EINPresswire.com / -- According to a new report published by Allied Market Research, titled, “ Usage-Based Insurance Market, By Policy Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD)), Technology (OBD (On-Board Diagnostics)-II, Smartphone, Hybrid, and Black Box), Vehicle Age (New Vehicles, and Used vehicles) and Vehicle Type (Light-duty Vehicle (LDV), and Heavy-duty Vehicle (HDV)): Global Opportunity Analysis and Industry Forecast, 2023-2032."The usage-based insurance market was valued at $26.8 billion in 2022, and is estimated to reach $267.4 billion by 2032, growing at a CAGR of 26.2% from 2023 to 2032. Request Customization https://www.alliedmarketresearch.com/request-for-customization/1742 Usage-based insurance (UBI) is a telematics-based, usage-based insurance service that monitors cars, trucks, and other commercial or private vehicles, by keeping track of distance covered. The first successfully used telematics was initiated by long-distance truck fleet operators to track and coordinate vehicle movements for operational, maintenance, and other purposes. The premiums are calculated according to the data assessed by the telematics device, which includes miles driven, time of day, where the vehicle is driven, rapid acceleration, and hard braking. Moreover, growing adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums, boosts the growth of the global usage-based insurance market. In addition, factors such as higher possibility of the vehicle being recovered, in case of stolen, and lower fuel consumption positively impacts the growth of the market. However, high installation cost of telematics and various data security issues are expected to hamper the usage-based insurance market growth. On the contrary, adoption of advance technology such as smartphone-based UBI & hybrid-based UBI and increase in concerns regarding driver’s safety across the globe is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the usage-based insurance market. The black-box based UBI segment is expected to garner a significant usage-based insurance market size during the forecast period. This is attributed to penetration of black box-based insurance is increasing among higher risk policy holders, such as a young or new driver, in Europe, which is anticipated to increase the demand for such programs in the region. However, the hybrid-based UBI segment is expected to grow at the highest rate during the forecast period, owing to the convenience provided for data collection through app drives the global smartphone-based UBI services. Region wise, the usage-based insurance market was dominated by North America in 2019, and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include the presence of key players and rise in purchase of used cars. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India. Enquire Before Buying The usage-based insurance industry has been negatively impacted by the outbreak of the COVID-19 pandemic, which has further led to economic instability. For instance, according to a research report, there has been a decrease in the use of public transport and almost 40% of trips have decreased across the globe. All these factors decrease the need for car insurance, dropping many claims to around 50%, which is profitable for car insurance companies only for the short term. However, in the long term, usage-based insurance is anticipated to be severely hit by the pandemic, owing to the implementation of travel restrictions and less usage of cars, which forces consumers not to take the extra burden of premiums. Furthermore, usage-based insurance is one of the largest revenue Sources for the general insurance industry and accounted for more than 35% of overall insurance premium collection in 2019. In addition, most states require drivers to have usage-based insurance, which implies that the purchase of a new automobile constitutes a major proportion of premiums. According to several research studies, the automobile sector faced a slowdown in 2019–2020, owing to the outbreak of the pandemic. Moreover, due to a reduction in income and enforcement of travel restrictions, customers are seeking bailouts or refunds on premiums. Hence, to increase sales during this period, many major usage-based insurance companies in the U.S. and the UK have refunded 10–15% of annual premiums to customers. In India, the Finance Ministry extended the validity of third-party insurance policies, which were up for renewal during the lockdown. With the alarming increase in COVID-19 patients, various governments have implemented lockdown, which significantly reduced the number of vehicles on roads, which, in turn, increased the number of digital banking and access of premiums. Furthermore, with rise in digitization among both the financial institutes and end users, the demand for advanced machine learning technology increased to reduce the load on the banking servers and reduce transaction delay with rising digital transaction during the pandemic. For instance, according to the survey of Prudential Regulation Authority (PRA) by Bank of England in August 2020, around 40% of respondents reported an increase in the importance of machine learning and data science for critical financial operation. Furthermore, around 35% of banks reported that machine learning and data science had a positive impact on technologies that support remote working among employees and on their overall security provided for ML projects. In addition, the pandemic has accelerated the use of ML-powered tools to manage a sudden increase in customer enquiries. Thus, a number of such development across the globe are anticipated to provide lucrative opportunities for the expansion of the usage-based insurance market. Get a Sample Copy of this Report https://www.alliedmarketresearch.com/request-sample/1742 Key Findings of The Study By policy type, the pay-as-you-drive (PAYD) segment accounted for the largest usage-based insurance market share in 2022. Region wise, North America generated highest revenue in 2022. Depending on technology, the black box segment generated the highest revenue in 2022. Trending Reports: core banking software market https://www.alliedmarketresearch.com/core-banking-software-market bfsi security market https://www.alliedmarketresearch.com/bfsi-security-market-A10561 embedded finance market https://www.alliedmarketresearch.com/embedded-finance-market-A110805 personal finance software market https://www.alliedmarketresearch.com/personal-finance-software-market coin sorter market https://www.alliedmarketresearch.com/coin-sorter-market loan servicing software market https://www.alliedmarketresearch.com/loan-servicing-software-market-A19434 bancassurance market https://www.alliedmarketresearch.com/bancassurance-market insurance brokerage market https://www.alliedmarketresearch.com/insurance-brokerage-market-A10350 The key players profiled in the usage-based insurance market analysis are Allianz SE, Allstate Corporation, Aviva, AXA, Insurethebox, Liberty Mutual Insurance, Mapfre S.A., Nationwide Mutual Insurance Company, Progressive Corporation and UNIPOLSAI ASSICURAZIONI S.P.A. These players have adopted various strategies to increase their market penetration and strengthen their position in the usage-based insurance market trends. About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact Us: United States 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA. Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285 Fax: +1-800-792-5285 help@alliedmarketresearch.com

Usage-Based Insurance Market Expected to Reach $267.4 Billion by 2032

— AMR NEW CASTLE, DE, UNITED STATES, July 9, 2025 / EINPresswire.com / -- According to a new report published by Allied Market Research, titled, “ Usage-Based Insurance Market , By Policy Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD)), Technology (OBD (On-Board Diagnostics)-II, Smartphone, Hybrid, and Black Box), Vehicle Age (New Vehicles, and Used vehicles) and Vehicle Type (Light-duty Vehicle (LDV), and Heavy-duty Vehicle (HDV)): Global Opportunity Analysis and Industry Forecast, 2023-2032." The usage-based insurance market was valued at $26.8 billion in 2022, and is estimated to reach $267.4 billion by 2032, growing at a CAGR of 26.2% from 2023 to 2032.  Request Customization  https://www.alliedmarketresearch.com/request-for-customization/1742  Usage-based insurance (UBI) is a telematics-based, usage-based insurance service that monitors cars, trucks, and other commercial or private vehicles, by keeping track of distance covered. The first successfully used telematics was initiated by long-distance truck fleet operators to track and coordinate vehicle movements for operational, maintenance, and other purposes. The premiums are calculated according to the data assessed by the telematics device, which includes miles driven, time of day, where the vehicle is driven, rapid acceleration, and hard braking.  Moreover, growing adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums, boosts the growth of the global usage-based insurance market. In addition, factors such as higher possibility of the vehicle being recovered, in case of stolen, and lower fuel consumption positively impacts the growth of the market.  However, high installation cost of telematics and various data security issues are expected to hamper the usage-based insurance market growth. On the contrary, adoption of advance technology such as smartphone-based UBI & hybrid-based UBI and increase in concerns regarding driver's safety across the globe is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the usage-based insurance market.  The black-box based UBI segment is expected to garner a significant usage-based insurance market size during the forecast period. This is attributed to penetration of black box-based insurance is increasing among higher risk policy holders, such as a young or new driver, in Europe, which is anticipated to increase the demand for such programs in the region. However, the hybrid-based UBI segment is expected to grow at the highest rate during the forecast period, owing to the convenience provided for data collection through app drives the global smartphone-based UBI services.  Region wise, the usage-based insurance market was dominated by North America in 2019, and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include the presence of key players and rise in purchase of used cars. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to surge in adoption of mobile telematics technology by insurance companies among the developing nations such as China and India.  Enquire Before Buying  https://www.alliedmarketresearch.com/purchase-enquiry/1742  The usage-based insurance industry has been negatively impacted by the outbreak of the COVID-19 pandemic, which has further led to economic instability. For instance, according to a research report, there has been a decrease in the use of public transport and almost 40% of trips have decreased across the globe. All these factors decrease the need for car insurance, dropping many claims to around 50%, which is profitable for car insurance companies only for the short term. However, in the long term, usage-based insurance is anticipated to be severely hit by the pandemic, owing to the implementation of travel restrictions and less usage of cars, which forces consumers not to take the extra burden of premiums.  Furthermore, usage-based insurance is one of the largest revenue Sources for the general insurance industry and accounted for more than 35% of overall insurance premium collection in 2019. In addition, most states require drivers to have usage-based insurance, which implies that the purchase of a new automobile constitutes a major proportion of premiums.  According to several research studies, the automobile sector faced a slowdown in 2019–2020, owing to the outbreak of the pandemic. Moreover, due to a reduction in income and enforcement of travel restrictions, customers are seeking bailouts or refunds on premiums. Hence, to increase sales during this period, many major usage-based insurance companies in the U.S. and the UK have refunded 10–15% of annual premiums to customers. In India, the Finance Ministry extended the validity of third-party insurance policies, which were up for renewal during the lockdown.  With the alarming increase in COVID-19 patients, various governments have implemented lockdown, which significantly reduced the number of vehicles on roads, which, in turn, increased the number of digital banking and access of premiums. Furthermore, with rise in digitization among both the financial institutes and end users, the demand for advanced machine learning technology increased to reduce the load on the banking servers and reduce transaction delay with rising digital transaction during the pandemic. For instance, according to the survey of Prudential Regulation Authority (PRA) by Bank of England in August 2020, around 40% of respondents reported an increase in the importance of machine learning and data science for critical financial operation.  Furthermore, around 35% of banks reported that machine learning and data science had a positive impact on technologies that support remote working among employees and on their overall security provided for ML projects. In addition, the pandemic has accelerated the use of ML-powered tools to manage a sudden increase in customer enquiries. Thus, a number of such development across the globe are anticipated to provide lucrative opportunities for the expansion of the usage-based insurance market.  Get a Sample Copy of this Report  https://www.alliedmarketresearch.com/request-sample/1742  Key Findings of The Study  By policy type, the pay-as-you-drive (PAYD) segment accounted for the largest usage-based insurance market share in 2022.  Region wise, North America generated highest revenue in 2022.  Depending on technology, the black box segment generated the highest revenue in 2022.  Trending Reports:  core banking software market https://www.alliedmarketresearch.com/core-banking-software-market  bfsi security market https://www.alliedmarketresearch.com/bfsi-security-market-A10561  embedded finance market https://www.alliedmarketresearch.com/embedded-finance-market-A110805  personal finance software market https://www.alliedmarketresearch.com/personal-finance-software-market  coin sorter market https://www.alliedmarketresearch.com/coin-sorter-market  loan servicing software market https://www.alliedmarketresearch.com/loan-servicing-software-market-A19434  bancassurance market https://www.alliedmarketresearch.com/bancassurance-market  insurance brokerage market https://www.alliedmarketresearch.com/insurance-brokerage-market-A10350  The key players profiled in the usage-based insurance market analysis are Allianz SE, Allstate Corporation, Aviva, AXA, Insurethebox, Liberty Mutual Insurance, Mapfre S.A., Nationwide Mutual Insurance Company, Progressive Corporation and UNIPOLSAI ASSICURAZIONI S.P.A. These players have adopted various strategies to increase their market penetration and strengthen their position in the usage-based insurance market trends.  About Us:  Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.  We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.  Contact Us:  United States  1209 Orange Street,  Corporation Trust Center,  Wilmington, New Castle,  Delaware 19801 USA.  Int'l: +1-503-894-6022  Toll Free: +1-800-792-5285  Fax: +1-800-792-5285  help@alliedmarketresearch.com  https://medium.com/@kokate.mayuri1991  https://bfsibloghub.blogspot.com/  https://steemit.com/@monikak/posts  David Correa  Allied Market Research  email us here  Visit us on social media:  LinkedIn  Facebook  YouTube  X  Legal Disclaimer:  EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

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Automotive Usage-Based Insurance Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UKRAINE, September 17, 2024 / EINPresswire.com / -- The automotive usage-based insurance market has experienced robust growth in recent years, expanding from $41.48 billion in 2023 to $48.90 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to rising insurance premiums, the growth of connected vehicles, the need for improved risk assessment, regulatory changes favoring usage-based models, and the adoption of mobile apps. What Is The Estimated Market Size Of The Global Automotive Usage-Based Insurance Market And Its Annual Growth Rate? The automotive usage-based insurance market is projected to continue its strong growth, reaching $95.28 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to advancements in AI and machine learning, enhanced data privacy and security measures, integration with smart home technology, growth in subscription-based insurance models, and rising environmental concerns. Explore Comprehensive Insights Into The Global Automotive Usage-Based Insurance Market With A Detailed Sample Report:
Growth Driver Of The Automotive Usage-Based Insurance Market
The increasing vehicle ownership is expected to propel the growth of the automotive usage-based insurance market going forward. Vehicle ownership refers to the possession and registration of any motorized vehicle by an individual or entity that involves having the rights and responsibilities associated with the vehicle. The increase in vehicle ownership is driven by economic growth, higher disposable incomes, urbanization, and the growing need for personal mobility. Automotive usage-based insurance (UBI) encourages safe and low-mileage drivers with cheaper premiums, giving personalized rates based on driving patterns that attract cost-conscious car owners. Order Your Report Now For A Swift Delivery:
Which Market Players Are Steering The Automotive Usage-Based Insurance Market Growth? Key players in the automotive usage-based insurance market include State Farm, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Allstate Insurance Company, Progressive Casualty Insurance Company, Chubb Limited, The Travelers Indemnity Company, Aviva plc, Government Employees Insurance Company (GEICO), MAPFRE SA, American Family Insurance, Mitsui Sumitomo Insurance Group, Bajaj Finserv Limited, Verisk Analytics Inc., Liberty Mutual Group Inc., Root Insurance Company, The Zebra, Lemonade Inc., Berjaya Sompo Insurance Berhad, Arity LLC, Octo Telematics S.p.A, Insurethebox limited, Flock Limited, Mile Auto Inc.
What Are The Key Trends That Influence Automotive Usage-Based Insurance Market Share And Analysis? Major companies operating in the automotive usage-based insurance market are focused on developing advanced solutions, such as technology-driven auto insurance policies, to enhance risk assessment and improve the customer experience. Technology-driven auto insurance policies personalize coverage and premiums based on real-time driving habits and vehicle usage. These plans use devices and programs to collect data on parameters such as speed and braking patterns to provide customized insurance solutions that reflect individual driving habits. How Is The Global Automotive Usage-Based Insurance Market Segmented? 1) By Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Technology: Black Box, On-Board Diagnostics (OBD)-II, Embedded, Smartphone, Other Technologies
4) By Distribution Channel: Insurance Companies, Aggregator Platforms
4) By End-User: Individual Consumers, Fleet Owners Or Managers
Geographical Insights: North America Leading The Automotive Usage-Based Insurance Market
North America was the largest region in the automotive usage based insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive usage-based insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Automotive Usage-Based Insurance Market Definition
Automotive usage-based insurance (UBI) is a type of auto insurance in which the premium is calculated based on the actual usage of the vehicle. This insurance model uses telematics technology to track driving habits, mileage, and other pertinent factors. • Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa. • Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. An overview of the global automotive usage-based insurance market report covering trends, opportunities, strategies, and more
The Automotive Usage-Based Insurance Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive usage-based insurance market size, automotive usage-based insurance market drivers and trends, automotive usage-based insurance market major players, automotive usage-based insurance competitors' revenues, automotive usage-based insurance market positioning, and automotive usage-based insurance market growth across geographies. The automotive usage-based insurance market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential. Browse Through More Similar Reports By The Business Research Company:
Automotive Diagnostic Scan Tools Global Market Report 2024

Automotive Usage-Based Insurance Market Segments, Drivers, Restraints, And Trends For 2024-2033

Companies and startups that use technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

Insurtech

Fintech

Corporate Majority

Insure the Box has a new approach to car insurance. Conventional car insurance assesses drivers based on a number of factors which are used to reflect their potential driving behaviour. Typically, the insurer is anticipating a driving experience based on higher than average claims made by younger drivers. They cannot assess the driving ability of the driver from details given at quote time, however, insurethebox has used its expertise to assess how younger drivers, who do a low annual mileage, may save significantly on their young driver car insurance by having an in-tele-box fitted.

Date	12/24/2014
Round	Corporate Majority
Amount	$160M
Investors	MS&AD Insurance Group
Valuation	$XXM
Revenue	0 FY undefined
Sources	1

First funding	12/24/2014
Last Funding	12/24/2014
Investor	MS&AD Insurance Group
Rounds	1 Corporate Majority
Board Seats
Type	Corporation
Location	Japan

How VCs Use CB Insights

Professional Services

Platform Overview

Insure the Box

Investors Count

Funding, Valuation & Revenue

Insure the Box Investors