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COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global usage-based insurance market exhibited strong growth during 2015-2020. Usage-based insurance (UBI), or telematics insurance, is a form of a specialized automobile insurance policy that calculates the premium based on the usage of the vehicle or the consumer driving behavior. It is commonly available in the form of pay-how-you-drive (PHYD) and pay-per-mile formats (PPM). The premium is calculated according to the readings obtained from the telematics device installed in the vehicle to monitor the speed, time and distance covered and observe the driving pattern. In comparison to the conventional insurance policies, UBI is more personalized, aids in promoting good driving practices, minimizes the instances of road accidents and offers enhanced satisfaction to the policy holder.

Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of remote diagnostics to monitor consumer driving behavior is providing a thrust to the market growth. Automobile manufacturers are embedding advanced telematics-based platforms in light-duty vehicles (LDV) to monitor driving habits and prevent any sudden failures or accidents on the road. These systems also minimize the requirement of installing an additional black-box in the vehicles to record vehicular data, thereby favoring the market growth. Additionally, the development of connected vehicles and increasing concerns for driver safety, are also contributing to the growth of the market. Other factors, including a significant reduction in UBI insurance premium rates, along with the implementation of favorable government policies promoting the use of telematics, are anticipated to drive the market toward growth. Looking forward, IMARC Group expects the global usage-based insurance market to grow at a CAGR of around 19% during the forecast period (2021-2026).

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global usage-based insurance market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, technology, vehicle type and vehicle age.

Breakup by Type:

  • Pay-As-You-Drive (PAYD)
  • Pay-How-You-Drive (PHYD)
  • Manage-How-You-Drive (MHYD)
  • Others
     

Breakup by Technology:

  • OBD II
  • Black Box
  • Smartphones
  • Others
     

Breakup by Vehicle Type:

  • Light-duty Vehicle (LDV)
  • Heavy-duty Vehicle (HDV)
     

Breakup by Vehicle Age:

  • New Vehicles 
  • Used Vehicles
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aioi Nissay Dowa Insurance UK Ltd, Allianz SE, Allstate Insurance Company, American International Group Inc., Assicurazioni Generali S.p.A., AXA , Liberty Mutual Insurance Company, Mapfre S.A., Progressive Casualty Insurance Company, State Farm Automobile Mutual Insurance Company, TomTom International BV. and UnipolSai Assicurazioni S.p.A. (Unipol Gruppo S.p.A).

Key Questions Answered in This Report:

  • How has the global usage-based insurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global usage-based insurance market?
  • What are the key regional markets?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the vehicle type?
  • What is the breakup of the market based on the vehicle age?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global usage-based insurance market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Usage-Based Insurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Pay-As-You-Drive (PAYD)
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Pay-How-You-Drive (PHYD)
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Manage-How-You-Drive (MHYD)
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Others
        6.4.1 Market Trends
        6.4.2 Market Forecast
7    Market Breakup by Technology
    7.1    OBD II
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Black Box
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Smartphones
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Others
        7.4.1 Market Trends
        7.4.2 Market Forecast
8    Market Breakup by Vehicle Type
    8.1    Light-duty Vehicle (LDV)
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Heavy-duty Vehicle (HDV)
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Vehicle Age
    9.1    New Vehicles 
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Used Vehicles
        9.2.1 Market Trends
        9.2.2 Market Forecast
10    Market Breakup by Region
    10.1    North America
        10.1.1 United States
           10.1.1.1 Market Trends
           10.1.1.2 Market Forecast
        10.1.2 Canada
           10.1.2.1 Market Trends
           10.1.2.2 Market Forecast
    10.2    Asia-Pacific
        10.2.1 China
           10.2.1.1 Market Trends
           10.2.1.2 Market Forecast
        10.2.2 Japan
           10.2.2.1 Market Trends
           10.2.2.2 Market Forecast
        10.2.3 India
           10.2.3.1 Market Trends
           10.2.3.2 Market Forecast
        10.2.4 South Korea
           10.2.4.1 Market Trends
           10.2.4.2 Market Forecast
        10.2.5 Australia
           10.2.5.1 Market Trends
           10.2.5.2 Market Forecast
        10.2.6 Indonesia
           10.2.6.1 Market Trends
           10.2.6.2 Market Forecast
        10.2.7 Others
           10.2.7.1 Market Trends
           10.2.7.2 Market Forecast
    10.3    Europe
        10.3.1 Germany
           10.3.1.1 Market Trends
           10.3.1.2 Market Forecast
        10.3.2 France
           10.3.2.1 Market Trends
           10.3.2.2 Market Forecast
        10.3.3 United Kingdom
           10.3.3.1 Market Trends
           10.3.3.2 Market Forecast
        10.3.4 Italy
           10.3.4.1 Market Trends
           10.3.4.2 Market Forecast
        10.3.5 Spain
           10.3.5.1 Market Trends
           10.3.5.2 Market Forecast
        10.3.6 Russia
           10.3.6.1 Market Trends
           10.3.6.2 Market Forecast
        10.3.7 Others
           10.3.7.1 Market Trends
           10.3.7.2 Market Forecast
    10.4    Latin America
        10.4.1 Brazil
           10.4.1.1 Market Trends
           10.4.1.2 Market Forecast
        10.4.2 Mexico
           10.4.2.1 Market Trends
           10.4.2.2 Market Forecast
        10.4.3 Others
           10.4.3.1 Market Trends
           10.4.3.2 Market Forecast
    10.5    Middle East and Africa
        10.5.1 Market Trends
        10.5.2 Market Breakup by Country
        10.5.3 Market Forecast
11    SWOT Analysis
    11.1    Overview
    11.2    Strengths
    11.3    Weaknesses
    11.4    Opportunities
    11.5    Threats
12    Value Chain Analysis
13    Porters Five Forces Analysis

    13.1    Overview
    13.2    Bargaining Power of Buyers
    13.3    Bargaining Power of Suppliers
    13.4    Degree of Competition
    13.5    Threat of New Entrants
    13.6    Threat of Substitutes
14    Price Analysis
15    Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Aioi Nissay Dowa Insurance UK Ltd
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio
        15.3.2    Allianz SE
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio
           15.3.2.3 Financials
           15.3.2.4 SWOT Analysis
        15.3.3    Allstate Insurance Company
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio
           15.3.3.3 Financials
           15.3.3.4 SWOT Analysis
        15.3.4     American International Group Inc.
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio
           15.3.4.3 Financials
           15.3.4.4 SWOT Analysis
        15.3.5    Assicurazioni Generali S.p.A.
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
           15.3.5.3 Financials
           15.3.5.4 SWOT Analysis
        15.3.6    AXA 
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio
           15.3.6.3 Financials
           15.3.6.4 SWOT Analysis
        15.3.7    Liberty Mutual Insurance Company
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio
        15.3.8    Mapfre S.A.
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio
        15.3.9    Progressive Casualty Insurance Company
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio
           15.3.9.3 Financials
           15.3.9.4 SWOT Analysis
        15.3.10    State Farm Automobile Mutual Insurance Company
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio
           15.3.10.3 SWOT Analysis
        15.3.11    TomTom International BV.
           15.3.11.1 Company Overview
           15.3.11.2 Product Portfolio
           15.3.11.3 Financials
           15.3.11.4 SWOT Analysis
        15.3.12    UnipolSai Assicurazioni S.p.A. (Unipol Gruppo S.p.A)
           15.3.12.1 Company Overview
           15.3.12.2 Product Portfolio
           15.3.12.3 Financials

List of Figures

Figure 1: Global: Usage-Based Insurance Market: Major Drivers and Challenges
Figure 2: Global: Usage-Based Insurance Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Usage-Based Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 4: Global: Usage-Based Insurance Market: Breakup by Type (in %), 2020
Figure 5: Global: Usage-Based Insurance Market: Breakup by Technology (in %), 2020
Figure 6: Global: Usage-Based Insurance Market: Breakup by Vehicle Type (in %), 2020
Figure 7: Global: Usage-Based Insurance Market: Breakup by Vehicle Age (in %), 2020
Figure 8: Global: Usage-Based Insurance Market: Breakup by Region (in %), 2020
Figure 9: Global: Usage-Based Insurance (Pay-As-You-Drive-PAYD) Market: Sales Value (in Million US$), 2015 & 2020
Figure 10: Global: Usage-Based Insurance (Pay-As-You-Drive-PAYD) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 11: Global: Usage-Based Insurance (Pay-How-You-Drive-PHYD) Market: Sales Value (in Million US$), 2015 & 2020
Figure 12: Global: Usage-Based Insurance (Pay-How-You-Drive-PHYD) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 13: Global: Usage-Based Insurance (Manage-How-You-Drive-MHYD) Market: Sales Value (in Million US$), 2015 & 2020
Figure 14: Global: Usage-Based Insurance (Manage-How-You-Drive-MHYD) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 15: Global: Usage-Based Insurance (Other Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 16: Global: Usage-Based Insurance (Other Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 17: Global: Usage-Based Insurance (OBD II) Market: Sales Value (in Million US$), 2015 & 2020
Figure 18: Global: Usage-Based Insurance (OBD II) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 19: Global: Usage-Based Insurance (Black Box) Market: Sales Value (in Million US$), 2015 & 2020
Figure 20: Global: Usage-Based Insurance (Black Box) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 21: Global: Usage-Based Insurance (Smartphones) Market: Sales Value (in Million US$), 2015 & 2020
Figure 22: Global: Usage-Based Insurance (Smartphones) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 23: Global: Usage-Based Insurance (Other Technologies) Market: Sales Value (in Million US$), 2015 & 2020
Figure 24: Global: Usage-Based Insurance (Other Technologies) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 25: Global: Usage-Based Insurance (Light-duty Vehicle-LDV) Market: Sales Value (in Million US$), 2015 & 2020
Figure 26: Global: Usage-Based Insurance (Light-duty Vehicle-LDV) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 27: Global: Usage-Based Insurance (Heavy-duty Vehicle-HDV) Market: Sales Value (in Million US$), 2015 & 2020
Figure 28: Global: Usage-Based Insurance (Heavy-duty Vehicle-HDV) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 29: Global: Usage-Based Insurance (New Vehicles) Market: Sales Value (in Million US$), 2015 & 2020
Figure 30: Global: Usage-Based Insurance (New Vehicles) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 31: Global: Usage-Based Insurance (Used Vehicles) Market: Sales Value (in Million US$), 2015 & 2020
Figure 32: Global: Usage-Based Insurance (Used Vehicles) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 33: North America: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 34: North America: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 35: United States: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 36: United States: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 37: Canada: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 38: Canada: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 39: Asia-Pacific: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 40: Asia-Pacific: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 41: China: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 42: China: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 43: Japan: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 44: Japan: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 45: India: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 46: India: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 47: South Korea: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 48: South Korea: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 49: Australia: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 50: Australia: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 51: Indonesia: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 52: Indonesia: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 53: Others: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 54: Others: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 55: Europe: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 56: Europe: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 57: Germany: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 58: Germany: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 59: France: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 60: France: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 61: United Kingdom: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 62: United Kingdom: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 63: Italy: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 64: Italy: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 65: Spain: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 66: Spain: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 67: Russia: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 68: Russia: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 69: Others: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 70: Others: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 71: Latin America: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 72: Latin America: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 73: Brazil: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 74: Brazil: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 75: Mexico: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 76: Mexico: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 77: Others: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 78: Others: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 79: Middle East and Africa: Usage-Based Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 80: Middle East and Africa: Usage-Based Insurance Market: Breakup by Country (in %), 2020
Figure 81: Middle East and Africa: Usage-Based Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 82: Global: Usage-Based Insurance Industry: SWOT Analysis
Figure 83: Global: Usage-Based Insurance Industry: Value Chain Analysis
Figure 84: Global: Usage-Based Insurance Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Usage-Based Insurance Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Usage-Based Insurance Market Forecast: Breakup by Type (in Million US$), 2021-2026
Table 3: Global: Usage-Based Insurance Market Forecast: Breakup by Technology (in Million US$), 2021-2026
Table 4: Global: Usage-Based Insurance Market Forecast: Breakup by Vehicle Type (in Million US$), 2021-2026
Table 5: Global: Usage-Based Insurance Market Forecast: Breakup by Vehicle Age (in Million US$), 2021-2026
Table 6: Global: Usage-Based Insurance Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 7: Global: Usage-Based Insurance Market: Competitive Structure
Table 8: Global: Usage-Based Insurance Market: Key Players

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