As per the report published by Allied Market Research, the global usage-based insurance market generated $28.75 billion in 2019, and is estimated to reach $149.22 billion by 2027, witnessing a CAGR of 25.1% from 2020 to 2027.
Growing adoption among end users and flexible insurance premiums drive the growth of the global usage-based insurance market. However, high installation cost of telematics and various data security issues hinder the market growth. On the contrary, adoption of advanced technologies including smartphone-based UBI & hybrid-based UBI and surge in concerns about driver’s safety across the world are expected to create lucrative opportunities for market players in the future.
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The global usage-based insurance market is divided into policy type, technology, vehicle age, vehicle type, and region. Based on policy type, the pay-as-you-drive segment dominated the market in 2019, accounting for more than half of the market. However, the manage-how-you-drive segment is expected to manifest the highest CAGR of 29.7% during the forecast period.
On the basis of technology, the black-box segment held the largest share in 2019, contributing to more than three-fifths of the market. However, the smartphone segment is projected to portray the highest CAGR of 30.3% during the forecast period.
Based on vehicle age, the new vehicles segment held the lion’s share in 2019, accounting for nearly three-fifths of the market. However, the used vehicle segment is anticipated to manifest the highest CAGR of 25.9% from 2020 to 2027.
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On the basis of vehicle type, the light-duty vehicle (LDV) segment held the largest share in 2019, contributing to around three-fourths of the market. However, the heavy-duty vehicle (HDV) segment is expected to register the highest CAGR of 26.3% during the forecast period.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of global usage-based insurance market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global usage-based insurance market is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
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Key Market Segments
By Type
- Pay-as-you-drive (PAYD)
- Pay-how-you-drive (PHYD)
- Manage-how-you-drive (MHYD)
By Technology
- OBD-II-based UBI programs
- Smartphone-based UBI programs
- Hybrid-based UBI programs
- Black-box-based UBI programs
By Vehicle Age
- New Vehicles
- Used Vehicles
By Vehicle Type
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Belgium
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- Singapore
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Allianz SE
- Allstate Corporation
- Aviva
- AXA
- Insurethebox
- Liberty Mutual Insurance
- Mapfre S.A.
- Nationwide Mutual Insurance Company
- Progressive Corporation
- UNIPOLSAI ASSICURAZIONI S.P.A
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