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Usage-based Insurance Market worth $138.03 billion by 2030, growing at a CAGR of 20.01% - Exclusive Report by 360iResearch
Usage-based Insurance Market | 360iResearch
The Global Usage-based Insurance Market to grow from USD 38.48 billion in 2023 to USD 138.03 billion by 2030, at a CAGR of 20.01%.
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Usage-based insurance (UBI) is a type of auto insurance policy that calculates premiums based on the actual usage and driving behavior of the insured vehicle. Instead of using traditional factors such as age, gender, and location to determine rates, UBI relies on real-time data collected through telematics devices installed in the vehicle. The widespread adoption of connected cars equipped with advanced technologies such as telematics systems has made it easier for insurers to collect real-time data on driving patterns. Furthermore, increasing government regulations supporting road safety initiatives has significantly boosted the demand for usage-based insurance. However, privacy concerns related to the collection, storage, and use of personal driving data are a significant concern for many consumers. The UBI market's expansion is impeded by a lack of standardization in telematics technology, making it challenging for insurers to offer consistent services across different devices. Furthermore, the ongoing advancements in big data analytics and artificial intelligence are expected to provide potential opportunities for growth in the UBI market. These technologies can enable companies to process vast amounts of data effectively and make informed decisions regarding pricing strategies, risk assessment models, and marketing campaigns targeting specific demographics. Additionally, rising consumer awareness regarding the benefits of usage-based insurance policies is expected to enhance demand for UBI.
In the Americas, the usage-based insurance (UBI) market has witnessed substantial growth. The region benefits from a highly developed telematics infrastructure and a tech-savvy consumer base. Europe, the Middle East, and Africa have witnessed growth in the usage-based insurance (UBI) market in recent years, driven by increased smartphone penetration, rising concerns over road safety, and growing demand for personalized services. Key countries, including the UK, Germany, France, Russia, Spain, and the Netherlands, are leading this growth trajectory, with traditional insurers and specialized UBI providers vying for market share. Meanwhile, the Middle East and Africa are gradually embracing UBI, with South Africa and the UAE showing notable interest. In the Asia-Pacific region, countries including China, Japan, and South Korea are leading the way, driven by a large and tech-savvy population. Favorable government policies and innovative startups are entering the market, offering unique UBI solutions tailored to the specific needs of Asian consumers.
Market Segmentation & Coverage:
This research report categorizes the Usage-based Insurance Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Package Type, market is studied across Manage-How-You-Drive, Pay-As-You-Drive, and Pay-How-You-Drive. The Manage-How-You-Drive commanded largest market share of 36.11% in 2023, followed by Pay-How-You-Drive.
Based on Technology, market is studied across Black Box, Embedded System, OBD-II, and Smartphone. The Black Box commanded largest market share of 30.45% in 2023, followed by Embedded System.
Based on Device Offering, market is studied across Bring Your Device (BYOD) and Company Provided. The Bring Your Device (BYOD) commanded largest market share of 60.28% in 2023, followed by Company Provided.
Based on Vehicle Type, market is studied across Commercial Vehicle and Passenger Car. The Passenger Car commanded largest market share of 72.99% in 2023, followed by Commercial Vehicle.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Finland, France, Germany, Israel, Italy, Netherlands, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 35.90% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Usage-based Insurance Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Usage-based Insurance Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Usage-based Insurance Market, highlighting leading vendors and their innovative profiles. These include Allianz SE, Allstate Corporation, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., AXA SA, CalAmp Wireless Networks Corporation, Cambridge Mobile Telematics, Inc., CerebrumX Lab Inc., Credit Karma, LLC by Intuit Inc., Definity Financial Corporation, General Motors Company, Go Digit General Insurance Limited, HDFC ERGO General Insurance Company Limited, ICICI Lombard General Insurance Company Ltd., Lemonade, Inc., LexisNexis Risk Solutions Inc. by RELX plc, Liberty Mutual Group Inc., MAPFRE S.A, Modus Group, LLC, Nationwide Mutual Insurance Company, Octo Group S.p.A., Progressive Casualty Insurance Company, Reliance General Insurance Company Limited by Reliance Capital Limited, Sierra Wireless by Semtech Corporation, State Farm Mutual Automobile Insurance Company, The Floow Limited by Otonomo Technologies Ltd., The Government Employees Insurance Company, The New India Assurance Co. Ltd., The Travelers Indemnity Company, Unipol Gruppo S.p.A., United Services Automobile Association, Verisk Analytics, Inc., Zubie, Inc., and Zuno General Insurance Limited.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Usage-based Insurance Market, by Package Type
7. Usage-based Insurance Market, by Technology
8. Usage-based Insurance Market, by Device Offering
9. Usage-based Insurance Market, by Vehicle Type
10. Americas Usage-based Insurance Market
11. Asia-Pacific Usage-based Insurance Market
12. Europe, Middle East & Africa Usage-based Insurance Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Usage-based Insurance Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Usage-based Insurance Market?
3. What is the competitive strategic window for opportunities in the Usage-based Insurance Market?
4. What are the technology trends and regulatory frameworks in the Usage-based Insurance Market?
5. What is the market share of the leading vendors in the Usage-based Insurance Market?
6. What modes and strategic moves are considered suitable for entering the Usage-based Insurance Market?
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