Press release
Usage-Based Insurance Market is projected to reach $149.2 billion by 2027.
Usage-Based Insurance Market by Policy Type [Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), and Manage-How-You-Drive Insurance (MHYD)], Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, and Black-Box-Based UBI Programs), Vehicle Age (New Vehicles and Used Vehicles), Vehicle Type (Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV)): Global Opportunity Analysis and Industry Forecast, 2020-2027Growing adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums boosts the growth of the global usage-based insurance market.
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In addition, factors such as higher possibility of the vehicle being recovered, in case of stolen, and lower fuel consumption have positively impacts the growth of the market. However, high installation cost of telematics and various data security issues are expected to hamper the market growth.
On the contrary, adoption of advance technology such as smartphone-based UBI & hybrid-based UBI and increase in concerns regarding driver's safety across the globe is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the usage-based insurance market.
Segment review
The global usage-based insurance market is segmented into type, technology, vehicle age, vehicle type and region. In terms of type, the market is fragmented into pay-as-you-drive insurance (PAYD), pay-how-you-drive insurance (PHYD), and manage-how-you-drive insurance (MHYD). Depending on technology, it is bifurcated into OBD-II-based UBI programs, smartphone-based UBI programs, hybrid-based UBI programs, and black-box-based UBI programs. As per vehicle age the market is bifurcated into new vehicles and used vehicles. In terms of vehicle type the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicle (HDV). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Key Benefits For Stakeholders
The study provides an in-depth analysis of global usage-based insurance market forecast along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on global usage-based insurance market is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
Key Market Segments
By Type
Pay-as-you-drive (PAYD)
Pay-how-you-drive (PHYD)
Manage-how-you-drive (MHYD)
By Technology
OBD-II-based UBI programs
Smartphone-based UBI programs
Hybrid-based UBI programs
Black-box-based UBI programs
By Vehicle Age
New Vehicles
Used Vehicles
By Vehicle Type
Light-Duty Vehicle (LDV)
Heavy-Duty Vehicle (HDV)
By Region
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Belgium
Rest of Europe
Asia-Pacific
China
Japan
Australia
Singapore
Thailand
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Allianz SE
Allstate Corporation
Aviva
AXA
Insurethebox
Liberty Mutual Insurance
Mapfre S.A.
Nationwide Mutual Insurance Company
Progressive Corporation
UNIPOLSAI ASSICURAZIONI S.P.A
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Related Report:
Asia-Pacific Usage based Insurance Market: https://www.alliedmarketresearch.com/asia-pacific-usage-based-insurance-market-A15889
Gadget Insurance Market: https://www.alliedmarketresearch.com/gadget-insurance-market-A11629
Reinsurance Market:https://www.alliedmarketresearch.com/reinsurance-market-A06288 AI in Insurance Market : https://www.alliedmarketresearch.com/ai-in-insurance-market-A11615
Takaful Insurance Market: https://www.alliedmarketresearch.com/takaful-insurance-market-A11835
IoT Insurance Market: https://www.alliedmarketresearch.com/iot-insurance-market-A09784
Usage-Based Insurance Market: https://www.alliedmarketresearch.com/usage-based-insurance-market
North America Travel Insurance Market: https://www.alliedmarketresearch.com/north-america-travel-insurance-market
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The global usage-based insurance market size was valued at $28.7 billion in 2019, and is projected to reach $149.2 billion by 2027, growing at a CAGR of 25.1% from 2020 to 2027. Usage-based insurance is expected to grow rapidly in the coming years. Key drivers of the usage-based insurance market include the growing adoption of telematics technology in the automotive insurance space.
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