Usage-Based Insurance Market Poised for Growth - Key Trends & Forecast | Cambridge Mobile Telematics, Allianz SE, AXA, Aviva

The Global Usage-Based Insurance Market is expected to grow at a CAGR of 24.1% during the forecast period (2024-2031).

Usage-Based Insurance Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Usage-based insurance (UBI) is a telematics-driven model where premiums are determined by driving behavior, mileage, or time on the road. Using GPS and onboard sensors, UBI promotes safer driving, cost savings, and personalized coverage for policyholders.

List of the Key Players in the Usage-Based Insurance Market:

Cambridge Mobile Telematics, Allianz SE, AXA, Aviva, Allstate Corporation, Insure The Box Limited, Liberty Mutual Insurance, Progressive corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Nationwide Mutual Insurance Company

Market Dynamics:

The rise in road accidents is driving the growth of usage-based insurance (UBI). According to WHO, 1.35 million people die in traffic crashes annually, with 20-50 million suffering non-fatal injuries. UBI adoption is increasing, with 27 million vehicles using OBD dongles in 2020, a market worth $475 million. Additionally, growing passenger car registrations and the rise of connected cars present new UBI opportunities. However, privacy concerns over tracking mileage and driving behavior have led to regulatory measures in some regions, though acceptance is increasing with mainstream digital adoption.

Growth Forecast Projected:

The Global Usage-Based Insurance Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Usage-Based Insurance Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Usage-Based Insurance Market:

By Type: Pay-as-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD), Distance-Based Insurance, Others

By Vehicle Type: Passenger Vehicles, Commercial Vehicles

By Technology: OBD I-II, Smartphones, Black Box, Hybrid, Others

By Application: IoT Based Fleet Management, Semi-Autonomous & Autonomous Car, Artificial Intelligence and HMI in Transportation, Others

Regional Analysis for Usage-Based Insurance Market:

The regional analysis of the Usage-Based Insurance Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Usage-Based Insurance market?

➠ Who are the leading manufacturers in the global Usage-Based Insurance industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Usage-Based Insurance industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Usage-Based Insurance market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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