Press release
Usage-based insurance Market: The global market is expected to grow at a CAGR of 26.7% during the forecasted period.
Other drivers include the increasing adoption of mobility-as-a-service, collaboration between original equipment manufacturers (OEMs), and the growing popularity of UBI programs. Regulatory support and the increasing number of connected cars also play a role in the market's growth. The market is divided into different types of packages, vehicle types, and device offerings, with the passenger car segment being dominant. The U.S. market is particularly promising, with aggressive deployment of UBI by insurers aiming to improve risk evaluation
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Key Highlights:
• The global Usage-based insurance Market size was valued at USD 26.8 billion in 2022 growing at a CAGR of 26.7% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
Evolve Business Intelligence has just unveiled its latest market research report focusing on the Global Usage-based insurance Market. This comprehensive report delves into various facets of the market, including market size and projections, market dynamics, competitor market share analysis, market value and volume, SWOT analysis, product comparisons, recent advancements by major players, and prospective opportunities. Furthermore, the market's evaluation in the dynamic chapter considers four key indicators: Drivers, Constraints, Emerging Trends, and Challenges..
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Key Players
Some of the major Usage-based insurance Market players holding high market shares include Allstate Corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Liberty Mutual Insurance Company, AXA and Progressive Casualty Insurance Company. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.
The key players profiled in the report are:
• Allstate Corporation
• UNIPOLSAI ASSICURAZIONI S.P.A
• Liberty Mutual Insurance Company
• AXA
• Progressive Casualty Insurance Company
• Allianz SE
• Mapfre S.A
• Insurethebox
• Aviva Life Insurance
• Nationwide Mutual Insurance Company.
Segmental Analysis
Market Segment By Policy Type
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
Market Segment By Technology
• OBD (On-Board Diagnostics)-II
• Smartphone
• Hybrid
• Black Box
Market Segment By Vehicle Age
• New Vehicles
• Used Vehicles
Market Segment By Vehicle Type
• Light-Duty Vehicle (LDV)
• Heavy-Duty Vehicle (HDV)
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Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
Reasons to Buy this Report:
• Comprehensive insights.
• Reliable and accurate data.
• Market size and dataforecast
• Competitive analysis.
• Identification of market opportunities.
• Risk identification and mitigation strategies.
• SWOT analysis.
• TAM Analysis
• Recent industry developments.
• Customization options.
• Expertise and guidance for strategic decision-making
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About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
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