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Global Usage-Based Insurance Market (2021 to 2026) - Industry Trends, Share, Size, Growth, Opportunity and Forecasts

·7-min read

Dublin, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The "Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global usage-based insurance market exhibited strong growth during 2015-2020. Usage-based insurance (UBI), or telematics insurance, is a form of a specialized automobile insurance policy that calculates the premium based on the usage of the vehicle or the consumer driving behavior. It is commonly available in the form of pay-how-you-drive (PHYD) and pay-per-mile formats (PPM). The premium is calculated according to the readings obtained from the telematics device installed in the vehicle to monitor the speed, time and distance covered and observe the driving pattern. In comparison to the conventional insurance policies, UBI is more personalized, aids in promoting good driving practices, minimizes the instances of road accidents and offers enhanced satisfaction to the policy holder.

Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of remote diagnostics to monitor consumer driving behavior is providing a thrust to the market growth. Automobile manufacturers are embedding advanced telematics-based platforms in light-duty vehicles (LDV) to monitor driving habits and prevent any sudden failures or accidents on the road. These systems also minimize the requirement of installing an additional black-box in the vehicles to record vehicular data, thereby favoring the market growth.

Additionally, the development of connected vehicles and increasing concerns for driver safety, are also contributing to the growth of the market. Other factors, including a significant reduction in UBI insurance premium rates, along with the implementation of favorable government policies promoting the use of telematics, are anticipated to drive the market toward growth. Looking forward, the publisher expects the global usage-based insurance market to grow at a CAGR of 24.2% during the forecast period (2021-2026).

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global usage-based insurance market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, technology, vehicle type and vehicle age.

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

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:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aioi Nissay Dowa Insurance UK Ltd, Allianz SE, Allstate Insurance Company, American International Group Inc., Assicurazioni Generali S.p.A., AXA , Liberty Mutual Insurance Company, Mapfre S.A., Progressive Casualty Insurance Company, State Farm Automobile Mutual Insurance Company, TomTom International BV. and UnipolSai Assicurazioni S.p.A. (Unipol Gruppo S.p.A).

Key Questions Answered in This Report:

  • How has the global usage-based insurance market performed so far and how will it perform in the coming years?

  • What has been the impact of COVID-19 on the global usage-based insurance market?

  • What are the key regional markets?

  • What is the breakup of the market based on the type?

  • What is the breakup of the market based on the technology?

  • What is the breakup of the market based on the vehicle type?

  • What is the breakup of the market based on the vehicle age?

  • What are the various stages in the value chain of the industry?

  • What are the key driving factors and challenges in the industry?

  • What is the structure of the global usage-based insurance market and who are the key players?

  • What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Usage-Based Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Type
6.1 Pay-As-You-Drive (PAYD)
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Pay-How-You-Drive (PHYD)
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Manage-How-You-Drive (MHYD)
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast

7 Market Breakup by Technology
7.1 OBD II
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Black Box
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Smartphones
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast

8 Market Breakup by Vehicle Type
8.1 Light-duty Vehicle (LDV)
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Heavy-duty Vehicle (HDV)
8.2.1 Market Trends
8.2.2 Market Forecast

9 Market Breakup by Vehicle Age
9.1 New Vehicles
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Used Vehicles
9.2.1 Market Trends
9.2.2 Market Forecast

10 Market Breakup by Region

11 SWOT Analysis

12 Value Chain Analysis

13 Porters Five Forces Analysis

14 Price Analysis

15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Aioi Nissay Dowa Insurance UK Ltd
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.2 Allianz SE
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Allstate Insurance Company
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 American International Group Inc.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 Assicurazioni Generali S.p.A.
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 AXA
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Liberty Mutual Insurance Company
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.8 Mapfre S.A.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.9 Progressive Casualty Insurance Company
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 State Farm Automobile Mutual Insurance Company
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 SWOT Analysis
15.3.11 TomTom International BV.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.11.4 SWOT Analysis
15.3.12 UnipolSai Assicurazioni S.p.A. (Unipol Gruppo S.p.A)
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 Financials

For more information about this report visit https://www.researchandmarkets.com/r/gfl8s4

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


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