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The global usage-based insurance market was valued at US$ 33.0 Billion in 2021.
We expect the global usage-based insurance market to exhibit a CAGR of 24.47% during 2022-2027.
The rising installation of telematics device in vehicles to calculate the premium precisely and providing enhanced satisfaction to the policy holders, is primarily driving the global usage-based insurance market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of remote solutions to monitor consumer driving behavior to calculate the premium to combat the risk of the coronavirus infection.
Based on the type, the global usage-based insurance market has been segmented into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD), and others. Among these, Pay-As-You-Drive (PAYD) holds the majority of the total market share.
Based on the technology, the global usage-based insurance market can be divided into OBD II, black box, smartphones, and others. Currently, black box exhibits a clear dominance in the market.
Based on the vehicle type, the global usage-based insurance market has been categorized into Light-duty Vehicle (LDV) and Heavy-duty Vehicle (HDV). Currently, Light-duty Vehicle (LDV) accounts for the majority of the global market share.
Based on the vehicle age, the global usage-based insurance market can be segregated into new vehicles and used vehicles. Currently, new vehicles hold the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global usage-based insurance market include 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).
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