Usage-Based Insurance Market Size Worth US$ 123.4 Billion By 2027 | Industry CAGR of 24.47%

IMARC Group has recently released a new research study titled "Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global usage-based insurance market reached a value of US$ 33.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 123.4 Billion by 2027, exhibiting a CAGR of 24.47% during 2022-2027.

Usage-based insurance (UBI), also known as telematics insurance, is a specialized automobile insurance policy that evaluates the premium based on the usage of the vehicle and the driving behavior of the consumer. It comprises a wireless device installed in the vehicle, which transmits data to the insurer each time the premium is due. It is commonly available in pay-how-you-drive (PHYD), pay-per-mile formats (PPM), and manage-how-you-drive (MHYD) variants. It assists in promoting good driving practices, minimizing the instances of road accidents, and offering enhanced satisfaction to the policyholder. As a result, UBI is gaining traction in the automotive industry across the globe.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Usage-Based Insurance Market Trends and Drivers:

The increasing sales of vehicles on account of the rising global population, rapid urbanization, and inflating income levels of individuals represent one of the major factors driving the demand for UBI around the world. The growing demand for hybrid and electric vehicles (H/EVs) is also influencing the market positively. Moreover, there is an increase in the adoption of remote diagnostics that connects to a wireless network for monitoring the health of the vehicle and provides the status of the automobile in real-time to prevent future crashes and failures. Along with this, the rising focus on driver and passenger safety on account of the expanding number of fatal road accidents among the masses is favoring the growth of the market. In addition, key players are incorporating advanced telematics-based platforms in light-duty vehicles (LDV) to minimize the requirement of installing an additional black box in the vehicles to record vehicular data, which is contributing to the market growth.

Besides this, governing agencies of numerous countries are mandating businesses to purchase a UBI policy for their heavy-duty vehicles, which is providing a thrust to the market growth. Furthermore, the increasing utilization of commercial vehicles for inter-city passenger tours and travel and heavy-duty vehicles for bulk transportation of goods is providing a thrust to the market growth. Apart from this, insurers are introducing online insurance solutions with hassle-free and fully digital insurance comparing, buying, and renewing platforms on account of considerable reliance on smartphones and rising penetration of high-speed internet connectivity. This is offering lucrative growth opportunities to market players operating in the industry. Additionally, the integration of the internet of things (IoT) and vehicle telematics solutions in vehicles allow users to interact with the connected vehicle eco-systems to offer an improved driving experience, which is strengthening the growth of the market.

Explore full report with table of contents: https://www.imarcgroup.com/usage-based-insurance-market

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
Others

Breakup by Technology:

OBD II
Black box
Smartphones
Others

Breakup by Vehicle Type:

Light-duty Vehicle (LDV)
Heavy-duty Vehicle (HDV)

Breakup by Vehicle Age:

New Vehicles
Used Vehicles

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Aioi Nissay Dowa Insurance UK Ltd
Allianz SE
Allstate Insurance Company
American International Group Inc.
Assicurazioni Generali SpA
AXA
Liberty Mutual Insurance Company
Mapfre SA
Progressive Casualty Insurance Company
State Farm Automobile Mutual Insurance Company
TomTom International BV.
UnipolSai Assicurazioni SpA (Unipol Gruppo SpA).

Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

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