Skip to content

USD 78.9 Bn Global Usage-Based Insurance (UBI) Market to Grow at a CAGR of [26.9%], Forecast Report by 2028 | Growing On road Vehicles are Rising the Demand of Market | Key Players, Market Growth Rate, SWOT Analysis by Vantage Market Research – Yahoo Finance

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).
Please Check Out Our Free Sample Reports and Make a More Informed Decision:
Get Access to a Free Copy of Our Latest Sample Report @ https://www.vantagemarketresearch.com/usagebased-insurance-ubi-market-1658/request-sample
(Sample reports are a great way to test our in-depth reports or study before you make a purchase)
The newly updated, 140+ page reports provide an in-depth analysis of the COVID-19 virus and pandemic.
Using industry data and interview with experts, you can learn about topics such as regional impact analysis, global forecast, competitive landscape analysis, size & share of regional markets.
We offer these reports in PDF format so you can read them on your computer and print them out.
Free sample includes, Industry Operating Conditions, Industry Market Size, Profitability Analysis, SWOT Analysis, Industry Major Players, Historical and Forecast, Growth Porter’s 5 Forces Analysis, Revenue Forecasts, Industry Trends, Industry Financial Ratios.
The report also presents the country-wise and region-wise analysis of the Vantage Market Research and includes a detailed analysis of the key factors affecting the growth of the market.
Sample Report further sheds light on the Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis, to offer the readers an advantage over others.
Market Dynamics:
Driver:
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.

Purchase This Premium Report (Price 4500 USD for a single-user license) at @ https://www.vantagemarketresearch.com/buy-now/usagebased-insurance-ubi-market-1658/0
Benefits of Purchasing Usage-Based Insurance (UBI) Market Reports:       
Customer Satisfaction: Our team of experts assists you with all your research needs and optimizes your reports.
Analyst Support: Before or after purchasing the report, ask a professional analyst to address your questions.
Assured Quality: Focuses on accuracy and quality of reports.
Incomparable Skills: Analysts provide in-depth insights into reports.
Segmentation of the Global Usage-Based Insurance (UBI) Market:
Package
PHYD
PAYD
Technology
OBD-II
Smartphone
Black Box
Embedded Telematics
Vehicle Type
Passenger Vehicle
Commercial Vehicle
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/usagebased-insurance-ubi-market-1658
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
North America
Europe
Asia Pacific
Latin America
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
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics

Regional Analysis:
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:
Allianz SE
Allstate Insurance Company
ASSICURAZIONI GENERALI S.P.A.
AVIVA PLC
AXA
Cambridge Mobile Telematics
Danlaw Inc.
Desjardins Group
The Box Limited
Intelligent Mechatronic Systems Inc.
Liberty Mutual Insurance
Mapfre S.A.
Metromile Inc.
Nationwide
Octo Technology
Progressive Casualty Insurance Company
Sierra Wireless
State Farm Mutual Automobile Insurance Company
TomTom International BV
Unipol Sai Assicurazioni S.P.A.
Verizon Communication Inc.
Vodafone Automotive S.P.A.
Zubie Inc.

Recent Developments:
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:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Package

   ° PHYD

   ° PAYD

• Technology

   ° OBD-II

   ° Smartphone

   ° Black Box

   ° Embedded Telematics

• Vehicle Type

   ° Passenger Vehicle

   ° Commercial Vehicle

• Region

   ° North America

   ° Europe

   ° Asia Pacific

   ° Latin America

   ° Middle East & Africa
Region & Counties Covered
• North America

   ° U.S.

   ° Canada

   ° Mexico

• Europe

   ° U.K

   ° France

   ° Germany

   ° Italy

   ° Spain

   ° Rest Of Europe

• Asia Pacific

   ° China

   ° Japan

   ° India

   ° South Korea

   ° South East Asia

   ° Rest Of Asia Pacific

• Latin America

   ° Brazil

   ° Argentina

   ° Rest Of Latin America

• Middle East & Africa

   ° GCC Countries

   ° South Africa

   ° Rest Of Middle East & Africa
Companies Covered
• Allianz SE

• Allstate Insurance Company

• ASSICURAZIONI GENERALI S.P.A.

• AVIVA PLC

• AXA

• Cambridge Mobile Telematics

• Danlaw Inc.

• Desjardins Group

• The Box Limited

• Intelligent Mechatronic Systems Inc.

• Liberty Mutual Insurance

• Mapfre S.A.

• Metromile Inc.

• Nationwide

• 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.
Report Coverage
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
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
Download Free Sample Report Now @ https://www.vantagemarketresearch.com/usagebased-insurance-ubi-market-1658/request-sample
Browse More Related Report:
Cross-Border B2C E-Commerce Market to Reach Valuation of USD 3,042.2 Million by 2028 – The growth of online stores and e-commerce purchasing is Driving the Market Growth.
Cannabis Testing Market to Reach USD 2,669.45 Million by 2028.
B2B Payments Market to Reach 1,618.15 USD Billion by 2028.
Electric Truck Market to Reach Valuation of USD 1686.6 Million by 2028 – The Government’s Focus on Zero-Emission Cars and Rules will Encourage the Use of Electric Trucks in the E-Commerce and Automotive Industries.
Ethanol Market to Reach Valuation of USD 117.5 Billion by 2028 – Changing Lifestyle and Disposable Income among the Global Population Drives the Market.
Green Hydrogen – The Future Fuel Set to Witness 50 – Fold Growth Increasing Investments & Government Policies to Boost Global Green Hydrogen Market.
Green Chemicals Market to Reach Valuation of 16684.27 USD Million by 2028; Increasing Adoption of Packaging Which is Bio-based is Driving the Market.

About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.
Follow Us on LinkedIn: https://www.linkedin.com/company/vantage-market-research/
Follow Us on Twitter: https://twitter.com/vantagemarketr
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 – 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website: https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases @https://www.vantagemarketresearch.com/insight/press-releases
Latest Vantage Market Research Blog @ https://www.vantagemarketresearch.com/insight/blogs
Blog:
https://bwsc.kr/
https://makitirapide.com/
https://marketstrades.com/
https://v-mr.biz/
https://techwire24.com/
https://eurooo.fr/
https://basital.de/
https://emarketbee.com/
https://globalresearchwire.com/ 
https://www.ourdia-medium.fr/
https://www.ecofege.fr/

The Oracle of Omaha regularly buys back Berkshire Hathaway shares too.
The founder of ARK Invest, Wall Street's best-known tech sector evangelist, warns leading economic indicators are flashing red.
Futures rose as Bitcoin rebounded. It's a bear market, so stay safe. Tesla rival BYD is among a few stocks setting up.
(Bloomberg) — Stocks climbed in Asia on Tuesday, US equity futures pointed higher and Treasuries retreated amid steadier investor sentiment compared with last week’s rout in global shares.Most Read from BloombergUS Futures Gain With European Stocks; Dollar Slips: Markets WrapBiden Says US Recession Avoidable After Call With Ex-Treasury Secretary SummersPutin May Win in Ukraine, But the Real War Is Just StartingHousing’s Slowdown Has Economy on the EdgeRuble Soars to 7-Year High Prompting Debate
In this piece we will take a look at the ten best falling stocks to buy right now. If you want to skip our introduction of the companies and the general economic outlook, jump right ahead to 5 Best Falling Stocks to Buy Right Now. The start of 2022 had a tinge of optimism to […]
Just a few months ago real estate was flying high. But with mortgage rates rising, brokers are already seeing a sharp slowdown in buyers. The big builders are better positioned to weather a recession.
The Microstrategy CEO, who turned his software company into a bet on Bitcoin, believes competing digital tokens and many crypto stakeholders like exchanges scare off professional investors due to "all the slime that gets onto the asset class" from their unregulated behavior.
The S&P 500 has plunged over 23%, but a stock market downturn isn’t the only thing to worry about.
(Bloomberg) — China’s chip industry is growing faster than anywhere else in the world, after US sanctions on local champions from Huawei Technologies Co. to Hikvision spurred appetite for home-grown components.Most Read from BloombergUS Futures Gain With European Stocks; Dollar Slips: Markets WrapBiden Says US Recession Avoidable After Call With Ex-Treasury Secretary SummersPutin May Win in Ukraine, But the Real War Is Just StartingHousing’s Slowdown Has Economy on the EdgeRuble Soars to 7-Year
Another week of whipsaw stock trading has many investors wondering how much farther markets will fall. Investors have often blamed the Federal Reserve for market routs. It turns out the Fed has often had a hand in market turnarounds, too.
Considering where Zoom shares are trading now, even Ark's bearish scenario implies plenty of upside ahead.
A decline in earnings could be the next shoe to drop for investors. But it’s all a prelude to the best buying opportunity in decades.
The money maven’s advice never goes out of style.
Former Tesla Inc employees have filed a lawsuit against the U.S. electric car company alleging its decision to carry out a "mass layoff" violated federal law as the company did not provide advance notice of the job cuts. The lawsuit was filed late Sunday in Texas by two workers who said they were terminated from Tesla's gigafactory plant in Sparks, Nevada in June. According to the suit, more than 500 employees were terminated at the Nevada factory.
In this article, we will look at 10 best stocks to buy to protect against inflation in 2022 and beyond. If you want to skip reading about what sectors have proven to be resilient to inflation in the past and how inflation is progressing in 2022, you can go directly to 5 Best Stocks to […]
Investors are rethinking their trust in some crypto firms, including Celsius Network, after the companies took drastic steps in the face of a liquidity crisis.
The Juneteenth holiday weekend may come as a bit of respite for investors. Last week, they had to navigate increasingly turbulent markets: The  officially entered a bear market on Monday, the Federal Reserve announced a 0.75 percent interest rate hike on Wednesday, and the  finished below 30,000 points on Thursday. Is the Stock Market Closed on Juneteenth?
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are the best stocks to buy now or put on a watchlist?
(Bloomberg) — China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion — about $1 billion more than April and double the amount of a year ago.Most Read from BloombergUS Futures Gain With European Stocks; Dollar Slips: Markets WrapPutin May Win in Ukraine, But the Real War Is Just StartingHousing’s Slowdown Has Economy on the EdgePutin Gets Unexpected Pushback From Ally Over War in UkraineGiant Cruise Ship’s Maid
In this article, we discuss 10 dividend stocks to buy according to Bryan Hinmon’s Motley Fool Asset Management. You can skip our detailed analysis of the hedge fund’s past performance and its recent developments, and go directly to read 5 Dividend Stocks to Buy According to Bryan Hinmon’s Motley Fool Asset Management. Motley Fool Asset […]

source

Share:

Pulse Handshak

Pulse Handshak

Collaborative online survey tool for the market research industry. Remote assisted surveying just like face-to-face interviews. Here interviewers can talk to the respondent over the web-console without the need for any other communication channel and share the same Q're with responses and click actions.

Pulse FE

Pulse FE

Pulse Field Expert or Pulse FE is the main platform for both offline and online survey at softofficepro.com. It is robust and used by hundreds of clients over tens of years with millions of responses. Do it once Q're and deploy on both offline devices (android) and online forms makes it a great cost effective platform for any kind of responses

Pulse Ultimate

Pulse Ultimate

Pulse Ultimate is targeted for tracking studies and retail audits. An offline survey system offering extreme field control including processes like data quality check, back-check, rework, comparison with previous wave data etc. helps to get the best results on a day-to-day basis

More Posts