Market Definition:
The Usage-Based Insurance Market was nearly USD 25.0 Billion in 2022 and it is anticipated to grow over USD 118.7 Billion by 2032, at a CAGR of over 15.7% during the forecast period.
Usage-based insurance is insurance that is priced based on how much the insured uses the insured vehicle. The insurance company uses data from a telematics device, installed in the insured vehicle, to track how far and how often the vehicle is driven. The insurance company then prices the insurance based on this usage data.
This type of insurance is typically used by people who don’t drive their vehicles very often, such as people who live in urban areas and use public transportation or people who only use their vehicles for leisurely activities on the weekends. By pricing insurance based on usage, insurance companies can offer lower rates to these low-risk drivers.
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Market Outlook:
There are a few key trends in Usage-Based Insurance (UBI) technology. The first is the use of telematics to track driving behavior. This allows insurers to get a more accurate picture of how risky a driver is and to price their policies accordingly. The second trend is the use of data from connected devices to help identify risks. This data can be used to help predict accidents and to tailor policies to the individual driver. Finally, insurers are starting to use UBI to offer discounts to safe drivers. This encourages good driving behavior and helps to lower the overall cost of insurance.
Key Drivers
There are a few key drivers of the usage-based insurance market.
The first is the increasing price of insurance. As the cost of insurance rises, more people are looking for ways to save money on their premiums. One way to do this is to purchase a policy that is based on how much you actually use your vehicle.
Another driver of the usage-based insurance market is the increasing number of people who are using their vehicles for business purposes. When you use your vehicle for business, you are more likely to have an accident. As a result, your insurance rates will be higher. By purchasing a policy that is based on how much you use your vehicle, you can save money on your premiums.
Finally, the usage-based insurance market is being driven by the increasing number of people who are driving for ride-sharing companies such as Uber and Lyft. These companies require their drivers to have insurance, but they do not always offer the best rates. By purchasing a usage-based insurance policy, you can get a policy that is specifically designed for ride-sharing drivers and that can save you money on your premiums.
Restraints & Challenges
The key restraints and challenges in usage-based insurance market are:
Lack of awareness about usage-based insurance: There is lack of awareness about usage-based insurance among consumers which is restraining the growth of this market.
High cost of installation and subscription: The high cost of installation and subscription is another challenge in usage-based insurance market.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
The Usage-Based Insurance Market has been segmented into Package Type, Technology, Vehicle Type, Vehicle Age, and Region. On the basis of Package Type, it is segmented into Pay-as-you-drive (PAYD), Pay-how-you-drive (PHYD), Manage-how-you-drive (MHYD). Based on Technology, the market is bifurcated into OBD-II-based UBI Programs, Smartphone-based UBI Programs, Hybrid-based UBI Programs, Black-box-based UBI Programs. On the basis of Vehicle Type, it is bifurcated into Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV). Based on Vehicle Age, the market is bifurcated into New Vehicles and Used Vehicles. Region-wise, it is studied across North America, Europe, Asia-Pacific, and Rest of the World.
Key Players
Some of the key players of Usage-Based Insurance Market are ACKO General Insurance Limited (India), Allianz SE (Germany), Allstate Insurance Company (US), Aviva Canada (Canada), insurethebox (Aioi Nissay Dowa Insurance UK Ltd.) (UK), Liberty Mutual Insurance (US), MAPFRE Insurance (US), Nationwide (US), Progressive Casualty Insurance Company (US), and Universal Sompo General Insurance Co.Ltd (India).
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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