According to Stratistics MRC, the Global Usage-Based Insurance Market is accounted for $15.10 billion in 2020 and is expected to reach $94.16 billion by 2028 growing at a CAGR of 25.7% during the forecast period. An increase in vehicle purchase and adoption of technologies such as connected cars & telematics are the major factor driving the market growth. However, lack of stability and standardization of the regulations are hampering the growth of the market.
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By geography, North America is going to have high growth during the forecast period, due to the maximum acceptance rate of usage-based insurance for new and on-road vehicles equipped with technologies. Moreover, the province has top-class vehicle companies and high disposable income which lead to majority purchase of premium cars that upsurges the adoption rate of usage-based insurance due to high fares for regular insurance.
Some of the key players profiled in the Usage-Based Insurance Market include Allianz SE, Allstate Insurance Company, Cambridge Mobile Telematics, Inseego Corporation, insurethebox, Intelligent Mechatronic Systems, Inc., Liberty Mutual Insurance, Mapfre, Modus Group, Octo Telematics Ltd., Progressive Corporation, Sierra Wireless, Inc., The Floow Ltd., TomTom International BV, TrueMotion.
Package Types Covered:
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
• Distance-based-Insurance (DBI)
Vehicle Types Covered:
• Light-Duty Vehicle (LDV)
• Heavy-Duty Vehicle (HDV)
Vehicle Ages Covered:
• New Vehicle
• Used Vehicle
Device Offerings Covered:
• Bring Your Own Device (BYOD)
• Company Provided
Technologies Covered:
• Black Box
• Embedded
• Hybrid
• Metal Forming Market for Automotive
• On-Board Diagnostics II (OBD II)
• Smartphone
Electric & Hybrid Vehicles Covered:
• Battery Electric Vehicle (BEV)
• Fuel-Cell Electric Vehicle (FCEV)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Vehicle (PHEV)
Applications Covered:
• Passenger Vehicle
• Commercial Vehicle
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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