Usage Based Insurance Market Size Valued at USD 154.89 Billion and is Expected to Grow at a CAGR of 20.8% | PMR

According to a recent report published by Polaris Market Research, "Usage Based Insurance Market by Policy Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD)), Technology, Region - Global Forecast to 2032." The market was valued at USD 28.70 billion in 2023 and is projected to reach USD 154.89 billion by 2032 registering a CAGR of 20.8% during the forecast period from 2024 to 2032.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/usage-based-insurance-market/request-for-sample

The growing acquisition of usage-based insurance due to the distinctive advantages of this insurance over conventional insurance is an eminent element accountable for the market growth. Moreover, growing production of the dispensation of vehicles, together with increasing demand for tailored insurance schemes, are also contributing to market growth.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐃𝐞𝐞𝐩 𝐃𝐢𝐯𝐞

These leaders have been reinforcing their calculated coalition as a segment of their important growth estimation. Some of the prominent players operating in the usage based insurance market include:

• Aioi Nissay Dowa Insurance UK Ltd (UK)
• Allianz (Germany)
• Allstate Insurance Company (U.S.)
• Bridgestone Mobility Solutions B.V. (Netherlands)
• Liberty Mutual Insurance (U.S.)
• MAPFRE (Spain)
• Progressive Casualty Insurance Company (U.S.)
• State Farm Mutual Automobile Insurance Company (U.S.)
• UNIPOLSAI ASSICURAZIONI S.P.A. (Italy)
• Verisk Analytics, Inc. (U.S.)
• Verizon (U.S.)

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/buy/3538/2

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

𝐁𝐲 𝐏𝐨𝐥𝐢𝐜𝐲 𝐓𝐲𝐩𝐞

Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)

𝐁𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲

OBD (On-Board Diagnostics)-II
Smartphone
Embedded Telematics
Others

𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

Usage based insurance computes the insurance premium relying on the driving instead of a secured amount such as traditional car insurance. Distance conveyed, and the driving deportment is two crucial elements that determine the car insurance premium. Such insurance remunerates adequate driving behavior and permits one to conserve on premiums if one doesn't drive the car frequently. UBI makes use of telematic gadgets positioned in the car to trace how the car is driven. Telematics utilizes telecommunication and informatics to trace and allocate driving data. It utilizes progressive analytics to document driving information such as breaking, acceleration, speed, and prevalence of usage.

𝐂𝐥𝐢𝐜𝐤 𝐡𝐞𝐫𝐞 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/usage-based-insurance-market

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐒𝐜𝐨𝐩𝐞

The countries covered in the market report are Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa. According to the analysis, in 2023, North America dominated the market with the largest share. Growing approval of usage based insurance due to the distinctive advantages offered by them are the key drivers in market's expansion in North America. Moreover, with a strong CAGR throughout the foreseen period, the Asia Pacific region is expected to expand at the quickest rate.

𝐔𝐬𝐚𝐠𝐞 𝐁𝐚𝐬𝐞𝐝 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬

• The Pay-As-You-Drive (PAYD) segment dominated the market, owing to the benefits such as maximum discounts and flexibility to enhance the existing policy by add-on.

• The smartphone segment is anticipated to register the highest CAGR, owing to the availability of inbuilt sensors required for usage based insurance.

• The new vehicles segment is projected to witness significant growth, owing to increasing demand for personalized insurance from millennials and GenZ.

• The Light-Duty Vehicle (LDV) segment accounted for the largest market share, owing to the high adoption of usage based insurance among the young population.

• North America accounted for the largest market share, owing to the growth in the sales of vehicles and regulatory support for this insurance system.

• The market players include Progressive Casualty Insurance Company, UNIPOLSAI ASSICURAZIONI S.P.A., Allstate Insurance Company, Liberty Mutual Insurance, and others.

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐋𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-lighting-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐑𝐞𝐥𝐚𝐲 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-relay-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐞𝐧𝐬𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-sensor-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐖𝐡𝐨𝐥𝐞𝐬𝐚𝐥𝐞 𝐀𝐧𝐝 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐀𝐟𝐭𝐞𝐫𝐦𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-wholesale-and-distribution-
aftermarket-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨:

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