WASHINGTON, June 20, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Usage-Based Insurance (UBI) Market finds that increasing demand for remote diagnostic technology in the automotive industry, the growing willingness of governments to mandate telematics services and the growing demand for vehicle connectivity and intelligence are the major driving factors in the growth of the Usage-Based Insurance (UBI) Market in coming years. In addition, potential benefits such as improved customer retention, improved profitability, and streamlined billing processes offered by usage-based car insurance are augmenting the growth of the Usage-Based Insurance (UBI) Market in recent years.
The Global Usage-Based Insurance (UBI) Market revenue is expected to reach a value USD 78.9 Billion in the year 2028.
The Global Market revenue stood at a value USD 18.9 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 26.9% during the forecast period; states Vantage Market Research, in a report, titled “Usage-Based Insurance (UBI) Market Size, Share & Trends Analysis Report by Package (PHYD, PAYD), by Technology (OBD-II, Smartphone, Black Box, Embedded Telematics), by Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Security and Financial Savings
UBI allows insurers to transform customer relationship management with regular reports, advice, and adjusted monthly invoices rather than annual renewal-based relationships. By providing drivers with transparency and cost control, insurers can increase brand loyalty, improve customer retention and secure new businesses. Vehicle-based insurance can also help to assess risk more accurately, price policies, and optimize & mitigate risk. This allows insurers to always afford insurance policies and emphasize the types of new customers they should target. Even customers who do not have car insurance can use the aggregated driving data to narrow down their risk profile. Therefore, the benefits of usage-based car insurance, such as improved customer retention, improved profitability, and streamlined billing processes, are driving the growth of the Usage-Based Insurance (UBI) Market.
Increasing Adoption of Telematics and Connected Cars
Telematics has become mainstream in automobiles at an astonishing speed. Vehicle telematics can help improve driving behaviour & road safety and adjust premiums through Usage-Based Insurance (UBI) Market (UBI). According to the Global System for Mobile Communications (GSMA), the telematics industry is estimated to be worth US $750 billion by 2030. There are two main reasons for the growth of the telematics industry. First, the growing willingness of governments to mandate telematics services such as emergency calls that are already taking place in the European Union and Russia. Second, the growing demand for vehicle connectivity and intelligence.
According to the LexisNexis Risk Solutions white paper, in 2017, 80-90% of car insurance buyers had telematics-enabled insurance. According to IMS (Intelligent Mechatronic Systems), the automotive telematics market is expected to grow at a CAGR of 23-24% over the next few years as government regulations and technology penetration improve. With the growing demand for connected car services, insurers can also support their customers in emergencies, resulting in time savings and streamlined billing processes. Therefore, the increasing adoption of connected car services will have a significant impact on the consumption-based car insurance market.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Usage-Based Insurance (UBI) market is predicted to grow at a CAGR of roughly 26.9% during the forecast period.
The Usage-Based Insurance (UBI) market was estimated to be worth roughly USD 18.9 Billion in 2021 and is expected to reach USD 78.9 Billion by 2028; based on primary research.
On the basis of region, North America is projected to dominate the worldwide Usage-Based Insurance (UBI) market.
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Segmentation of the Global Usage-Based Insurance (UBI) Market:
Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The Report on Usage-Based Insurance (UBI) Market Highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
North America Holds Largest Market Share
North America accounted to have the largest growth in the Usage-Based Insurance (UBI) Market in 2021. This growth is accounted owing to the increase in demand for UBI services in countries like Canada. The Canadian Automobile Association`s support initiative to promote vehicle safety which helps in the growth of the Usage-Based Insurance (UBI) Market. In July 2018, the Canadian Automobile Association (CAA) introduced a new car insurance program, CAA My Pace, for rare drivers. In this program, the driver pays for every 1,000 km of mileage. The new program has helped modernize Ontario’s insurance by allowing drivers to have insurance based on their mileage and monitoring the amount they pay.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on “Usage-Based Insurance (UBI) Market Size, Share & Trends Analysis Report by Package (PHYD, PAYD), by Technology (OBD-II, Smartphone, Black Box, Embedded Telematics), by Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
List of Prominent Players in the Usage-Based Insurance (UBI) Market:
Allstate Insurance Company
ASSICURAZIONI GENERALI S.P.A.
Cambridge Mobile Telematics
The Box Limited
Intelligent Mechatronic Systems Inc.
Liberty Mutual Insurance
Progressive Casualty Insurance Company
State Farm Mutual Automobile Insurance Company
TomTom International BV
Unipol Sai Assicurazioni S.P.A.
Verizon Communication Inc.
Vodafone Automotive S.P.A.
December 2020: Progressive Corporation has introduced Snapshot ProView, a voluntary UBI and fleet management program for small business owners. Depending on the type of vehicle and the type of business, many customers can save 8% and some can save up to 18% in the initial period.
December 2020: IMS announced that Berkshire Hathaway GUARD Insurance Companies has selected a new commercial fleet insurance program called Track MRI (Monitor, React).
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Usage-Based Insurance (UBI) Market?
How will the Usage-Based Insurance (UBI) Market change in the upcoming six years?
Which application and product will take a lion’s share of the Usage-Based Insurance (UBI) Market?
What is the Usage-Based Insurance (UBI) market drivers and restrictions?
What will be the CAGR and size of the Usage-Based Insurance (UBI) Market throughout the forecast period?
This market titled “Usage-Based Insurance (UBI) Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
° Black Box
° Embedded Telematics
• Vehicle Type
° Passenger Vehicle
° Commercial Vehicle
° North America
° Asia Pacific
° Latin America
° Middle East & Africa
Region & Counties Covered
• North America
° Rest Of Europe
• Asia Pacific
° South Korea
° South East Asia
° Rest Of Asia Pacific
• Latin America
° Rest Of Latin America
• Middle East & Africa
° GCC Countries
° South Africa
° Rest Of Middle East & Africa
• Allianz SE
• Allstate Insurance Company
• ASSICURAZIONI GENERALI S.P.A.
• AVIVA PLC
• Cambridge Mobile Telematics
• Danlaw Inc.
• Desjardins Group
• The Box Limited
• Intelligent Mechatronic Systems Inc.
• Liberty Mutual Insurance
• Mapfre S.A.
• Metromile Inc.
• Octo Technology
• Progressive Casualty Insurance Company
• Sierra Wireless
• State Farm Mutual Automobile Insurance Company
• TomTom International BV
• UnipolSai Assicurazioni S.P.A.
• Verizon Communication Inc.
• Vodafone Automotive S.P.A.
• Zubie Inc.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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