Usage-Based Insurance Market to Reach $267.40 billion globally, by 2032 at 26.2% CAGR: Allied Market Research

Surge in adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums boost the growth of the global usage-based insurance market. In addition, factors such as the higher possibility of the vehicle being recovered, in case it is stolen, and lower fuel consumption have positively impact on the growth of the market.

WILMINGTON, Del., March 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Usage-Based Insurance Market by Policy Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD)), Technology (OBD (On-Board Diagnostics)-II, Smartphone, Hybrid, and Black Box), Vehicle Age (New Vehicles and Used Vehicles), and Vehicle Type (Light-duty Vehicle (LDV) and Heavy-duty Vehicle (HDV): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the usage-based insurance market was valued at valued at $26.79 billion in 2022, and is projected to reach $267.40 billion by 2032, exhibiting a CAGR of 26.2% from 2023 to 2032.

(We are providing report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and COVID-19 Impact Analysis)

400- Pages

152 - Table

49 - Charts

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Prime determinants of growth

Surge in adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums boosts the growth of the global usage-based insurance market. In addition, factors such as the higher possibility of the vehicle being recovered, in case it is stolen, and lower fuel consumption have positively impacted on the growth of the market. However, the high installation cost of telematics and various data security issues are expected to hamper market growth. On the contrary, adoption of advanced technology such as smartphone-based UBI & hybrid-based UBI and increase in concerns regarding driver's safety across the globe is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the usage-based insurance market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023-2032
Base Year	2022
Market Size in 2022	$26.79 billion
Market Size in 2032	$267.40 billion
CAGR	26.2 %
No. of Pages in Report	239
Segments covered	Policy Type, Technology, Vehicle Type, Vehicle Age, and Region.
Drivers	Rise in adoption of usage-based insurance among end users. Flexible insurance premiums Lower accident and vehicle theft possibilities
Opportunities	Adoption of advanced technology in UBI Increase in concerns regarding safety of drivers across the globe
Restraints	Data security issues High installation cost of telematics

COVID-19 Scenario

• The COVID-19 pandemic promoted the market as during these times, various shortcomings were highlighted which increased the adoption of UBI. Moreover, an increase in economic uncertainties and financial strain on individuals during the pandemic may have influenced consumer behavior. Some individuals might have opted for traditional insurance models to reduce immediate financial burdens.

• In addition, with the surge in adoption of digital services across industries, insurers offering UBI with seamless digital experiences have attracted consumers looking for contactless and convenient insurance solutions. This, in turn, is expected to drive market growth during the forecast period.

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The manage-how-you-drive (MHYD) segment to maintain its leadership status throughout the forecast period.

By policy type, the pay-as-you-drive (PAYD) segment held the highest market share in 2022, accounting for more than half of the global usage-based insurance market revenue, owing to Encouragement to consumers to drive less and green is expected to increase the demand for PAYD insurance policies in the global market. However, the manage-how-you-drive (MHYD) segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032, owing to technological advancement and rise in awareness among the youth is projected to attract many new consumers, which boost the global market.

The hybrid segment to maintain its leadership status throughout the forecast period

By technology, the black box segment held the highest market share in 2022, accounting for nearly three-fifths of the global usage-based insurance market revenue. This is attributed to penetration of black box-based insurance is increasing among higher risk policy holders, such as a young or new driver, in Europe, which is anticipated to increase the demand for such programs in the region. However, the smartphone segment is projected to manifest the highest CAGR of 13.5% from 2023 to 2032, owing to the convenience provided for data collection through smartphone app drives the global smartphone based UBI services.

The used vehicle segment to maintain its leadership status throughout the forecast period

By vehicle age, the new vehicle segment held the highest market share in 2022, accounting for more than two-thirds of the global usage-based insurance market revenue. This is attributed to the rising consumer preference for luxury vehicles. However, the used vehicle segment is projected to manifest the highest CAGR of 28.3% from 2023 to 2032, owing to surging demand for off-lease used vehicles among franchises.

The heavy-duty vehicle (HDV) segment to maintain its leadership status throughout the forecast period

By vehicle type, the light-duty vehicle (LDV) segment held the highest market share in 2022, accounting for more than three-fourths of the global usage-based insurance market revenue. This is attributed to a rise in safety concerns among passenger vehicle users. However, the heavy-duty vehicle (HDV) segment is projected to manifest the highest CAGR of 29.4% from 2023 to 2032, owing numerous benefits such as lowering insurance premium, promoting safe driving, and improving vehicle and fleet safety.

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Asia-Pacific maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global usage-based insurance market revenue, The major factors that drive the growth of the market in this region include the presence of key players and the rise in purchase of used cars. However, the Asia-Pacific region is expected to witness the fastest CAGR of 29.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to the surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India.

Leading Market Players: -

• Allianz SE,

• Allstate Corporation,

• Aviva,

• AXA,

• Insurethebox,

• Liberty Mutual Insurance,

• Mapfre S.A.,

• Nationwide Mutual Insurance Company,

• Progressive Corporation

• UNIPOLSAI ASSICURAZIONI S.P.A.

The report provides a detailed analysis of these key players of the global usage-based insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the usage-based Insurance market from 2023 to 2032 to identify the prevailing usage-based Insurance market opportunities.

• Market research is offered along with information related to key drivers, restraints, and opportunities.

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

• In-depth analysis of the usage-based Insurance market segmentation assists to determine the prevailing usage-based insurance market opportunity.

• Major countries in each region are mapped according to their revenue contribution to the global usage-based insurance market outlook.

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the usage-based insurance market players.

• The report includes the analysis of the regional as well as global usage-based Insurance market trends, key players, market segments, application areas, and market growth strategies.

Usage-Based Insurance Market Report Highlights

By Policy Type

•Pay-As-You-Drive (PAYD)

•Pay-How-You-Drive (PHYD)

•Manage-How-You-Drive (MHYD)

By Technology

• OBD (On-Board Diagnostics)-II

• Smartphone

• Hybrid

• Black Box

By Vehicle Age

• New Vehicles

• Used Vehicles

By Vehicle Type

• Light-Duty Vehicle (LDV)

• Heavy-Duty Vehicle (HDV)

By Region

• North America (U.S., Canada)

• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)

• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)

• LAMEA (Latin America, Middle East, Africa)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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