- Home
- Our Solution
- Our Solution
- Reports
- Reports
- Healthcare
- ICT
- Semiconductors and Electronics
- Automotive
- FMCG
- Industrial Automation
- Cloud Solutions
- Procurement Consulting
- Company Profile Analysis
- Primary Research
- Market Position Grid
- DBMR Market Position Grid
- Bulk Report
- Industry Subscription
- Annual Update
- Quarterly Update
- Pharma Insights
- Market Insights
- Market Insights
- Blog
- Press Release
- Infographics
- Articles
- White Paper
- Case Studies
- Newsletter
- COVID-19 Resources
- Our Company
- Our Company
- About Us
- Company News Room
- Investor Relations
- Careers
- Contact
DBMR CLOUD CONNECTED INTELLIGENCE Bridging The Gap With Revenue Impacting Solutions
Home Automotive global-usage-based-insurance-market
Automotive
- Automotive
- Upcoming Report
- Jun 2023
- Global
- 350 Pages
- No of Tables: 220
- No of Figures: 60
- Report Description
- Table of Content
- List of Table
- List of Figure
- Request for TOC
- Speak to Analyst
- Buy Now
- Inquire Before Buying
- Free Sample Report
Global Usage-Based Insurance Market – Industry Trends and Forecast to 2030
Market Size in USD Billion
CAGR - 26.66%
Forecast Period | 2022–2030 |
Market Size (Base Year) | USD 24.83 Billion |
Market Size (Forecast Year) | USD 164.44 Billion |
CAGR | 26.66% |
Global Usage-Based Insurance Market, By Vehicle Type (Passenger Car, Commercial Vehicle), Package Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), Device Offering (Company Provided, Bring Your Own Device (BYOD), Technology (OBD-II, Smartphone, Embedded System, Black Box, Others, Hybrid, Metal Forming Market for Automotive), Vehicle Age (New Vehicles, On-Road Vehicles), Electric and Hybrid Vehicle Type (Hybrid Electric Vehicle (HEV), Plug-In Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV)) – Industry Trends and Forecast to 2030.
Usage-Based Insurance Market Analysis and Size
Usage-based insurance is called telematics insurance, which is known for the insurance policy that analyses the premium based on the usage of a vehicle or consumer driving behavior. User-based insurance includes various technologies, such as onboard diagnostic (OBD) II, black box, and smartphones. It effortlessly examines the reason for an accident, improves customer loyalty, and reduces claim fraud.
Data Bridge Market Research analyses that the usage-based insurance market, valued at USD 24.83 billion in 2022, will reach USD 164.44 billion by 2030, growing at a CAGR of 26.66% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Usage-Based Insurance Market Scope andSegmentation
Report Metric | Details |
Forecast Period | 2023 to 2030 |
Base Year | 2022 |
Historic Years | 2021 (Customizable to 2015 - 2020) |
Quantitative Units | Revenue in USD Million, Volumes in Units, Pricing in USD |
Segments Covered | Vehicle Type (Passenger Car, Commercial Vehicle), Package Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), Device Offering (Company Provided, Bring Your Own Device (BYOD), Technology (OBD-II, Smartphone, Embedded System, Black Box, Others, Hybrid, Metal Forming Market for Automotive), Vehicle Age (New Vehicles, On-Road Vehicles), Electric and Hybrid Vehicle Type (Hybrid Electric Vehicle (HEV), Plug-In Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV)) |
Countries Covered | U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. |
Market Players Covered | Cambridge Mobile Telematics (U.S.), insurethebox (U.K.), Progressive Casualty Insurance Company (U.S.), The Modus Group, LLC (U.S.), Inseego Corp. (U.S.), Lemonade Inc. Metromile (U.S.), The Floow Limited (U.K.), Allstate Insurance Company (U.S.), Octo Group S.p.A (Italy), TomTom International BV. (Netherlands), UNIPOLSAI ASSICURAZIONI S.P.A. (Italy), Assicurazioni Generali S.p.A (Italy), Liberty Mutual Insurance (U.S.), Equitable Holdings, Inc.(Italy), MAPFRE(Spain), Sierra Wireless (Canada), Verizon (U.S.), Allianz Partners (Germany) |
Market Opportunities |
|
Market Definition
Insurance telematics and smartphone technologies are being utilized by car insurance providers to lower claim costs. By collecting data on various driving factors, such as acceleration, turns, braking, speed, and driver distraction, mobile telematics enables the creation of applications for young drivers. This shift towards smartphone-centric solutions enables real-time monitoring and analysis of driving behaviour, leading to personalized insurance premiums based on individual driving habits and encouraging safer driving practices.
Usage-Based Insurance Market Dynamics
Drivers
- Increasing use of telematics devices
The growing acceptance of telematics devices and the rising popularity of pay-as-you-drive insurance plans help to drive the market. Telematics devices permit insurers to collect complete data on a policyholder's driving conduct, it offers extra modified and modified coverage. As more consumers become aware of the benefits of telematics-based insurance, as expected to see continued growth in this area.
- Increasing popularity of pay-as-you-drive plane
UBI is growing in popularity of pay-as-you-drive insurance plans. These plans give an additional affordable method to insure your vehicle, the customer only have to pay the coverage which use, as fuel cost are relatively high so more customers are saving money on their car insurance which pay-as-you-drive plans are one way to do that, which can drive the market of insurance based market
Opportunities
- Penetration of smartphone technology
Car insurance providers are increasingly leveraging insurance telematics and smartphone technologies to reduce claim-related costs. By capturing data on factors like car acceleration, turns, braking, speed, and driver distraction, mobile telematics is enabling the development of applications for young drivers. This shift towards smartphone-centric solutions allows for real-time monitoring and analysis of driving behaviour, facilitating personalized insurance premiums based on individual driving habits, and promoting safer driving practices, which creates an opportunity for an insurance based market
- Enhancing safety and saving money
With the help of UBI, insurers can transform their customer relationship management with everyday reports, advice, and handmade monthly bills in place of a once-a-year association based on regenerations. Giving drivers greater transparency and control over costs cost, insurers can surge brand faithfulness, improve customer retention, and secure new business, which creates an opportunity for the user-based insurance market to grow
Restraints/Challenges
- Customer privacy concern
Privacy concerns are one of the major issues in the present era, UBI has to address when it comes to gathering and using customer data. Insurance companies should guarantee that they are clear about how they use customer data and that customers understand them. Insurance companies must confirm that customer data is protected and sheltered from potential cyber threats, which is not done by maximum insurance companies and can cause privacy problems, as a result, it could hinder the market of insurance base market.
- High cost of installations
User-based insurance, which relies on telematics technology to track driving behavior, can be expensive for many customers. The high cost of installing telematics devices in vehicles contributes to the overall cost of insurance. Telematics installation is a complex and technological process, which discourages some customers from adopting this type of insurance. As a result, the affordability of user-based insurance becomes a challenge for many individuals seeking cost-effective insurance options. As a result, it is expected to hinder the market of users based insurance market
This usage-based insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the usage-based insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2021, The Progressive Corporation and Protective Insurance Corporation declared that they had signed a legally binding agreement in which Progressive agreed to buy all of Protective Insurance Corporation's outstanding Class A and Class B common shares.
- In 2020, For small business owners, Progressive Corporation now provides Snapshot ProView, a voluntary UBI and fleet management program. Snapshot ProView is now a part of Smart Haul, Progressive's industry UBI program for truckers that uses Electronic Logging Device (ELD) data to offer discounts for defensive driving. All other Commercial Auto customers who are not required by federal law to have an ELD can use Snapshot ProView.
- In 2020, With effect from today, Lyft has chosen Liberty Mutual Insurance to offer insurance to drivers who use its ride-sharing platforms in Arizona, Michigan, New Mexico, Texas, and Utah. According to the program, Liberty Mutual offers particular insurance coverages in five states from the moment a driver turns on their Lyft app until they turn it off.
- In 2019, In the event that there were no casualties, UnipolSai introduced Real-Time adjustment, a procedure that enables the insured to get a proposal from the adjuster within 24 hours of filing a claim. The procedure makes using the black box simpler.
Global Usage-Based Insurance Market Scope
The usage-based insurance market is segmented on the basis of vehicle type, package type, device offering, technology, vehicle age, and electric and hybrid vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Vehicle Type
- Passenger Car
- Light-Duty Vehicle (LDV)
- Commercial Vehicle
- Heavy-Duty Vehicle (HDV)
Package Type
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
Device Offering
- Company Provided
- Bring Your Own Device (BYOD)
Technology
- OBD-II
- Smartphone
- Embedded System
- Black Box
- Others
- Hybrid
- Metal Forming Market for Automotive
Vehicle Age
- New Vehicles
- On-Road Vehicles
- Old Vehicle
Electric and Hybrid Vehicle Type
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Usage-Based Insurance Market Regional Analysis/Insights
The usage-based insurance market is analysed and market size insights and trends are provided by country, vehicle type, package type, device offering, technology, vehicle age, and electric and hybrid vehicle type as referenced above.
The countries covered in the usage-based insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the usage-based insurance market due to rising consumer awareness, growing growth of the automobile industry, increasing shifting focus towards remote diagnostic technology, and rising growth in the number of connected cars bringing new UBI in this region.
North America is anticipated to emerge as the largest market for usage-based insurance (UBI) due to attributed factors such as advanced telematics infrastructure, high smartphone penetration, and the presence of major insurance providers focusing on UBI offerings in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Usage-Based Insurance Market Share Analysis
The usage-based insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to usage-based insurance market.
Some of the major players operating in the usage-based insurance market are:
- Cambridge Mobile Telematics (U.S.)
- insurethebox (U.K.)
- Progressive Casualty Insurance Company (U.S.)
- The Modus Group, LLC (U.S.)
- Inseego Corp. (U.S.)
- Lemonade Inc. Metromile (U.S.)
- The Floow Limited (U.K.)
- Allstate Insurance Company (U.S.)
- Octo Group S.p.A (Italy)
- TomTom International BV. (Netherlands)
- UNIPOLSAI ASSICURAZIONI S.P.A. (Italy)
- Assicurazioni Generali S.p.A (Italy)
- Liberty Mutual Insurance (U.S.)
- Equitable Holdings, Inc.(Italy)
- MAPFRE(Spain)
- Sierra Wireless (Canada)
- Verizon (U.S.)
- Allianz Partners (Germany)
SKU-
Please fill in the below form for detailed Table of Content
Please fill in the below form for detailed List of Table
Please fill in the below form for detailed List of Figure
Please fill in the below form for Infographics
Research Methodology:
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Please fill in the below form for Research Methodology
Customization Available:
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.
Please fill in the below form for Available Customization
FREQUENTLY ASK QUESTIONS
The Usage-Based Insurance Market will be worth USD 164.44 billion in the forecast period by 2030.
The Usage-Based Insurance Market growth rate is 26.66% during the forecast period.
Increasing use of telematics devices and Increasing popularity of pay-as-you-drive plane are the growth drivers of the Usage-Based Insurance Market.
The vehicle type, package type, device offering, technology, vehicle age, and electric and hybrid vehicle type are the factors on which the Usage-Based Insurance Market research is based.
Major companies in the Usage-Based Insurance Market are Cambridge Mobile Telematics (U.S.), insurethebox (U.K.), Progressive Casualty Insurance Company (U.S.), The Modus Group, LLC (U.S.), Inseego Corp. (U.S.), Lemonade Inc. Metromile (U.S.), The Floow Limited (U.K.), Allstate Insurance Company (U.S.), Octo Group S.p.A (Italy), TomTom International BV. (Netherlands), UNIPOLSAI ASSICURAZIONI S.P.A. (Italy), Assicurazioni Generali S.p.A (Italy), Liberty Mutual Insurance (U.S.), Equitable Holdings, Inc.(Italy), MAPFRE(Spain), Sierra Wireless (Canada), Verizon (U.S.), Allianz Partners (Germany).
BROWSE RELATED REPORTS
BROWSE RELATED Blogs
BROWSE RELATED Press Release
- View Infographics
- Research Methodology
- Available Customization
Free Sample Report
CHOOSE LICENCE TYPE
- 7000.00
- 4800.00
- 3000.00
- 8000.00
- 12000.00
Can be used by entire organization across the globe + Downloadable and Printable PDF + 30 + Countries
Buy Now
Request for TOC Speak to Analyst Inquire Before Buying Free Sample Report
Why Choose Us
Industry Coverage
DBMR works across the globe in multiple industries which equip us with knowledge across verticals and provide our clients with insights not only from their industry but how other industries will impact their ecosystem.
Regional Coverage
Coverage of Data Bridge is not restricted to developed or emerging economies. We work across the globe covering the largest array of countries where no other market research or business consulting firm has ever conducted research; creating growth opportunities for our clients in areas which are still unknown.
Technology Coverage
In today’s world, technology drives the market sentiment, so our vision is to provide our clients insights not only for developed technologies but upcoming and disrupting technological changes throughout the product lifecycle by enabling them with unforeseen opportunities in the market which will create disruption in their industry. This leads to innovation and our clients to come out as winners.
Goal Oriented Solutions
DBMR goal is to help our clients achieve their goals through our solutions; hence we formatively create the most appropriate solutions for our client needs, saving time and efforts for them to drive their grand strategies.
Unparallel Analyst Support
Our analysts take pride in our clients’ success. Unlike others, we believe in working along our clients to achieve their goals with 24 hours analyst support determining the correct needs and inspire innovation through service.
Client Testimonials
David Manning - Thermo Fisher Scientific
Director, Global Strategic Accounts,
Dear Ricky,
I want to thank you for the excellent market analysis (LIMS INSTALLED BASE DATA) that you and your team delivered, especially end of year on short notice. Sachin and Shraddha captured the requirements, determined their path forward and executed quickly.
You, Sachin and Shraddha have been a pleasure to work with – very responsive, professional and thorough. Your work is much appreciated.
Manager - Market Analytics,
Uriah D. Avila - Zeus Polymer Solutions
Thank you for all the assistance and the level of detail in the market report. We are very pleased with the results and the customization. We would like to continue to do business.
Business Development Manager,
(Pharmaceuticals Partner for Nasal Sprays) | Renaissance Lakewood LLC
DBMR was attentive and engaged while discussing the Global Nasal Spray Market. They understood what we were looking for and was able to provide some examples from the report as requested. DBMR Service team has been responsive as needed. Depending on what my colleagues were looking for, I will recommend your services and would be happy to stay connected in case we can utilize your research in the future.
Business Intelligence and Analytics,
Ipsen Biopharm Limited
We are impressed by the CENTRAL PRECOCIOUS PUBERTY (CPP) TREATMENT report - so a BIG thanks to you colleagues.
Competition Analyst,
Basler Web
I just wanted to share a quick note and let you know that you guys did a really good job. I’m glad I decided to work with you. I shall continue being associated with your company as long as we have market intelligence needs.
Marketing Director,
Buhler Group
It was indeed a good experience, would definitely recommend and come back for future prospects.
COO,
A global leader providing Drug Delivery Services
DBMR did an outstanding job on the Global Drug Delivery project, We were extremely impressed by the simple but comprehensive presentation of the study and the quality of work done. This report really helped us to access untapped opportunities across the globe.
Marketing Director,
Philips Healthcare
The study was customized to our targets and needs with well-defined milestones. We were impressed by the in-depth customization and inclusion of not only major but also minor players across the globe. The DBMR Market position grid helped us to analyze the market in different dimension which was very helpful for the team to get into the minute details.
Product manager,
Fujifilms
Thankful to the team for the amazing coordination, and helping me at the last moment with my presentation. It was indeed a comprehensive report that gave us revenue impacting solution enabling us to plan the right move.
Investor relations,
GE Healthcare
Thank you for the report, and addressing our needs in such short time. DBMR has outdone themselves in this project with such short timeframe.
Market Analyst,
Medincell
We found the results of this study compelling and will help our organization validate a market we are considering to enter. Thank you for a job well done.
Andrew - Senior Global Marketing Manager,
Medtronic (US)
I want to thank you for your help with this report – It’s been very helpful in our business planning and it well organized.
Amarildo - Manager, Global Strategic Alignment
MasterCard
We believe the work done by Data Bridge Team for our requirements in the North America Loyalty Management Market was fantastic and would love to continue working with your team moving forward.
Tor Hammer
Green Nexus LLc
Thank you for your quick response to this unfortunate circ*mstance. Please extend my thanks to your reach team. I will be contacting you in the future with further projects
Tommaso Finocchiaro
Market Intelligence Specialist Nippon Gasses
I acknowledge the difficulty given by the very short warning for this report, and I think that its quality and your delivering time have been very satisfying. Obviously, as a provider Data Bridge Market Research will be considered as a plus for future needs of Nippon Gases.
Yuki Kopyl (Asian Business Development Department)
UENO FOOD TECHNO INDUSTRY, LTD. (JAPAN)
Xylose report was very useful for our team. Thank you very much & hope to work with you again in the future
Avail PDF Sample Reports
Corporate Email ID Only
(Avoid Using Generic mail ID such as Gmail)
Reports
- Upcoming Reports
- Publish Reports
- Global
- Europe
- North America
- Asia Pacific
- MEA
- Country Level
Market Insights
- COVID-19 Resources
- Blog
- Press Release
- Infographics
- Articles
- Careers
- Contact
Support
- How To Order
- Track your Order
- My Account
- Terms and conditions
- Privacy Policy
- FAQ
Solutions
- Reports
- Consulting
- DBMR Market Position Grid
- DBMR Pharma Insights
- DBMR Competitive Platform
- Subscription Model
- Events
DMCA Protected © DataBridge - All Rights Reserved.
Share Your Experience With Us
Have Query? Get In Touch With Our Industry Experts
Request for Demo
Suggested Searches
- Reports
- Blogs
- Articles