The global usage based insurance market size is expected to grow from $43.31 billion in 2021 to $54.25 billion in 2022 at a compound annual growth rate (CAGR) of 25.3%. The global usage based insurance market size is then expected to grow to $132.02 billion in 2026 at a CAGR of 24.9%.
What is the Global Usage-Based Insurance Market?
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.
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What drives the Global Usage-Based Insurance Market?
The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Car owners are interested in telematics-driven usage-based insurance since it provides low premiums for low-risk driving and high premiums for high-risk driving. As a result, by correcting their driving habits, individuals can drastically lower their insurance premiums. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow rapidly, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the usage-based insurance market.
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Global Usage-Based Insurance Market Segments
The global usage-based insurance market is segmented:
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 regions covered in the usage-based insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Usage-Based Insurance Global Market Report 2022provides market size and growth forecasts for the global usage-based insurance market, global usage-based insurance market share, usage-based insurance market segments and geographies, usage-based insurance market competitive landscape including 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.
Global Usage-Based Insurance Industry Playersinclude Allianz SE, Assicurazioni Generali S.p.A., Aviva plc, Insure The Box Limited, Liberty Mutual Group, Mapfre S.A., Metromile Inc., Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, and The Allstate Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
