Usage-Based Insurance Market Size to Reach US$ 153.4 Billion by 2028 | With a 24.37% CAGR

IMARC Group, a leading market research company, has released a report titled "Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global usage-based insurance market size reached US$ 41.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.4 Billion by 2028, exhibiting a growth rate (CAGR) of 24.37% during 2023-2028.

Usage-based insurance (UBI) is a contemporary approach to auto insurance that has gained significant traction in recent years. It is a policy framework where insurance premiums are determined based on the actual usage and behavior of the insured vehicle. These policies use real-time data collected through telematics devices installed in vehicles to assess factors like mileage, driving habits, and location. This data-driven insurance model revolutionizes the way insurers and policyholders interact, offering more personalized and potentially cost-effective coverage while encouraging safer driving practices.

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Usage-Based Insurance Market Trends and Drivers:

The market is witnessing robust growth, driven by the increasing adoption of telematics technology in vehicles. As more vehicles come equipped with telematics systems that can transmit data on driving behavior, insurers are presented with a wealth of information to fine-tune their pricing models. Moreover, changing consumer preferences are shaping the UBI landscape. Today's consumers, especially the younger demographic, value flexibility and customization in their insurance policies. Usage-Based Insurance aligns with these preferences, offering tailored coverage that reflects individual driving habits. In addition to consumer demand, regulatory support is playing a pivotal role in the growth of the UBI market. Governments and regulatory bodies in various countries are recognizing the potential benefits of usage-based insurance in terms of reducing accidents, congestion, and carbon emissions. Consequently, they are introducing initiatives and incentives to encourage the adoption of UBI. For instance, some regions offer tax incentives or reduced registration fees for vehicles equipped with telematics devices. These measures promote the uptake of UBI and stimulate innovation in the telematics industry.

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).

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This release was published on openPR.