The usage-based insurance (UBI) market refers to the industry that provides insurance policies based on the actual usage of vehicles, homes, and other insured assets. UBI policies use telematics technology to monitor and track the usage patterns of the insured asset, such as driving behavior, distance traveled, and time spent on the road, to determine the insurance premium. The demand for UBI is driven by various factors such as increasing adoption of telematics technology, growing concerns about road safety, and changing consumer preferences. The global UBI market size is expected to reach $125.7 billion by 2025, growing at a CAGR of 20.8% during the forecast period.
The UBI market includes various types of policies such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD) policies. The market is also supported by the availability of advanced telematics technology, such as GPS and sensors, that can accurately monitor and track the usage patterns of insured assets. Moreover, the demand for UBI is also driven by the potential cost savings for consumers, as they only pay for the insurance coverage they actually use, rather than a fixed premium based on assumptions about their usage patterns.
Overall, the UBI market is expected to continue to grow in the coming years due to the increasing adoption of telematics technology and changing consumer preferences for more personalized and cost-effective insurance policies. However, the market is also facing challenges such as data privacy concerns and regulatory issues related to the use of telematics technology.
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Key findings of the Usage Insurance market study:
- The report provides a present market outlook on Usage Insurance. Additionally, the Usage Insurance market share is anticipated to grow with a CAGR of 17% in the forecast period.
- Regional breakdown of the Usage Insurance market based on predefined taxonomy.
- Innovative manufacturing processes implemented by Usage Insurance vendors in detail.
- Region-wise and country-wise fragmentation of the Usage Insurance market to grasp the revenue, and growth outlook in these areas.
- Changing preferences among consumers across various regions and countries.
- Factors (Positive and Negative) impacting the growth of the global Usage Insurance market.
- Usage Insurance price, market share, and Trends forecast for assessment period 2021-2031
Key Segments Covered
· By Policy Type
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- Pay-how-you-drive(PHYD)
- Pay-as-you-drive(PAYD)
- Manage-how-you-drive(MHYD)
· By Product
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- Black Box
- OBD Dongle
- Smartphone
- Others
· By Vehicle
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- Passenger Vehicle
- Commercial Vehicle
· By Region
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- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Competitive Landscape
The Usage Insurance industry is dominated by some prominent players including
- Insure the Box Limited
- Allstate Insurance Company
- State Farm
- Uniqa Insurance Group AG
- Groupama
- Generali Group
- UnipolSai Assicurazioni S.p.A
- Liberty Mutual Group
- Allianz SE
- Progressive Corporation
The competition in the sector is driven by key parameters such as product price, targeted customer base, and strategic marketing. Major players in the market focused on the Usage Insurance market innovation by investing more in research and development. Furthermore, the industry players are focusing on the extensive usage of online distribution channels for enhanced cost-effectiveness. The sustainability in the supply chain is a decisive factor for Usage Insurance brands leading to an impact on the margin profits of firms.
Report Benefits & Key Questions Answered
- Usage Insurance Company & brand share analysis: Company and brand share analysis on Usage Insurance reveals how much market share is captured by Tier 1, Tier 2, and Tier 3 players
- Usage Insurance Historical volume analysis: The industry analysis provides data & insights on historical volume sales of Usage Insurance
- Usage Insurance Category & segment level analysis: Fact.MR’s Usage Insurance sales outlook offers category and segment level analysis on lucrative and nascent product types. Market players can use this information to identify sales potential and set sales targets at local, country, and regional level.
- Usage Insurance Consumption by demographics: The market intelligence study provides consumption by demographics analysis so market players can design their product and marketing strategies on the basis of high-value consumers
- Post COVID consumer spending on Usage Insurance: The report includes post COVID consumer spending analysis. This information will help business leads understand the shifts in purchasing power and behavior
- Manufacturing trend analysis: Vital information on how market players are aligning their manufacturing strategies with respect to evolving consumer sentiments