Global Usage-based Insurance Market Report 2023: Expansion of the Automobile Industry is Expected to Propel Growth

DUBLIN, June 13, 2023 /PRNewswire/ -- The "Usage-Based Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global usage-based insurance market grew from $54.25 billion in 2022 to $67.92 billion in 2023 at a compound annual growth rate (CAGR) of 25.2%. The usage-based insurance market is expected to grow to $166.88 billion in 2027 at a CAGR of 25.2%.

Major players in the usage-based insurance market are Allianz SE, Assicurazioni Generali S.p.A., Aviva plc, Insure The Box Limited, Liberty Mutual Group, Mapfre S.A., Metromile Inc., Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, The Allstate Corporation, Cambridge Mobile Telematics, Esurance Insurance Services Inc., Modus Group LLC, Octo Group, Safeco Insurance, State Farm Automobile Mutual Insurance Company, and TrueMotion Inc.,

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The usage-based insurance is frequently powered by telematics technology, which is accessible in vehicles via a plug-in device or is pre-installed in the car's system, and that can also be accessed via mobile apps and delivers insurers with a variety of data, including how far the vehicle is driven, how it's driven, and where it's driven. The usage-based insurance provides auto insurance services by placing monitoring devices in the vehicle.

The main vehicle types of usage-based insurance are light-duty vehicles (LDV) and heavy-duty vehicles (HDV). Light-duty vehicles are passenger cars having a maximum gross vehicle weight of fewer than 8500 lbs. The different technologies include OBD-II-based UBI programs, smartphone-based UBI programs, hybrid-based UBI programs, and black-box-based UBI programs and are used in various types of packages such as pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD).

Technological advancements are shaping the usage-based insurance market. Major companies operating in the usage-based insurance sector are focused on developing technological solutions for usage-based insurance to strengthen their position in the market. 

North America was the largest region in the usage-based insurance (UBI) market in 2022. The regions covered in the usage-based insurance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the usage-based insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles.

Car owners are interested in telematics-driven usage-based insurance since it provides low premiums for low-risk driving and high premiums for high-risk driving. As a result, by correcting their driving habits, individuals can drastically lower their insurance premiums.

According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the usage-based insurance market.

The usage-based insurance market includes revenues earned by entities by driving-based and milage-based insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. Usage Based Insurance Market Characteristics

3. Usage Based Insurance Market Trends And Strategies

4. Usage Based Insurance Market - Macro Economic Scenario
4.1. COVID-19 Impact On Usage Based Insurance Market
4.2. Ukraine-Russia War Impact On Usage Based Insurance Market
4.3. Impact Of High Inflation On Usage Based Insurance Market

5. Usage Based Insurance Market Size And Growth
5.1. Global Usage Based Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Usage Based Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Usage Based Insurance Market Segmentation
6.1. Global Usage Based Insurance Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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

6.2. Global Usage Based Insurance Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• OBD-II-Based UBI Programs
• Smartphone-Based UBI Programs
• Hybrid-Based UBI Programs
• Black-Box-Based UBI Programs

6.3. Global Usage Based Insurance Market, Segmentation By Package Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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

7. Usage Based Insurance Market Regional And Country Analysis
7.1. Global Usage Based Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Usage Based Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/gggslv

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