Usage-Based Insurance Market Expected to Reach $175.27 Billion by 2028

Overview and Scope The usage-based insurance is frequently powered by telematics technology, which is accessible in vehicles via a plug-in device or is pre-installed in the car's system, and that can also be accessed via mobile apps and delivers insurers with a variety of data, including how far the vehicle is driven, how it's driven, and where it's driven. The usage-based insurance provides auto insurance services by placing monitoring devices in the vehicle. Sizing and Forecast The usage-based insurance market size has grown exponentially in recent years. It will grow from $48.38 billion in 2023 to $63.29 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to growth in vehicle ownership, increasing occurrences of vehicle theft, robust demand for passenger car sales, and high adoption of connected cars.. The usage-based insurance market size is expected to see exponential growth in the next few years. It will grow to $175.27 billion in 2028 at a compound annual growth rate (CAGR) of 29.0%. The growth in the forecast period can be attributed to growing automotive industry, growing demand for electric vehicles, increasing concerns about vehicle safety, and a rapid use of usage-based insurance by insurance companies to improve profitability.. Major trends in the forecast period include focusing on connected technologies, focusing on smartphone technology-based telematics platform, focusing on telematics technology, focusing on partnerships and collaborations and focusing on self-installed telematics devices. Order your report now for swift delivery, visit the link: https://www.thebusinessresearchcompany.com/report/usage-based-insurance-global-market-report The usage-based insurance market covered in this report is segmented – 1) By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV) 2) By Technology: On-Board Diagnostic (OBD)-II-Based UBI Programs, Smartphone-Based UBI Programs, Black-Box-Based UBI Programs, Other Technologies 3) By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD) North America was the largest region in the usage-based insurance (UBI) market in 2023. The regions covered in the usage-based insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Intrigued to explore the contents? Secure your hands-on a free sample copy of the report: https://www.thebusinessresearchcompany.com/sample.aspx?id=5180&type=smp Major Driver Impacting Market Growth The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Car owners are interested in telematics-driven usage-based insurance since it provides low premiums for low-risk driving and high premiums for high-risk driving. As a result, by correcting their driving habits, individuals can drastically lower their insurance premiums. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the usage-based insurance market. Key Industry Players Major companies operating in the usage-based insurance market report are Progressive Corporation, Allstate Corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Allianz SE, Liberty Mutual Insurance, AXA, Mapfre S.A., State Farm Mutual Automobile Insurance Company, American International Group, Inc, Nationwide Mutual Insurance Company, Tata AIG, UbiCar, Takaful Islami Insurance Ltd, Pragati Insurance Company Limited, PingJia Technology, Insure The Box, Aviva Group, Octo Group S.p.A, Teltonika Telematics, ARCUS S.A, T-matic Systems S.A, Cefin Romania Systems, Cambridge Mobile Telematics, Zubie, Inc, Modus Group, LLC, Metromile Inc, Amica Mutual Insurance Company, Sierra Wireless, Intact Financial Corporation, TrueMotion, CAA insurance, The Co-operators Group Limited, Desjardins Insurance, EnVue Telematics, Aon Risk Services Argentina S.A, TTMS Argentina S.A, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Marsh Brasil - EZ Towers, Abu Dhabi National Takaful Company, Oman Insurance Company, Wehbe Insurance Services LLC, Al Sagr National Insurance Company, Noor Takaful Insurance, Adamjee Insurance Company Limited, Old Mutual plc, Santam, MiWay Insurance, Hollard Group, Carrier Insurance Brokers, Glanvills Enthoven The usage-based insurance market report table of contents includes: 1. Executive S

Jul 14, 2024 - 23:57

Usage-Based Insurance Market Expected to Reach $175.27 Billion by 2028

Overview and Scope
The usage-based insurance is frequently powered by telematics technology, which is accessible in vehicles via a plug-in device or is pre-installed in the car's system, and that can also be accessed via mobile apps and delivers insurers with a variety of data, including how far the vehicle is driven, how it's driven, and where it's driven. The usage-based insurance provides auto insurance services by placing monitoring devices in the vehicle.

Sizing and Forecast
The usage-based insurance market size has grown exponentially in recent years. It will grow from $48.38 billion in 2023 to $63.29 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to growth in vehicle ownership, increasing occurrences of vehicle theft, robust demand for passenger car sales, and high adoption of connected cars..

The usage-based insurance market size is expected to see exponential growth in the next few years. It will grow to $175.27 billion in 2028 at a compound annual growth rate (CAGR) of 29.0%. The growth in the forecast period can be attributed to growing automotive industry, growing demand for electric vehicles, increasing concerns about vehicle safety, and a rapid use of usage-based insurance by insurance companies to improve profitability.. Major trends in the forecast period include focusing on connected technologies, focusing on smartphone technology-based telematics platform, focusing on telematics technology, focusing on partnerships and collaborations and focusing on self-installed telematics devices.

Order your report now for swift delivery, visit the link:
https://www.thebusinessresearchcompany.com/report/usage-based-insurance-global-market-report

The usage-based insurance market covered in this report is segmented –

1) By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)
2) By Technology: On-Board Diagnostic (OBD)-II-Based UBI Programs, Smartphone-Based UBI Programs, Black-Box-Based UBI Programs, Other Technologies
3) By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)

North America was the largest region in the usage-based insurance (UBI) market in 2023. The regions covered in the usage-based insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Intrigued to explore the contents? Secure your hands-on a free sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5180&type=smp

Major Driver Impacting Market Growth
The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Car owners are interested in telematics-driven usage-based insurance since it provides low premiums for low-risk driving and high premiums for high-risk driving. As a result, by correcting their driving habits, individuals can drastically lower their insurance premiums. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the usage-based insurance market.

Key Industry Players
Major companies operating in the usage-based insurance market report are Progressive Corporation, Allstate Corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Allianz SE, Liberty Mutual Insurance, AXA, Mapfre S.A., State Farm Mutual Automobile Insurance Company, American International Group, Inc, Nationwide Mutual Insurance Company, Tata AIG, UbiCar, Takaful Islami Insurance Ltd, Pragati Insurance Company Limited, PingJia Technology, Insure The Box, Aviva Group, Octo Group S.p.A, Teltonika Telematics, ARCUS S.A, T-matic Systems S.A, Cefin Romania Systems, Cambridge Mobile Telematics, Zubie, Inc, Modus Group, LLC, Metromile Inc, Amica Mutual Insurance Company, Sierra Wireless, Intact Financial Corporation, TrueMotion, CAA insurance, The Co-operators Group Limited, Desjardins Insurance, EnVue Telematics, Aon Risk Services Argentina S.A, TTMS Argentina S.A, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Marsh Brasil - EZ Towers, Abu Dhabi National Takaful Company, Oman Insurance Company, Wehbe Insurance Services LLC, Al Sagr National Insurance Company, Noor Takaful Insurance, Adamjee Insurance Company Limited, Old Mutual plc, Santam, MiWay Insurance, Hollard Group, Carrier Insurance Brokers, Glanvills Enthoven

The usage-based insurance market report table of contents includes:

1. Executive Summary

2. Usage-Based Insurance Market Characteristics

3. Usage-Based Insurance Market Trends And Strategies

4. Usage-Based Insurance Market - Macro Economic Scenario

..............

32. Global Usage-Based Insurance Market Competitive Benchmarking

33. Global Usage-Based Insurance Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Usage-Based Insurance Market

35. Usage-Based Insurance Market Future Outlook and Potential Analysis

36. Appendix

Contact Us: