Driving Toward the Future: Usage-Based Insurance Market Projected to Reach $149.22 Billion by 2027 with a 25.1% CAGR

As per the report published by Allied Market Research, the global usage-based insurance market generated $28.75 billion in 2019, and is estimated to reach $149.22 billion by 2027, witnessing a CAGR of 25.1% from 2020 to 2027.

➡️𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂
https://www.alliedmarketresearch.com/request-sample/1742

Growing adoption among end users and flexible insurance premiums drive the growth of the global usage-based insurance market. However, high installation cost of telematics and various data security issues hinder the market growth. On the contrary, adoption of advanced technologies including smartphone-based UBI & hybrid-based UBI and surge in concerns about driver's safety across the world are expected to create lucrative opportunities for market players in the future.

Covid-19 impact:

Since the outbreak of the Covid-19 pandemic, people have been reevaluating traditional auto insurance policies and opting for usage-based insurance.
As most of the governments have imposed lockdown across the country, most of the companies opted for work-from-home culture. This has decreased the short trips, and therefore, need for mile-based coverage across the globe.
The global usage-based insurance market is divided into policy type, technology, vehicle age, vehicle type, and region. Based on policy type, the pay-as-you-drive segment dominated the market in 2019, accounting for more than half of the market. However, the manage-how-you-drive segment is expected to manifest the highest CAGR of 29.7% during the forecast period.

Growing 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. In addition, factors such as higher possibility of the vehicle being recovered, in case of stolen, and lower fuel consumption positively impacts the growth of the market.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 :
https://www.alliedmarketresearch.com/request-for-customization/1742

On the basis of technology, the black-box segment held the largest share in 2019, contributing to more than three-fifths of the market. However, the smartphone segment is projected to portray the highest CAGR of 30.3% during the forecast period.

Based on vehicle age, the new vehicles segment held the lion's share in 2019, accounting for nearly three-fifths of the market. However, the used vehicle segment is anticipated to manifest the highest CAGR of 25.9% from 2020 to 2027.

On the basis of vehicle type, the light-duty vehicle (LDV) segment held the largest share in 2019, contributing to around three-fourths of the market. However, the heavy-duty vehicle (HDV) segment is expected to register the highest CAGR of 26.3% during the forecast period.

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/20ad75f21d95764643d4b1932065cd8c?utm_source=AMR&utm_medium=research&utm_campaign=P19623

The global usage-based insurance market is analyzed across various regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America held the largest share in 2019, contributing to nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 27.6% from 2020 to 2027.

The global usage-based insurance market report includes an in-depth analysis of the major market players such as Allstate Corporation, Allianz SE, Insurethebox, Aviva, AXA, Mapfre S.A., Liberty Mutual Insurance, Nationwide Mutual Insurance Company, Progressive Corporation and UNIPOLSAI ASSICURAZIONI S.P.A.

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:
https://www.alliedmarketresearch.com/purchase-enquiry/1742

Key Findings of The Study
By policy type, the pay-as-you-drive (PAYD) segment accounted for the largest usage-based insurance market share in 2022.
Region wise, North America generated highest revenue in 2022.
Depending on technology, the black box segment generated the highest revenue in 2022.

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