Global Usage-Based Insurance Market to Garner $149.22

Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global usage-based insurance market was valued at $28.75 billion in 2019, and is projected to hit $149.22 billion by 2027, manifesting a CAGR of 25.1% from 2020 to 2027. 

The growth of the global usage-based insurance market is driven by growing adoption among end users and flexible insurance premiums. However, high installation cost of telematics and various data security issues hamper the market growth. On the contrary, the surge in concerns about driver’s safety across the world along with adoption of advanced technologies including smartphone-based UBI & hybrid-based UBI are expected to create lucrative opportunities for market players in the future. 

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193 – Pages   

According to the report published by Allied Market Research, the global usage-based insurance market was valued at $28.75 billion in 2019, and is projected to hit $149.22 billion by 2027, manifesting a CAGR of 25.1% from 2020 to 2027. 

Report coverage & details:     

Report Coverage    Details   
Forecast Period     2020–2027 
Base Year    2019 
Market Size in 2019  $28.75 billion 
Market Size in 2027  $149.22 billion 
CAGR    25.1% 
 No. of Pages in Report    193 
Segments Covered    Type, Technology, Vehicle Age, Vehicle Type and Region 
Drivers    Adoption of advanced technology in UBI 
Opportunities    Increasing concerns regarding driver’s safety across the globe 
Restraints    technological advancement and rise in awareness among the youth 

The global usage-based insurance market is categorized into policy type, technology, vehicle age, vehicle type, and region.  

On the basis of policy type, the pay-as-you-drive segment held the highest market share in 2019, accounting for more than half of the market. However, the manage-how-you-drive segment is expected to witness the fastest CAGR of 29.7% during the forecast period.  

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By technology, the black-box segment dominated the market in 2019, contributing to more than three-fifths of the market. However, the smartphone segment is estimated to portray the fastest CAGR of 30.3% during the forecast period. 

On the basis of vehicle age, the new vehicles segment held the largest share in 2019, accounting for nearly three-fifths of the market. However, the used vehicle segment is expected to manifest the highest CAGR of 25.9% from 2020 to 2027. 

Region-wise, the market across North America held the lion’s share in 2019, contributing to nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to grow at the highest CAGR of 27.6% during the forecast period. 

The global usage-based insurance market report includes an in-depth analysis of the major market players such as Liberty Mutual Insurance, Nationwide Mutual Insurance Company, Progressive Corporation and UNIPOLSAI ASSICURAZIONI S.P.A., Allstate Corporation, Allianz SE, Insurethebox, Aviva, AXA, Mapfre S.A. 

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. 

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 

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Key Market Players 

  • Allianz SE 
  • Allstate Corporation 
  • Aviva 
  • AXA 
  • Insurethebox 
  • Liberty Mutual Insurance 
  • Mapfre S.A. 
  • Nationwide Mutual Insurance Company 
  • Progressive Corporation 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains. 

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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