Usage-Based Insurance Market worth $66.8 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 10, 2021 /PRNewswire/ -- According to the new market research report "Usage-Based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Black box, Smartphone, Embedded), Vehicle Age (New, Old), Device Offering (BYOD, Company Provided) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Usage-Based Insurance Market is projected to reach USD 66.8 billion by 2026 from an estimated USD 19.6 billion in 2021, at a CAGR of 27.7% during the forecast period. The growth of the Usage-Based Insurance Market is influenced by factors such as the increasing sales of telematics-equipped vehicles and government regulations on safety and telematics services. In addition, the anticipated increase in demand for connected cars and lower insurance premiums compared to regular insurance are expected to boost the market growth. Therefore, the Usage-Based Insurance Market is expected to witness significant growth in the future.

Browse in-depth TOC on "Usage-Based Insurance Market"

141 – Tables
56 – Figures
190 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 154621760

Light-Duty Vehicle (LDV) is expected to lead the market during the forecast period

Light-duty vehicles constitute passenger cars and light commercial vehicles. The adoption rate of UBI is higher in LDVs than HDVs. Light-duty vehicles can be easily fitted with OBD-II, black box, or other devices to access usage-based insurance plans. Additionally, as LDVs are generally driven by a single person, UBI plans based on driver behavior are ideal for this vehicle segment. Also, leading companies are developing various products and solutions for LDVs such as ride-sharing and autonomous vehicles. Thus, in the coming years, LDVs are expected to witness strong UBI penetration.

Smartphone segment is expected to be the fastest-growing market

According to MarketsandMarkets™ analysis, a smartphone is a fastest-growing segment, by technology, of the Usage-Based Insurance Market owing to the increasing popularity of mobile telematics. In the current market scenario, black box is widely used as it offers reliable data collection and has gained high customer acceptance. The major market is expected to be concentrated in North America and Europe owing to the presence of key players, affinity towards advanced automotive technologies, and relatively higher awareness of UBI than Asia Pacific.

Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id= 154621760  

North America is expected to lead the market during the forecast period

North America is estimated to be the largest market for usage-based insurance owing to the high adoption rate of usage-based insurance in new and on-road vehicles equipped with telematics units. Most of the cars sold in the US and Canada belong to the premium segment. The dominance of premium cars increases the adoption rate of usage-based insurance as their regular insurance is very high. With the help of usage-based insurance, vehicle owners can save up to 30% on insurance. In addition, the increasing number of companies offering hardware to avail usage-based insurance has also contributed to the growth of the market.

Key Market Players:

The Usage-Based Insurance Market is dominated by globally established players such as UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US).

Browse Related Reports:

Telematics Solutions Market by Service (ACN, eCall, RSA, Remote Diagnostics, Insurance Risk Assessment, Driver Behavior, Billing & Other), Form & Vehicle Type, Component, Connectivity, Aftermarket, Fleet Management Service, Region - Global Forecast to 2025

Connected Car Market by Service (OTA Update, Navigation, Cybersecurity, Multimedia Streaming, Social Media, e-Call, Autopilot, Home Integration & Other), Form, End Market (OE, Aftermarket), Network, Transponder, Hardware and Region - Global Forecast to 2025

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected] 
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/usage-based-insurance-market.asp 
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/usage-based-insurance.asp

SOURCE MarketsandMarkets