Usage-Based Insurance (UBI) Market
Usage-Based Insurance (UBI) Market - Global Industry Assessment & Forecast
Segments Covered
- By Package PHYD, PAYD
- By Technology OBD-II, Smartphone, Black Box, Embedded Telematics
- By Vehicle Type Passenger Vehicle, Commercial Vehicle
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base Year: | 2022 |
Forecast Years: | 2023 - 2030 |
Historical Years: | 2017 - 2021 |
Revenue 2022: | USD 22.79 Billion |
Revenue 2030: | USD 150.45 Billion |
Revenue CAGR (2023 - 2030): | 26.60% |
Fastest Growing Region (2023 - 2030) | Asia Pacific |
Largest Region (2022): | North America |
Customization Offered
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
Research Methodology: Usage-Based Insurance (UBI) Market by Package by Technology by Vehicle Type by Region - Global Market Assessment, 2021 - 2028
Secondary Research
Primary Research:
The next stage involves the primary research conducted to gather further information and revalidate the data collected from the secondary research. Moreover, primary research is also conducted to identify key players in the market and to gather their market-specific financial information. Moreover, primary interviews also provide us information regarding region market trends, segmental trends, top market players and their financials, and supply-demand scenarios of the market along with such other market developments.
Data Triangulation and Market Size Estimations
Top-down and bottom-up approaches are used to validate and estimate the market size of the Usage-Based Insurance (UBI) market. After the determination of the overall market size, the market is divided into various segments and sub-segments. Moreover, these same approaches mentioned above were used to derive and estimate market numbers for mentioned segments/sub-segments in the market. The data was triangulated by employing various data models and statistical techniques to arrive at exact statics and market size for each segment/sub-segment of the market.
FAQ
Frequently Asked Question
What is the global demand for Usage-Based Insurance (UBI) in terms of revenue?
-
The global Usage-Based Insurance (UBI) valued at USD 22.79 Billion in 2022 and is expected to reach USD 150.45 Billion in 2030 growing at a CAGR of 26.60%.
Which are the prominent players in the market?
-
The prominent players in the market are Allianz SE, Allstate Insurance Company, ASSICURAZIONI GENERALI S.P.A., AVIVA PLC, AXA, Cambridge Mobile Telematics, Danlaw Inc., Desjardins Group, The Box Limited, Intelligent Mechatronic Systems Inc., Liberty Mutual Insurance, Mapfre S.A., Metromile Inc., Nationwide, Octo Technology, Progressive Casualty Insurance Company, Sierra Wireless, State Farm Mutual Automobile Insurance Company, TomTom International BV, UnipolSai Assicurazioni S.P.A., Verizon Communication Inc., Vodafone Automotive S.P.A., Zubie Inc..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 26.60% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
-
The driving factors of the Usage-Based Insurance (UBI) include
- Increasing adoption of telematics and connected cars
Which region accounted for the largest share in the market?
-
North America was the leading regional segment of the Usage-Based Insurance (UBI) in 2022.