Global Usage-Based Insurance Market Trends And Strategies Of Major Players In The Usage-Based Insurance Market 2021-2030
2 Aug, 2021
The usage-based insurance (UBI) market consists of sales of usage-based insurance services by entities (organizations, sole traders, and partnerships) that provide auto insurance services by placing monitoring devices in the vehicle. UBI is frequently powered by telematics technology, which is accessible in vehicles via a plug-in device or is pre-installed in the car system, and that can also be accessed via mobile apps and delivers insurers with a variety of data, including how far vehicle is driven, how it is driven, and where it is driven.
Global Usage-Based Insurance Market Size And Drivers:
The global usage-based insurance (UBI) market is expected to grow from $34.53 billion in 2020 to $43.31 billion in 2021 at a compound annual growth rate (CAGR) of 25.4%. The change in growth trend can be attributed to the growing demand from the end-user industry. The UBI market is expected to reach $104.79 billion in 2025 at a CAGR of 24.7%. The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years.
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Trends In The Global Usage-Based Insurance Market
Technological advancements are shaping the usage-based insurance market. Major companies operating in the usage-based insurance sector are focused on developing technological solutions for usage-based insurance to strengthen their position in the market. For instance, in June 2020, TATA AIG, an India-based general insurance company launched an AutoSafe device based on telematics technology. AutoSafe will be included in all policies and would provide personal accidental coverage of approximately $0.02 million for both the owner and the driver. The Auto Safe device is GPS-enabled and connected to a mobile app that saves all data, monitors distance traveled, and creates reports regarding the car health and driving behaviors of the policy holder.
Global Usage-Based Insurance Market Segments:
The global UBI market is further segmented based on vehicle type, technology, package type and geography.
By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)
By Technology: OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, Black-Box-Based UBI Programs
By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
By Geography: The global usage-based insurance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the usage-based insurance (UBI) market in 2020.
Read More On The Report For The Global Usage-Based Insurance Market At:https://www.thebusinessresearchcompany.com/report/usage-based-insurance-global-market-report
Usage-Based Insurance Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides usage-based insurance market overviews, analyzes and forecasts market size and growth for the global usage-based insurance market, usage-based insurance market share, usage-based insurance market players, usage-based insurance market segments and geographies, usage-based insurance market’s leading competitors’ revenues, profiles and market shares. The usage-based insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.