DUBLIN, April 13, 2023 /PRNewswire/ — The report “Global Usage-Based Insurance Market Opportunities and Strategies to 2031” has been added to from ResearchAndMarkets.com offer.
This report provides strategists; marketers and senior management with the critical information they need to assess the global usage-based insurance market as it emerges from the COVID-19 shutdown.
The global usage-based insurance market reached a value of almost $28,845.1 million in 2021, after growing at a compound annual growth rate (CAGR) of 13.6% since 2016. The market is expected to grow from $28,845.1 million in 2021 for $110,130.1 million in 2026 at a rate of 30.7%. The market is then expected to grow at a CAGR of 20.7% from 2026 and reach $281,966.0 million in 2031.
Companies cited
- progressive society
- Allstate Corporation
- UNIPOLSAI ASSICURAZIONI SPA
- Allianz SE
- Liberty Mutual Insurance
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Growth over the historical period has resulted from growth in vehicle ownership, increased vehicle theft, strong demand for passenger car sales, and strong adoption of connected cars. The market has been held back by low insurance penetration in developing countries and a lack of awareness.
Looking ahead, the growing automotive industry, growing demand for electric vehicles, growing concerns about vehicle safety, and rapid use of usage-based insurance by insurance companies to improve profitability . Factors that may hinder the growth of the usage-based insurance market in the future include additional fees charged by insurance brokers.
The usage-based insurance market is segmented by vehicle type into light-duty vehicle (VLD) and heavy-duty vehicle (HDV). The light commercial vehicle (LDV) market was the largest segment of the usage-based insurance market segmented by vehicle type, accounting for 58.8% of the total in 2021. Going forward, the vehicle segment heavy-duty vehicles (HDV) is expected to be the fastest growing segment in the usage-based insurance market segmented by vehicle type, growing at a CAGR of 32.9% over the period 2021-2026.
The usage-based insurance market is further segmented by technology into UBI based on-board diagnostic (OBD)-II programs, UBI smartphone based programs, UBI black box based programs and other technologies. The black box-based UBI programs market was the largest segment of the usage-based insurance market segmented by technology, accounting for 55.7% of the total in 2021. Going forward, the UBI programs segment Black box-based insurance is expected to be the fastest growing segment of the usage-based insurance market segmented by technology, growing at a CAGR of 31.8% over the period 2021-2026.
The usage-based insurance market is further segmented by plan type into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD). ). The pay-as-you-go (PAYD) market was the largest segment of the usage-based insurance market segmented by plan type, accounting for 58.1% of the total in 2021. Going forward, pay-as-you-go driving (PHYD segment) is expected to be the fastest growing segment in the usage-based insurance market segmented by plan type, growing at a CAGR of 31.1% during the period 2021- 2026.
North America was the largest region in the usage-based insurance market, accounting for 35.4% of the total in 2021. It was followed by Asia Pacific, then the other regions. Going forward, the fastest growing regions in the usage-based insurance market will be Asia PacificAnd, North America where growth will be at CAGRs of 38.3% and 30.5% respectively. These will be followed by Western EuropeAnd, South America where the markets are expected to grow at CAGRs of 26.5% and 22.4% respectively.
The global usage-based insurance market is consolidated with a few large players dominating the market. The top ten market competitors accounted for 56.08% of the total market in 2021. Progressive Corporation was the largest competitor with 17.12% market share, followed by Allstate Corporation with 12.89%, UNIPOLSAI ASSICURAZIONI SPA with 6, 37%, Allianz SE with 5.10%, Liberty Mutual Insurance with 4.01%, AXA with 3.46%, Mapfre SA with 2.51%, State Farm Mutual Automobile Insurance Company with 2.34%, American International Group , Inc with 1.80% and Nationwide Mutual Insurance Company with 0.46%.
The best opportunities in the usage-based insurance market segmented by vehicle type will arise in the light commercial vehicle (LVD) market segment, which will gain $44,028.1 million in global annual sales by 2026. Key opportunities in the technology-segmented usage-based insurance market will arise in the black-box-based UBI programs market segment, which will gain $47,772.4 global annual sales by 2026.
The best opportunities in the usage-based insurance market segmented by package type will arise in the pay-as-you-go (PAYD) market segment, which will gain $44,160.3 in global annual sales by 2026. Usage-based insurance market size to gain the most UNITED STATES To $25,260.7 million.
Market trend based strategies for usage based insurance market are to focus on connected technologies, focus on smartphone technology based telematics platform, focus on telematics technology, to focus on partnerships and collaborations and to focus on self-installed telematics devices.
Strategies adopted by players in the usage-based insurance market include focusing on launching innovative programs to help small business owners, focusing on expanding business operations through collaborations and partnerships and to focus on growing the customer base through the launch of innovative programs.
To take advantage of opportunities, the editor recommends that usage-based insurance companies invest in connected technologies, focus more on telematics technology, expand into emerging markets, focus on strategic partnerships and collaborations, to offer competitive prices, to continue to participate in events and conferences, to take advantage of social media and to focus on fast-growing segments.
This report describes and explains the usage-based insurance market and covers 2016-2021 called the historical period and 2021-2026 called the forecast period along with other forecasts for the period 2026-2031. The report assesses the market in each region and for the major economies in each region.
Main topics covered:
1. Executive Summary of the Usage-Based Insurance Market
2. Table of Contents
3. List of Figures
4. List of tables
5. Structure of the report
6. Introduction and characteristics of the market
6.1. General market definition
6.2. Summary
6.3. Definition and segmentations of the usage-based insurance market
6.4. Market segmentation by vehicle type
6.4.1. Light vehicle (LDV)
6.4.2. Heavy vehicle (HDV)
6.5. Market segmentation by technology
6.5.1. UBI programs based on On-Board Diagnostics (OBD) II
6.5.2. UBI Smartphone-Based Programs
6.5.3. Black box based UBI programs
6.5.4. Other technologies
6.6. Market segmentation by plan type
6.6.1. Pay-as-you-go (PAYD)
6.6.2. Pay-How-You-Drive (PHYD)
6.6.3. Manage Your Driving (MHYD)
7. Key Market Trends
7.1. Connected platform for usage-based insurance
7.2. Smartphone-based telematics platform
7.3. Increased use of telematics technology
7.4. Increase partnerships and collaborations
7.5. Self-installed telematics device
8. Global Market Size and Growth
8.1. Market size
8.2. Historical Market Growth, 2016 – 2021, Value (USD Million)
8.2.1. Market drivers 2016 – 2021
8.2.2. Market Constraints 2016 – 2021
8.3. Market Growth Forecast, 2021 – 2026, 2031F Value (USD Million)
8.3.1. Market Drivers 2021 – 2026
8.3.2. Constraints on the market 2021 – 2026
9. Usage-Based Insurance Market, Regional Analysis
9.1. Global Usage-Based Insurance Market, By Region, Historical & Forecast, 2016-2021, 2026F, 2031F, Value (Million USD)
9.2. Global Usage-Based Insurance Market, By Country, Historical & Forecast, 2016-2021, 2026F, 2031F, Value (Million USD)
10. Global Usage-Based Insurance Market Segmentation
10.1. Global Usage-Based Insurance Market, Segmentation by Vehicle Type, History & Forecast, 2016-2021, 2026F, 2031F, Value (Million USD)
10.2. Global Usage-Based Insurance Market, Segmentation by Technology, History & Forecast, 2016-2021, 2026F, 2031F, Value (USD Million)
10.3. Global Usage-Based Insurance Market, Segmentation by Package Type, History & Forecast, 2016-2021, 2026F, 2031F, Value (USD Million)
For more information about this report visit https://www.researchandmarkets.com/r/ng0euo
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