Global Usage-Based Insurance Market Size, Forecasts, And Opportunities
Learn about the global usage-based insurance market through The Business Research Company, which provides information on usage-based insurance market size, usage-based insurance market drivers and restraints, usage-based insurance market players, the COVID-19 impact on the usage-based insurance market, and more.
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 drive innovation in usage-based insurance, thus driving the market during the forecast period.
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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 segments include:
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 market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the usage-based insurance (UBI) market in 2020.
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.
TBRC’s usage-based insurance market report covers:
Major Market Players: 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, The Allstate Corporation, Cambridge Mobile Telematics, Esurance Insurance Services Inc., Modus Group LLC, Octo Group, Safeco Insurance, State Farm Automobile Mutual Insurance Company, and TrueMotion Inc.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Usage-Based Insurance Global Market Report 2021: COVID-19 Implications And Growth to 2030 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, share, usage-based insurance market players, usage-based insurance market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s usage-based insurance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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