Usage Based Insurance Market to Rise at a CAGR of 12.54% during Forecast Period 2022-2031, observes TMR Study

• The usage-based insurance industry is mostly being driven by rising usage of connected and intelligent solutions, including infrared sensors and sensor-based detection systems.
• The use of usage-based car insurance is being driven in large part by the rise in global demand for automobiles.

WILMINGTON, Del., Sept. 20, 2022 /PRNewswire/ -- In 2021, the global usage-based insurance market was worth US$ 23.67 Bn. The market is projected to progress at 12.54% CAGR during forecast period, from 2022 to 2031.The global usage-based insurance market is anticipated to touch value of US$ 77.14 Bn by 2031. The global market for user-based insurance is primarily being driven by the increase in usage of connected and electric/hybrid automobiles. The need for usage-based motor insurance is also increasing as usage based insurance companies place more emphasis on creating products that are extremely precise, comply with legal standards, and adhere to regulatory guidelines to assure safety and lessen the possibility of any wrongdoing.

Additionally, the younger population's growing demand in SUVs is likely to drive up demand for usage-based vehicle insurance. In order to provide their clients with a product offering that is highly advanced, affordable, and also diverse, major players are concentrating on upgrading automotive insurance policies like Manage How You Drive (MHYD), Pay As You Drive (PAYD), and Pay How You Drive (PHYD). Additionally, in order to expand their revenue streams, companies are leveraging new prospects and providing high-quality services, which is expected to expand car insurance market size.

Given the growing popularity of Mobility as a Service and the growing collaborations between insurance providers and telematics in the region, North America accounted for over 50% of the global usage-based insurance market, based on region in 2021. The existence of leading UBI companies is also projected to be a driving force in the North American usage-based insurance industry.

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Key Findings of Market Report

• The need for car insurance based on usage is also being fueled by real-time vehicle monitoring and a spike in interest in connected vehicles. Due to the increasing use of electric cars, ADAS, IoT, and hybrid electric vehicles globally, the market for usage-based insurance is anticipated to expand rapidly during the projected timeline.
• Vehicle telematics contributes to the alignment of insurance premiums through usage-based insurance, as well as the improvement of safe driving practices. As governments throughout the world, particularly in the European Union and Russia, prepare to enact telematics rules, the telematics industry has been expanding. The demand for usage-based insurance telematics is being driven by the rise in usage of connected and intelligent vehicles.
• The usage-based insurance industry is primarily being driven by the rise in use of connected and smart technologies including infrared sensors and sensor-based detection systems. The driving quality and safety on public roads are improved by these technological advances.

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Global Usage Based Insurance Market: Growth Drivers

• In 2021, the pay as you drive (PAYD) category accounted for a usage based insurance market share usage based insurance market share, based on product type. According to the PAYD model, the amount of premium is based on how many miles the customer's car has driven.
• In terms of device type, the black box category dominated the global market in 2021. Throughout the projected timeframe, the segment is anticipated to keep leading. The black box category is primarily being driven by higher precision. Large amounts of data are also recorded using black boxes.

Global Usage Based Insurance Market: Key Players

Some of the key market players are

• Liberty Mutual Group
• Axa S.A.
• UnipolSai Assicurazioni S.p.A.
• The Allstate Corporation
• State Farm Insurance
• The Uniqa Insurance Group AG

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Global Usage Based Insurance Market: Segmentation

Policy Type

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

Device Type

• Black Box
• OBD Dongle
• Smartphone
• Others

Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

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