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Usage-Based Insurance Market Report 2022: Significant Growth in the Automotive Industry Bolsters Sector
Global Usage-Based Insurance Market
Dublin, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The "Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global usage-based insurance market reached a value of US$ 33.0 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 123.4 Billion by 2027, exhibiting a CAGR of 24.59% during 2021-2027.
Usage-based insurance (UBI), or telematics insurance, is a form of a specialized automobile insurance policy that calculates the premium based on the usage of the vehicle or the consumer driving behavior. It is commonly available in the form of pay-how-you-drive (PHYD) and pay-per-mile formats (PPM).
The premium is calculated according to the readings obtained from the telematics device installed in the vehicle to monitor the speed, time and distance covered and observe the driving pattern. In comparison to the conventional insurance policies, UBI is more personalized, aids in promoting good driving practices, minimizes the instances of road accidents and offers enhanced satisfaction to the policy holder.
Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of remote diagnostics to monitor consumer driving behavior is providing a thrust to the market growth. Automobile manufacturers are embedding advanced telematics-based platforms in light-duty vehicles (LDV) to monitor driving habits and prevent any sudden failures or accidents on the road.
These systems also minimize the requirement of installing an additional black-box in the vehicles to record vehicular data, thereby favoring the market growth. Additionally, the development of connected vehicles and increasing concerns for driver safety, are also contributing to the growth of the market.
Other factors, including a significant reduction in UBI insurance premium rates, along with the implementation of favorable government policies promoting the use of telematics, are anticipated to drive the market toward growth.
Report Attribute | Details |
No. of Pages | 145 |
Forecast Period | 2021 - 2027 |
Estimated Market Value (USD) in 2021 | $33 Billion |
Forecasted Market Value (USD) by 2027 | $123.4 Billion |
Compound Annual Growth Rate | 24.5% |
Regions Covered | Global |
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global usage-based insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, technology, vehicle type and vehicle age.
Breakup by Type:
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
Others
Breakup by Technology:
OBD II
Black Box
Smartphones
Others
Breakup by Vehicle Type:
Light-duty Vehicle (LDV)
Heavy-duty Vehicle (HDV)
Breakup by Vehicle Age:
New Vehicles
Used Vehicles
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Key Questions Answered in This Report:
How has the global usage-based insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global usage-based insurance market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the vehicle age?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global usage-based insurance market and who are the key players?
What is the degree of competition in the industry?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
5 Global Usage-Based Insurance Market
6 Market Breakup by Type
7 Market Breakup by Technology
8 Market Breakup by Vehicle Type
9 Market Breakup by Vehicle Age
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
Companies Mentioned
Aioi Nissay Dowa Insurance UK Ltd
Allianz SE
Allstate Insurance Company
American International Group Inc.
Assicurazioni Generali S.p.A.
AXA
Liberty Mutual Insurance Company
Mapfre S.A.
Progressive Casualty Insurance Company
State Farm Automobile Mutual Insurance Company
TomTom International BV.
UnipolSai Assicurazioni S.p.A. (Unipol Gruppo S.p.A).
For more information about this report visit https://www.researchandmarkets.com/r/9umv9t
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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