The global demand for Usage-based Insurance (UBI) Market is presumed to reach the market size of nearly USD 261.8 BN by 2028 from USD 34.43 BN in 2021 with a CAGR of 33.6% under the study period 2022 - 2028.
Usage-based Insurance (UBI) is a type of insurance pricing model that uses real-time data collected from an individual's driving habits to determine the cost of their insurance premiums. This data is typically collected through a device, such as a telematics device, that is installed in the individual's vehicle. The device tracks and records various factors, such as the distance driven, the time of day the car is used, and the individual's driving behaviours, such as acceleration, braking, and cornering. UBI is designed to be flexible, allowing individuals to adjust their premiums based on their driving habits.
Market Dynamics
One of the major reasons behind the growth of the UBI is the increasing availability of telematics technology, which allows for the real-time collection and analysis of data on an individual's driving habits. Moreover, the potential for more personalized and fair pricing fuels market growth. Furthermore, the flexibility it offers for individuals who drive less frequently or engage in risky driving behaviour to adjust their premiums based on their driving habits boosts the market growth. However, the lack of availability of UBI in certain regions may limit the market growth.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of usage-based insurance (ubi). The growth and trends of usage-based insurance (ubi) industry provide a holistic approach to this study.
Market Segmentation
This section of the usage-based insurance (ubi) market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
By Technology
- OBD-Ii-Based UBI Programs
- Smartphone-Based UBI Programs
- Hybrid-Based UBI Programs
- Black-Box-Based UBI Programs
By Vehicle Age
- New Vehicles
- Used Vehicles
By Vehicle Type
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Usage-based Insurance (UBI) market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Usage-based Insurance (UBI) Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the usage-based insurance (ubi) market include Allianz SE, Allstate Corporation, Aviva, AXA, Insurethebox, Liberty Mutual Insurance, Mapfre S.A., Nationwide Mutual Insurance Company, Progressive Corporation, Unipolsai Assicurazioni S.P.A. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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