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.
Lower insurance premium 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 Usage-Based Insurance Market.
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
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), and Liberty Mutual Insurance Company (US)
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Report Feature |
Descriptions |
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Market Revenue In 2021 |
USD 19.6 billion |
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Growth Rate |
CAGR of 27.2% during the forecasting period, 2021-2028 |
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Historical Data |
2018-2019 |
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Forecast Years |
2021-2028 |
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Base Year |
2020 |
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Units Considered |
Revenue in USD billion and CAGR from 2021 to 2028 |
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Report Segmentation |
package type, technology, vehicle type, vehicle age, device offering, electric and hybrid vehicle and geography |
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Report Attribute |
Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
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Regional Level Scope |
North America, Europe, Asia-Pacific, South America, and Middle East and Africa |
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Country Level Scope |
U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe) |
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Companies Profiled |
UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US). |
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Available Customization |
In addition to the market data for Usage-Based Insurance Market, Delvens. offers client-centric report and customized according to the company’s specific demand and requirement. |
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