DUBLIN–(BUSINESS WIRE)–The “Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to from ResearchAndMarkets.com offer.
The global usage-based insurance market reached a value of US$33.0 billion in 2021. Looking ahead, the publisher expects the market to reach US$123.4 billion by 2027, growing at a CAGR of 24.59% in 2021-2027.
Usage-based insurance (UBI), or telematics insurance, is a form of specialized auto insurance policy that calculates premium based on vehicle usage or consumer driving behavior. It is generally available in the form of pay-per-drive (PHYD) and pay-per-mile (PPM) formats.
The premium is calculated based on readings obtained from the telematics device installed in the vehicle to monitor speed, time and distance traveled and observe the driving pattern. Compared to conventional insurance policies, UBI is more personalized, helps promote good driving practices, minimizes instances of traffic accidents and provides increased satisfaction to the insured.
The significant growth of automotive industry across the globe is one of the key factors creating positive outlook for the market. Additionally, the widespread adoption of remote diagnostics to monitor consumer driving behavior is providing impetus for the growth of the market. Automakers are integrating advanced telematics platforms into light commercial vehicles (LDVs) to monitor driving habits and prevent any sudden breakdowns or accidents on the road.
These systems also minimize the need to install an additional black box in vehicles to record vehicle data, thus promoting the growth of the market. Moreover, the development of connected vehicles and growing concerns for driver safety are also contributing to the growth of the market.
Other factors including a significant reduction in UBI insurance premium rates, along with the implementation of favorable government policies to promote the use of telematics, are expected to drive the market towards growth.
Key Market Segmentation:
The publisher provides an analysis of the main trends in each sub-segment of the global usage-based insurance market, as well as forecasts at the global, regional and country levels from 2022 to 2027. Our report has classified the market into depending on the type, technology, type of vehicle and age of the vehicle.
Breakdown by type:
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Pay-as-you-go (PAYD)
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Pay-How-You-Drive (PHYD)
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Manage Your Driving (MHYD)
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Others
Breakdown by technology:
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OBD2
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Black Box
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smartphones
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Others
Breakdown by type of vehicle:
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Light vehicle (LDV)
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Heavy vehicle (HDV)
Breakdown by vehicle age:
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New vehicles
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Used vehicles
Breakdown by region:
North America
Asia Pacific
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China
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Japan
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India
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South Korea
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Australia
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Indonesia
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Others
Europe
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Germany
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France
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UK
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Italy
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Spain
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Russia
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Others
Latin America
Middle East and Africa
Answers to key questions in this report:
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How has the global usage-based insurance market behaved so far and how will it behave in the years to come?
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What has been the impact of COVID-19 on the global usage-based insurance market?
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What are the main regional markets?
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What is the market breakdown by type?
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What is the shattering of the technology-based market?
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What is the market breakdown by type of vehicle?
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What is the market breakdown by vehicle age?
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What are the different stages of the industry value chain?
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What are the key drivers and challenges in the industry?
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What is the structure of the global usage-based insurance market and who are the key players?
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How competitive is the industry?
Main topics covered:
1 Preface
2 Scope and methodology
3 Executive Summary
4 Presentation
5 Global Usage-Based Insurance Market
6 Market Breakdown by Type
7 Market Breakdown by Technology
8 Market Breakdown by Vehicle Type
9 Market Breakdown by Vehicle Age
10 Market Breakdown by Region
11 SWOT Analysis
12 Value chain analysis
13 Analysis of the five forces of carriers
14 Price Analysis
15 Competitive landscape
Companies cited
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Aioi Nissay Dowa Insurance UK Ltd
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Allianz SE
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Allstate Insurance Company
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American International Group Inc.
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Assicurazioni Generali SpA
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AXA
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Liberty Mutual Insurance Company
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Mapfre SA
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Progressive multi-risk insurance company
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State Farm Mutual Automobile Insurance Company
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TomTom International BV.
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UnipolSai Assicurazioni SpA (Unipol Gruppo SpA).
For more information on this report, visit https://www.researchandmarkets.com/r/p7waxa
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