The latest report by IMARC Group, titled “Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the global usage-based insurance market share. The global market size reached US$ 41.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.4 Billion by 2028, exhibiting a growth rate (CAGR) of 24.37% during 2023-2028.

Usage-based insurance (UBI) is a contemporary approach to auto insurance that has gained significant traction in recent years. It is a policy framework where insurance premiums are determined based on the actual usage and behavior of the insured vehicle. These policies use real-time data collected through telematics devices installed in vehicles to assess factors like mileage, driving habits, and location. This data-driven insurance model revolutionizes the way insurers and policyholders interact, offering more personalized and potentially cost-effective coverage while encouraging safer driving practices.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/usage-based-insurance-market/requestsample

Usage-Based Insurance Market Trends and Drivers:

The market is witnessing robust growth, driven by the increasing adoption of telematics technology in vehicles. As more vehicles come equipped with telematics systems that can transmit data on driving behavior, insurers are presented with a wealth of information to fine-tune their pricing models. Moreover, changing consumer preferences are shaping the UBI landscape. Today’s consumers, especially the younger demographic, value flexibility and customization in their insurance policies. Usage-Based Insurance aligns with these preferences, offering tailored coverage that reflects individual driving habits. In addition to consumer demand, regulatory support is playing a pivotal role in the growth of the UBI market. Governments and regulatory bodies in various countries are recognizing the potential benefits of usage-based insurance in terms of reducing accidents, congestion, and carbon emissions. Consequently, they are introducing initiatives and incentives to encourage the adoption of UBI. For instance, some regions offer tax incentives or reduced registration fees for vehicles equipped with telematics devices. These measures promote the uptake of UBI and stimulate innovation in the telematics industry.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
• Others

Breakup by Technology:

• OBD II
• Black box
• Smartphones
• Others

Breakup by Vehicle Type:

• Light-duty Vehicle (LDV)
• Heavy-duty Vehicle (HDV)

Breakup by Vehicle Age:

• New Vehicles
• Used Vehicles

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Competitive Landscape with Key Player:

• Aioi Nissay Dowa Insurance UK Ltd
• Allianz SE
• Allstate Insurance Company
• American International Group Inc.
• Assicurazioni Generali SpA
• AXA
• Liberty Mutual Insurance Company
• Mapfre SA
• Progressive Casualty Insurance Company
• State Farm Automobile Mutual Insurance Company
• TomTom International BV.
• UnipolSai Assicurazioni SpA (Unipol Gruppo SpA).

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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