Usage-Based Insurance Market Trends Forecast Till 2028: Size, Share, and Growth Analysis


Posted September 13, 2023 by DelvensUSA

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.

 
The research report with top-level information is a key benefit that provides qualitative and quantitative factors of the Usage-Based Insurance Market. In this research survey, the features that have powered and reserved the market’s growth are also included in this market report. The research outline also contains the primary industry’s pattern and the international market’s projected volume based on the provincial estimation. Moreover, it also, gives details of a portion of the complete industry, new turns of events, and the effect of domestic and constrained market players, examines openings as far as arising income pockets, changes in market strategies, product confirmations, key choices, product dispatches, landscape extensions, and mechanical developments and possessions in the market.
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)
Market Overview
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.
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Lower insurance premiums 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 the Usage-Based Insurance Market.
Key Findings
• 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
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Competitive Landscape
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)
• Liberty Mutual Insurance Company (US)

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

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Issued By Delvens
Country United States
Categories Business , Reports , Research
Last Updated September 13, 2023