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By 2030, the market for usage-based insurance is anticipated to reach a value of USD 67.8 billion, growing at a CAGR of 30.2% from 2023 to 2030.
Usage-based insurance, in contrast to standard auto insurance, bases the estimation of your insurance cost on the volume of driving you perform. Your driving style and mileage both have a big impact on how much your car insurance will cost. The insurer uses data such as your driving speed, acceleration rate, braking pattern, and if you use a phone while driving to calculate the cost of your insurance. With this insurance, you can reduce your costs if you don't drive your car much and it promotes safe driving. Based on data such as driving speed, acceleration rate, whether or not a person uses a phone while driving, and other criteria, the insurer figures out how much insurance will cost. Usage-based insurance decreases expenses for drivers who don't use their automobiles regularly and promotes safe driving. Usage-based insurance uses a telematics device to track how the car is driven. Programmes for usage-based insurance collect "telematics" information on automobiles using cellular, GPS, or other technologies.
One of the main drivers of market expansion is the rising popularity of usage-based insurance, which is a result of the increased demand for remote diagnostics to track customer driving habits. Aside from this, the industry is being positively impacted by the rising demand for usage-based insurance because insurers can enhance customer relationship management with regular reports and customised monthly bills. Additionally, there is a growing global need to lower traffic accidents and encourage driver safety. Due to lower insurance premiums and risk-based costs, usage-based insurance is becoming more popular, which is fueling the market's expansion. Additionally, the increased demand for usage-based insurance is giving the sector's investors significant growth potential because it offers precise and quick data collecting techniques and adjustable insurance premiums. The industry is being positively impacted by the growing use of cutting-edge technologies like hybrid-based insurance and smartphone-based usage-based insurance. The market is expanding due to the advantages offered by usage-based insurance, including reverse gear indication, usage-based insurance, severe braking, seat belt use, and acceleration control.
As the market for passenger vehicles, the most prevalent type of electric mobility, grows, the demand for telematics devices is projected to increase. The demand for UBI solutions in passenger vehicles will be fueled by a significant change in the sale and production of passenger vehicles. However, it is projected that high telematics installation costs and other data security issues will restrain market expansion.
Report Coverage
Global Usage-based Insurance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Usage-based Insurance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Usage-based Insurance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Usage-based Insurance market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Usage-based Insurance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Usage-based Insurance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, TomTom International, Allianz, AXA Equitable Life Insurance Company, Liberty Mutual Insurance, Verizon, Sierra Wireless, Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., UNIPOLSAI ASSICURAZIONI S.P.A
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Usage-based Insurance market based on the below-mentioned segments:
Global Usage-based Insurance Market, By Packge
Global Usage-based Insurance market, By Technology
Global Usage-based Insurance market, Regional Analysis
Usage-based insurance, in contrast to standard auto insurance, bases the estimation of your insurance cost on the volume of driving you perform. Your driving style and mileage both have a big impact on how much your car insurance will cost. The insurer uses data such as your driving speed, acceleration rate, braking pattern, and if you use a phone while driving to calculate the cost of your insurance. With this insurance, you can reduce your costs if you don't drive your car much and it promotes safe driving. Based on data such as driving speed, acceleration rate, whether or not a person uses a phone while driving, and other criteria, the insurer figures out how much insurance will cost. Usage-based insurance decreases expenses for drivers who don't use their automobiles regularly and promotes safe driving. Usage-based insurance uses a telematics device to track how the car is driven. Programmes for usage-based insurance collect "telematics" information on automobiles using cellular, GPS, or other technologies.
One of the main drivers of market expansion is the rising popularity of usage-based insurance, which is a result of the increased demand for remote diagnostics to track customer driving habits. Aside from this, the industry is being positively impacted by the rising demand for usage-based insurance because insurers can enhance customer relationship management with regular reports and customised monthly bills. Additionally, there is a growing global need to lower traffic accidents and encourage driver safety. Due to lower insurance premiums and risk-based costs, usage-based insurance is becoming more popular, which is fueling the market's expansion. Additionally, the increased demand for usage-based insurance is giving the sector's investors significant growth potential because it offers precise and quick data collecting techniques and adjustable insurance premiums. The industry is being positively impacted by the growing use of cutting-edge technologies like hybrid-based insurance and smartphone-based usage-based insurance. The market is expanding due to the advantages offered by usage-based insurance, including reverse gear indication, usage-based insurance, severe braking, seat belt use, and acceleration control.
As the market for passenger vehicles, the most prevalent type of electric mobility, grows, the demand for telematics devices is projected to increase. The demand for UBI solutions in passenger vehicles will be fueled by a significant change in the sale and production of passenger vehicles. However, it is projected that high telematics installation costs and other data security issues will restrain market expansion.
Report Coverage
Global Usage-based Insurance research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Usage-based Insurance report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Usage-based Insurance competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Usage-based Insurance market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, TomTom International, Allianz, AXA Equitable Life Insurance Company, Liberty Mutual Insurance, Verizon, Sierra Wireless, Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., UNIPOLSAI ASSICURAZIONI S.P.A |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Usage-based Insurance Market from 2021 to 2030.
- Market Forecast for Usage-based Insurance Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Usage-based Insurance competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Usage-based Insurance
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Usage-based Insurance market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Usage-based Insurance market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, TomTom International, Allianz, AXA Equitable Life Insurance Company, Liberty Mutual Insurance, Verizon, Sierra Wireless, Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., UNIPOLSAI ASSICURAZIONI S.P.A
Primary Target Market
- Market Players of Usage-based Insurance
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Usage-based Insurance market based on the below-mentioned segments:
Global Usage-based Insurance Market, By Packge
- PAYD
- PHYD
- MHYD
Global Usage-based Insurance market, By Technology
- OBD-II
- Black Box
- Smartphone
- Embedded
Global Usage-based Insurance market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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