Usage-Based Insurance Market - Trends Forecast Till 2028

Usage-Based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Black box, Smartphone, Embedded), Vehicle Age (New, Old), Device Offering (BYOD, Company Provided) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Published Date: July, 2021

Base Year Estimate: 2020

Report ID: D-AU-UBIM-235

Format:  

Number of Pages: 355

Domain: Automotive

Usage-Based Insurance Market – Trends Forecast Till 2028

Estimated at USD 19.6 billion in 2021, the usage-based insurance market size is projected to reach USD 66.8 billion by 2026, growing at a CAGR of 27.7% during the forecast period, 2021-2028.

Lower insurance premium compared to regular insurance, government regulations on telematics, high adoption of connected car services, and growing on-road vehicles are some of the factors that have supported long-term expansion for Usage-Based Insurance Market.

Usage Based Insurance Market Analysis

Usage-Based Insurance Market is segmented into package type, technology, vehicle type, vehicle age, device offering, electric and hybrid vehicle and geography.

Package type segment is segmented into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD) and Manage-How-You-Drive (MHYD).

Technology segment is segmented into OBD-II, Smartphone, Black Box and Embedded.

Vehicle type segment is segmented into light-duty vehicle (LDV) and heavy-duty vehicle (HDV).

Vehicle age segment is segmented into new vehicle and old vehicle.

Device offering segment is segmented into bring your own device (BYOD) and company provided.

Electric and hybrid segment is segmented into Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV) and Fuel-cell Electric Vehicle (FCEV).

Geographically, Usage-Based Insurance Market is sub segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America and insights are provided for each region and major countries within the regions

Key players in Usage-Based Insurance Market are UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US)

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Research Methodology

Secondary Research

This research method involved the usage of extensive secondary sources (such as directories and databases)—Hoovers, Avention, annual reports, investor presentation, conference like Jefferies conference)—to identify and collect information useful for this study of the Usage-Based Insurance market. The purpose of secondary research was to identify and collection of extensive, technical, market-oriented, and commercial study the global Usage-Based Insurance market. Through secondary the market is classified and segmented as per of industry trend, development, regional market. Product and technology development.

Primary Research

The primary sources mainly included several industry experts from the core and related industries and suppliers, manufacturers, distributors, alliances, and organizations related to all segments of this industry’s supply chain. In-depth interviews were conducted with various primary respondents—including key industry participants, subject matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts—to obtain and verify critical qualitative and quantitative information as well as to assess future prospects

The primary Respondent breakdown is given below:

Usage-Based Insurance Market Primary Respondents

 

Market Sizing

Top-down and bottom approaches were used to derive the market estimate and validating the total revenue of the Usage-Based Insurance market. This approach has also been used to derive the market for segmentation and sub-segmentation.

Data Validation

Impact analysis has been conducted for deriving the market size. After collecting the in-depth quantitative and qualitative data we contact primary respondent in order to gain 98.8% of confidence level on our data.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Reasons to Acquire

  • Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
  • Gain authentic and granular data access for Usage-Based Insurance market so as to understand the trends and the factors involved behind changing market situations
  • Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
  • In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope

 

Report Feature

Descriptions

Market Revenue In 2021

USD 19.6 billion

Growth Rate

CAGR of 27.2% during the forecasting period, 2021-2028

Historical Data

2018-2019

Forecast Years

2021-2028

Base Year

2020

Units Considered

Revenue in USD billion and CAGR from 2021 to 2028

Report Segmentation

package type, technology, vehicle type, vehicle age, device offering, electric and hybrid vehicle and geography

Report Attribute

Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling

Regional Level Scope

North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Country Level Scope

U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)

Companies Profiled

UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US).

Available Customization

In addition to the market data for Usage-Based Insurance Market, Delvens. offers client-centric report and customized according to the company’s specific demand and requirement.

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