 100 Ageas UK personnel will transfer to AXA Commercial as part of the arrangement to provide continued support and service delivery., Jan 2022: The cost of a comprehensive car insurance policy in Britain is expected to be volatile this year after rising 5% in the final quarter of 2021 as more drivers took to the roads to ease COVID-19 curbs. Motorists must pay GBP 539 (USD 734.06) on average for their comprehensive car insurance premiums.. Key drivers for this market are: Data Privacy Regulations, Business Interruption. Potential restraints include: Complexity and Lack of Understanding, Cost of Coverage. Notable trends are: High Volatility in Car Insurance Premiums During the Past Few Years.

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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

Considering the three different types presented in this statistics, 'Comprehensive' leads the ranking with **** million people. Contrastingly, 'Third party fire & theft' is ranked last, with * million people.

Snapshot img { margin: 10px !important; } Telematics In Insurance Industry Market Size 2025-2029

The telematics in insurance industry market size is forecast to increase by USD 5.3 billion, at a CAGR of 21.2% between 2024 and 2029.

The global telematics market in insurance industry is expanding, driven by the adoption of telematics-enabled UBI which offers significant cost savings. This is reshaping insurance analytics by allowing insurers to create precise risk profiles from real-time driving behavior tracked by onboard units. This shift is supported by increasing smartphone penetration and government initiatives promoting telematics use. The on-board diagnostics telematics market, a key part of this ecosystem, facilitates easy data collection. The evolution toward proactive risk management and improved operational efficiency is transforming the traditional insurance model, creating a more data-centric paradigm that benefits both insurers and policyholders.Optimized customer communication is a key trend, with insurers using mobile apps and aggregated data for better engagement. This strategy enhances customer retention and improves sales targeting. However, the market growth is constrained by safety and security concerns. The risk of hacking wireless communication systems and the potential for malware to infiltrate a vehicle's controller area network (CAN) bus pose significant threats. The automotive aftermarket telematics market must address these vulnerabilities to maintain consumer trust. Protecting personal information is critical as these systems handle sensitive user data, influencing the trajectory of both commercial telematics and the broader automotive telematics market.

What will be the Size of the Telematics In Insurance Industry Market during the forecast period?

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Request Free SampleThe market is defined by a strategic shift from basic usage-based insurance to holistic, data-centric models focused on proactive risk management and operational efficiency. This evolution in the automotive telematics market is driven by sophisticated data analytics, leveraging AI for a more nuanced understanding of risk that goes beyond simple metrics. The integration of contextual information and video data allows for deeper insights into driving behavior. This ongoing development is reshaping the relationship between insurers and the insured, fostering a continuous partnership in risk mitigation through advanced insurance analytics and personalized feedback mechanisms.The technological landscape is advancing from aftermarket hardware toward more integrated solutions. The on-board diagnostics telematics market is seeing increased competition from smartphone applications and embedded telematics control units in connected vehicles. This transition reduces customer friction and improves data reliability. The deepening integration between automotive OEMs and insurers reflects a broader trend within the digital insurance market toward seamless data acquisition. This dynamic is creating new opportunities for value-added services, enhancing both risk assessment accuracy and the overall customer experience in the passenger vehicle telematics market.

How is this Telematics In Insurance Industry Industry segmented?

The telematics in insurance industry industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2025-2029, as well as historical data from 2019 - 2023 for the following segments. DeploymentOn-premisesCloudUsagePAYDPHYDMHYDTechnologyEmbedded OEM moduleOBD-II dongleSmartphone-centricHardwiredGeographyNorth AmericaUSCanadaMexicoAPACChinaIndiaJapanSouth KoreaAustraliaIndonesiaEuropeGermanyUKFranceItalySpainThe NetherlandsSouth AmericaBrazilArgentinaChileMiddle East and AfricaUAESouth AfricaEgyptRest of World (ROW)

By Deployment Insights

The on-premises segment is estimated to witness significant growth during the forecast period.The on-premises deployment segment is experiencing notable growth within the global telematics market in insurance industry. This model is often chosen by customers who prioritize maintaining their data on-site, using their own servers for management and setup. The use of telematics and UBI has become fundamental to the vehicle insurance sector, and on-premises solutions provide the necessary real-time insights into driver activities. This deployment method offers direct control over data security and infrastructure.As the volume of connected cars increases, on-premises deployment is expected to adequately manage connectivity requirements, including software updates and system turnaround times. This approach ensures that data processing and storage remain within the organization's control, a critical factor for many

This dataset contains a set of semi-structured interviews with (motor) insurers, insurance stakeholders, and stakeholders in transport or law working closely with insurers. The interviews, across multiple countries, were based on semi-structured questions around how current and future mobility developments and innovations - Electric Vehicles, Autonomous Vehicles, Mobility Data, Micro-Mobility and Shared Mobility - affect insures, and how insurers in turn affect these shifts in our mobility. Questions were asked about the most important mobility challenges that insurers witnessed; how these mobility developments affect them from a underwriting, busines, legal, claims and pricing perspective; how insurers are adapting to these development (in terms of collaborations, lobby, learning, etc.); and whether insurers should have an explicit role to play in the mobility transition.

Interviewees (N=52) either consented writtenly through Oxfords consent form (stored) or verbally (on record) to be quoted anonymously. Those who did not agree explicitly to anonymous quotation have been excluded from data archiving (n=13). Data thus comprises of 39 transcripts in Word format (totalling less than 3MB) with insurers or stakeholders in transport or law working closely with (motor) insurers in the United Kingdom, Netherlands or Germany. We've further included 1 semi-structured questionairre in Word format to reference the semi-structured questions asked to stakeholders; a data table with an anonymized overview of the interviewees in Excel format; and an blank consent form shared with interviewees.

All transcripts have been through a round of anonymisation: removal of any direct (names, companies, age, profesional history) and indirect indentifiers (references to people/meetings, etc), with stronger anonymisation the more unique the organisation (as more identifiable). At any time, use of quotes should be anonymously attributed to general branch/sector!

This project studies the role of insurance in the transition of road transport: a systemic transformation of our mobility following changes and innovations in technology, user practices, policy, knowledge and business models.

From an insurance perspective four developments stand out. (1) The growing availability of mobility data from increasingly real-time sensor data from vehicles, infrastructure, cameras, etc. (2) The automation and increasing connectivity of vehicles that shift liability from drivers and operators to automated and connected driving systems. (3) The electrification of vehicles, which adds new (fire) risks and cost calculations. And (4) the new (shared) forms of mobility that emerge around e-scooters, (private) car-sharing and ride-hailing services.

There is a need to govern these trends as they come with new opportunities and risks to transport climate emission targets, road-safety, urban planning and accessibility. There is also a need to understand how insurers respond to these innovations that affect their whole business: from their risk analyses, product development and liability all the way to a potential shrinking of the overall market.

These two needs are closely interrelated. The disciplines that study the insurance aspects of these developments, like law, transport and underwriting, typically do so with the goal to improve and optimize insurance assessments, products and premiums. Missing from this work is the insight from critical security studies (CSS) that insurance acts as a form of governance. For example, people who cannot afford or are rejected for insurance are legally excluded from driving a car in most developed countries. Similarly, insurers actively use premiums to guide 'risky' people, often young drivers, to drive more carefully. Insurance thus helps direct mobility, which implies that there is a direct link between how insurance is organized internally and how these aforementioned trends are governed socially.

CSS offers this insight based on its study of the role that security plays in society. A core argument in CSS is that how people do security or insurance, not just whether people are secure or insured, is important because such acts and decisions inherently have discriminatory effects: they differentiate between those with and without protection and distribute resources accordingly. CSS thus asks why certain technologies, activities or behaviours are considered risky at certain times and places. This is an important question, because the four developments offer an opportunity to understand how insurers observe, learn and adapt their old routines to these new developments. Developments on which they have no or little data, statistical models, terms and conditions or claims handling processes.

The aim of PRINCE is therefore to understand to what extent and how road transport insurance practices are affected by and affecting the above four developments in road transport. The first objective is to collect, classify, analyse and share recent information on the way road transport insurance practices are affected by and affecting the above listed trends. Over the course of 18 months, the project will conduct an academic literature review, a systematic empirical and legal document analysis and up to 75 stakeholder interviews across three carefully selected cases (the United Kingdom, Germany and the Netherlands), organize workshops and distribute the findings. This will be accomplished with the help of a research associate, as the second aim and objective are for the investigator to gain the skills and experience to lead his own future research teams.

In short, this project generates a deeper understanding of the role that insurance plays as a form of governance of a more sustainable road transport system while offering an updated empirical overview of how insurance deals with fast-changing transport innovations.

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Travel Insurance Market Size 2025-2029

The travel insurance market size is valued to increase USD 14.09 billion, at a CAGR of 10.8% from 2024 to 2029. Growing tourism and business travels will drive the travel insurance market.

Major Market Trends & Insights

North America dominated the market and accounted for a 34% growth during the forecast period.
By End-user - Senior citizens segment was valued at USD 5.1 billion in 2023
By Type - General travel insurance segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 118.52 million
Market Future Opportunities: USD 14093.80 million
CAGR : 10.8%
North America: Largest market in 2023

Market Summary

The market encompasses a dynamic and continually evolving industry, driven by the increasing demand for coverage against unforeseen expenses related to travel. Core technologies, such as artificial intelligence and blockchain, are revolutionizing the market with innovative solutions for personalized policies and streamlined claims processing. Applications of travel insurance extend beyond traditional trip cancellations and medical coverage, with growing adoption for extreme sports and adventure activities. Despite these advancements, challenges persist, including the lack of awareness and delayed services that hinder customer satisfaction. According to a recent survey, over 50% of travelers admitted to not purchasing travel insurance, citing perceived high costs and lack of understanding as major barriers. Regulatory frameworks, such as the European Union's Travel Insurance Directive, are shaping the market's landscape and driving competition among service types, including comprehensive, single-trip, and annual policies. In the regional arena, Asia Pacific is poised for significant growth, with a projected 11.5% increase in travel insurance premiums by 2026. This expansion is fueled by rising disposable incomes, growing tourism, and increasing business travel. Amidst these trends, the market continues to unfold, offering both opportunities and challenges for stakeholders.

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

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How is the Travel Insurance Market Segmented and what are the key trends of market segmentation?

The travel insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userSenior citizensBusiness travelFamily travelOthersTypeGeneral travel insurancePremium travel insuranceProduct TypeSingle-tripAnnual multi-tripLong-stayDistribution ChannelInsurance companyBankOnline travel agencyAirlinesOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth KoreaRest of World (ROW)

By End-user Insights

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

The market trends encompass a range of offerings designed to protect businesses and individuals from financial losses incurred during travel. One significant segment of this market caters to senior citizens, offering policies tailored to their unique needs. These plans cover various health and age-related aspects excluded from standard travel insurance. In the current landscape, approximately 25% of travel insurance policies are purchased by senior citizens, demonstrating a substantial market presence. Looking forward, industry analysts anticipate that this sector will expand, with senior travel insurance accounting for 30% of the overall market by 2025. Key features of travel insurance for seniors include coverage for medical expenses related to pre-existing conditions, underwriting guidelines tailored to age, and claims processing systems specifically designed for senior citizens. Additionally, adventure activities coverage, claims management workflows, and fraud detection systems are increasingly integrated into these policies. Other essential features include lost luggage insurance, rental car insurance, flight delay compensation, and trip cancellation coverage. Advanced technologies, such as data analytics dashboards, risk assessment models, and policy management software, are also integrated to enhance the customer experience. Furthermore, family travel insurance and customer portal features enable policy administration and claims processing for multiple travelers under a single policy. Emergency medical evacuation, personal liability coverage, and international travel insurance are also crucial components of comprehensive travel insurance offerings. As businesses and individuals navigate the complexities of the evolving the market, it is essential to understand the latest trend

Direct Line and AA were the most visible car insurer providers in media, on social media, or in advertising by UK customers in 2023. However, over ********* of customers stated that they have not recently noticed any of these brands in media, on social media, or in advertising.

In 2020, motor insurance received the highest number of fraudulent claims in the United Kingdom, with ****** claims. The number of motor insurance claims then dropped, reaching roughly ****** in 2022 before increasing to ****** in 2022.

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UK Used Car Market Size 2025-2029

The uk used car market size is forecast to increase by USD 39.5 billion, at a CAGR of 6.2% between 2024 and 2029.

The Used Car Market in the UK is driven by the excellent value for money proposition that pre-owned vehicles offer, making them an attractive alternative to new cars for many consumers. Another significant trend shaping the market is the increasing preference for car subscription services, which provide flexibility and convenience for customers. However, the market also faces challenges, including the growing importance of digital touchpoints in the car buying process and the need for dealers to adapt and improve their online presence. Additionally, the rise of car subscription services poses a threat to traditional dealership models, requiring dealers to explore new business models and revenue streams to remain competitive. Companies seeking to capitalize on market opportunities and navigate challenges effectively should focus on enhancing their digital presence, offering flexible and convenient purchasing options, and exploring partnerships with car subscription services.

What will be the size of the UK Used Car Market during the forecast period?

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The used car market in the UK is influenced by various factors, including the exterior and interior condition of the vehicles, financial history, economic trends, and consumer demand. Financially sound buyers prefer cars with well-maintained exteriors and interiors, ensuring lower car ownership costs in the long run. Economic trends, such as inflation and interest rates, impact car financing options and vehicle affordability. Maintaining a vehicle's fuel consumption within acceptable limits and adhering to the vehicle maintenance schedule is crucial for reliable performance and resale value. Financial institutions consider a vehicle's title, accident history, and service records when assessing car financing options. Emerging technologies, such as electric vehicles and autonomous driving, are transforming the industry, while insurance coverage, safety ratings, and vehicle age & mileage remain essential factors in consumer decision-making. Previous owners, engine size & type, transmission options, and vehicle features & equipment also influence consumer preferences. Car repair costs, loan terms, car financing options, and industry innovations contribute to market volatility. Registration documents, vehicle history records, and insurance coverage are essential for transparency and trust. Understanding the impact of these factors on car ownership costs is crucial for businesses operating in the UK used car market.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ChannelOrganizedUnorganizedVehicle TypeCompact carSUVMid sizeSales ChannelDealershipsOnline PlatformsPrivate SalesFuel TypePetrolDieselHybridElectricGeographyEuropeUK

By Channel Insights

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

The used car market in the UK is characterized by various entities that influence its dynamics and trends. Depreciation and car insurance premiums are significant factors that impact the affordability of used cars. Safety features, a priority for consumers, are increasingly being incorporated into used vehicles through refinishing and upgrades. Car rental companies offer flexible mobility solutions, while automotive technology advances drive the adoption of vehicle diagnostics and digital car retailing. Used car dealerships and online marketplaces facilitate transactions with vehicle inspections, mileage verification, and consumer reviews. Sustainable transportation initiatives and online payment systems are shaping the market, as are car leasing agreements, price elasticity, and inflation rates. Fuel efficiency, car finance options, and driving assistance systems are key considerations for buyers. Government incentives and emissions standards influence consumer spending patterns, with a growing interest in alternative fuel vehicles and hybrid car technology. Fleet management services and car maintenance costs are essential services for businesses and individuals alike. Industry regulations and consumer protection laws ensure transparency and trust in the market. Used car warranty, customer satisfaction ratings, and brand reputation are crucial factors for buyers. The market share dynamics of organized companies, including dealership chains, online marketplaces, and OEM-affiliated dealerships, are shaped by their ability to provide guarantees, technical expertise, and

Motor insurance is a large part of the property and casualty insurance business in the United Kingdom (UK). Between 2018 and 2023, there was an overall increase in the gross written motor insurance premiums in the UK, albeit with some fluctuation. In 2023, insurance companies recorded almost 18 billion euros in gross written motor insurance premiums on the domestic market — a significant increase compared to the previous year, and the highest value recorded during the time under observation.

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Vehicle Roadside Assistance Market Size 2024-2028

The vehicle roadside assistance market size is valued to increase USD 10.2 billion, at a CAGR of 7.44% from 2023 to 2028. Rising number of road accidents will drive the vehicle roadside assistance market.

Major Market Trends & Insights

Europe dominated the market and accounted for a 34% growth during the forecast period.
By Application - Passenger cars segment was valued at USD 13.87 billion in 2022
By Service - Towing segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 77.29 billion
Market Future Opportunities: USD 10201.90 billion
CAGR from 2023 to 2028 : 7.44%

Market Summary

The market encompasses a range of services designed to help motorists in distress, with core technologies and applications, such as telematics and GPS tracking, playing a pivotal role in its evolution. The market's growth is driven by the rising number of road accidents and the increasing demand for vehicle connectivity solutions. However, the high cost of vehicle roadside services poses a significant challenge. According to a study, the roadside assistance market is expected to account for over 20% of the global automotive telematics market by 2025. This underscores the market's potential and the opportunities it presents for service providers and technology innovators alike. Despite these trends, regulatory frameworks and regional differences continue to shape the market's dynamics.

What will be the Size of the Vehicle Roadside Assistance Market during the forecast period?

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How is the Vehicle Roadside Assistance Market Segmented ?

The vehicle roadside assistance 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. ApplicationPassenger carsCommercial vehiclesServiceTowingTire replacementFuel deliveryOthersGeographyNorth AmericaUSEuropeFranceGermanyUKAPACChinaRest of World (ROW)

By Application Insights

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

The market is experiencing significant growth, with the passenger vehicle segment witnessing a notable expansion. Approximately 35% of the market's total revenue comes from this segment, driven by the increasing demand for passenger vehicles, including those with internal combustion engines and electric powertrains. Emerging economies, such as Brazil, India, China, and South Africa, along with Middle Eastern countries like the UAE, Qatar, and Saudi Arabia, are experiencing economic growth, leading to an increase in disposable income. This financial boost is resulting in a growing passenger vehicles market, which in turn is driving the demand for vehicle roadside assistance services. Furthermore, advancements in technology are transforming the industry. Customer feedback systems and vehicle diagnostics tools enable efficient and effective service delivery. Automated service scheduling, customer relationship management, and towing service networks streamline operations. Insurance claim processing, flat tire assistance, and dispatch optimization ensure seamless customer experience. Service level agreements, call center operations, and route optimization algorithms enable real-time location tracking and service area mapping. Mobile payment options, performance monitoring metrics, tire change services, technician scheduling systems, and emergency response protocols further enhance the market's offerings. Fleet management software, jump start assistance, emergency roadside services, data analytics dashboards, incident management systems, vehicle maintenance alerts, and warranty coverage verification cater to the evolving needs of businesses. Additionally, fuel delivery services and driver safety features address the diverse requirements of customers. The market's future growth is anticipated to be robust, with approximately 28% of market players expecting increased demand for their services. This expansion is attributed to factors such as the growing number of vehicles on the road, the increasing complexity of vehicles, and the rising awareness of roadside assistance services. In conclusion, the market is undergoing continuous evolution, catering to the diverse needs of customers and businesses through advanced technologies and innovative services.

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The Passenger cars segment was valued at USD 13.87 billion in 2018 and showed a gradual increase during the forecast period.

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Regional Analysis

Europe is estimated to contribute 34% to the growth of the global market during the forecast period.Technavio’s analysts h

Car Rental (hiring of a passenger vehicle for self drive, which includes cars and small vans, by both business and leisure travelers for short term duration; excluding leasing and long term rentals) market has evolved intensely in the very recent years and is also expected to evolve in similar fashion in the near future. The report Car Rentals (Self Drive) Market in Colombia to 2023: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics provides deep dive data analytics on wide ranging Car Rental market aspects including overall market value by customer type – Business and Leisure, by point of rental – Airport and Non-Airport, Insurance / Temporary Replacement Revenue, Car Rental Occasion, Days and Length for the period 2014 to 2018. Read More

Car Rental (hiring of a passenger vehicle for self drive, which includes cars and small vans, by both business and leisure travelers for short term duration; excluding leasing and long term rentals) market has evolved intensely in the very recent years and is also expected to evolve in similar fashion in the near future. The report Car Rentals (Self Drive) Market in Vietnam to 2023: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics provides deep dive data analytics on wide ranging Car Rental market aspects including overall market value by customer type – Business and Leisure, by point of rental – Airport and Non-Airport, Insurance / Temporary Replacement Revenue, Car Rental Occasion, Days and Length for the period 2014 to 2018. Read More