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The growing global automotive industry is expected to be the key driver of the usage-based insurance market, as per The Business Research Company’s usage-based insurance market opportunities and strategies report.

The usage-based insurance market is expected to grow from $28.84 billion in 2021 to $110.13 billion in 2026 at a rate of 30.7%. The global usage-based insurance market size is then expected to grow at a CAGR of 20.7% from 2026 and reach $281.96 billion in 2031.

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Major players in the usage-based insurance market include Progressive Corporation, Allstate Corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Allianz SE, Liberty Mutual Insurance.

Companies in the usage-based insurance market are investing significantly in connected technologies. Connected technology is a type of technology which can connect devices with each other and other systems via the internet.

The Global Usage-Based Insurance Market Is Segmented:
By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)

By Technology: On-Board Diagnostic (OBD)-II-Based UBI Programs, Smartphone-Based UBI Programs, Black-Box-Based UBI Programs, Other Technologies

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 is the largest region in the global usage-based insurance market.

TBRC’s Usage-Based Insurance Market Report Covers:

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 (2016-21) and ten years forecast (2022-2026-2031)

The Usage-Based Insurance Market Report 2022 – Opportunities And Strategies – Global Forecast To 2031 is one of a series of new reports from The Business Research Company that provides thorough usage-based insurance market research, analyzes and forecasts usage-based insurance market size, usage-based insurance market share, usage-based insurance market players, usage-based insurance market trends, usage-based insurance market segmentation 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.

The usage-based insurance (UBI) market consists of sales of usage-based insurance services by entities (organizations, sole traders, and partnerships) that provide automobile insurance policy to calculate premium based on the usage of the vehicle or driving behavior by using monitoring devices. UBI is powered by telematics technology, which is accessible in vehicles via a plug-in device or pre-installed in the car system. UBI can also be accessed via mobile apps to deliver 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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