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Global Usage-Based Insurance Market – Industry Trends and Forecast to 2028

  • Automotive
  • Upcoming Report
  • Jan 2021
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Automotive
  • Upcoming Report
  • Jan 2021
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Usage-Based Insurance Market, By Vehicle Type (Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)), Package Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), Device Offering (Company Provided, Bring Your Own Device (BYOD)), Technology (OBD-II, Smartphone, Embedded System, Black Box, Others), Vehicle Age (New Vehicles, On-Road Vehicles), Electric and Hybrid Vehicle (Hybrid Electric Vehicle (HEV), Plug-In Hybrid Vehicle (PHEV), Battery Electric Vehicle (BEV)), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028

Usage-Based Insurance Market Market Analysis and Insights : Global Usage-Based Insurance Market

Usage-based insurance market will reach at an estimated value of USD 115.28 million and will grow at a CAGR of 19.05% in the forecast period of 2021 to 2028. Increasing adoption of telematics and connected cars is an essential factor driving the usage-based insurance market.

Usage based insurance is a type of auto-insurance that totally depends on vehicle used, measured against time, distance, behaviour, place and others. These all usages can be measure using telematics technology and the technology is available in from of mobile application, pre-installed in the car’s network or it can be installed in USB port of the vehicle. Usage based insurance and telematics technology has extensive range of benefits such as tracking of speeding, reverse gear indication, seat belt use, harsh braking, acceleration control, driver coaching by voice and others.

Rising reduction in insurance premium and risk-related costs is a crucial factor accelerating the market growth, also rising growth of the automobile industry, rising shifting focus towards remote diagnostic technology, rising growth in the number of the connected cars bringing new UBI, increasing rising penetration of smartphones integrated with vehicle connectivity systems and rising rapid use of UBI by insurance companies to improve profitability are the major factors among others boosting the usage-based insurance market. Moreover, increasing development in automotive usage-based insurance ecosystem and rising research and development activities in the market will further create new opportunities for usage-based insurance market in the forecast period mentioned above.

However, increasing data security and privacy concerns, rising data quality issues with smartphone based UBI system and rising compatibility issues the major factors among others restraining the market growth, and will further challenge the usage-based insurance market in the forecast period mentioned above.

This usage-based insurance market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on usage-based insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Usage-Based Insurance Market Scope and Market Size

Usage-based insurance market is segmented on the basis of vehicle type, package type, device offering, technology, and vehicle age and electric and hybrid vehicles. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of vehicle type, the usage-based insurance market is segmented into light-duty vehicle (LDV), heavy-duty vehicle (HDV)),
  • Based on package type, the usage-based insurance market is segmented into package type (Pay-As-You-Drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD).  
  • Based on device offering, the usage-based insurance market is segmented into company provided and bring your own device (BYOD).
  • Based on technology, the usage-based insurance market is segmented into OBD-II, smartphone, embedded system, black box and others.
  • Based on vehicle age, the usage-based insurance market is segmented into new vehicles and on-road vehicles.
  • The usage-based insurance market is also segmented on the basis of electric and hybrid vehicles into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV).

Usage-Based Insurance Market Scope Country Level Analysis

Usage-based insurance market is analysed and market size, volume information is provided by country, vehicle type, package type, device offering, technology, vehicle age and electric and hybrid vehicles as referenced above.

The countries covered in the usage-based insurance market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Asia-Pacific dominates the usage-based insurance market due to rising consumer awareness, growing growth of the automobile industry, increasing shifting focus towards remote diagnostic technology and rising growth in the number of the connected cars bringing new UBI in this region.

The country section of the usage-based insurance market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Usage-Based Insurance Market Share Analysis

Usage-based insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to usage-based insurance market.

The major players covered in usage-based insurance market report are Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, , TomTom International, Allianz, AXA Equitable Life Insurance Company, , Liberty Mutual Insurance, Verizon, Sierra Wireless, , Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., and UNIPOLSAI ASSICURAZIONI S.P.A. among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.


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