Usage-based insurance market is anticipated to grow at a significant CAGR of nearly 27.9% during the forecast period. The major factors that drive the growth of the UBI market include the growing automobile industry across the globe, along with the increasing technological advancements in both developing & developed countries. For instance, In July 2018, the Canadian Automobile Association (CAA) introduced a new auto insurance program, CAA MyPace for infrequent drivers, letting drivers pay for every 1,000 km they drive. The new program enabled to reform of insurance in Ontario by enabling motorists to monitor how much they drive and pay for insurance based on that mileage.
Get Free Sample link @ https://www.omrglobal.com/request-sample/usage-based-insurance-market
Another factor includes the shifting of consumer demand toward more efficient smart vehicles that have remote vehicle diagnostic systems. The demand for remote vehicle diagnostic systems is increasing due to data-driven technology. The remote diagnostic technology brings a safety mechanism that will allow the vehicle to be monitored, and controlled using a remote operator. For instance, In June 2019, UnipolSai launched Real-Time adjustment, which is a process that allows the insured to receive a proposal from the adjuster within 24 hours of the claim, on the condition that there were no casualties. The process enabled ease of the use of the black box.
full report of Usage-based Insurance Market available @ https://www.omrglobal.com/industry-reports/usage-based-insurance-market
- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Usage-based Insurance (UBI)Market by Type
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
- Others
Global Usage-based Insurance (UBI) Market by Technology
- OBD II
- Black Box
- Smartphones
- Others
Global Usage-based Insurance (UBI) Market by Vehicle Type
- Light-duty Vehicle (LDV)
- Heavy-duty Vehicle (HDV)
Global Usage-based Insurance (UBI) Market by Vehicle Age
- New Vehicles
- Used Vehicles
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Aioi Nissay Dowa Insurance UK Ltd.
- Allianz SE
- Allstate Insurance Co.
- American International Group Inc.
- Assicurazioni Generali S.p.A.
- AVIVA Plc
- AXA
- Cambridge Mobile Telematics
- Danlaw, Inc.
- Desjardins Group
- Insure The Box Ltd.
- Intelligent Mechatronic Systems Inc.
- Metromile Inc.
- Nationwide Mutual Insurance Co.
- Octo Technology
- Progressive Casualty Insurance Co.
- Sierra Wireless
- State Farm Automobile Mutual Insurance Co.
- UnipolSai Assicurazioni S.p.A.
- Verizon Communication Inc.
- Vodafone Automotive SpA
- Zubie, Inc.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Usage-based Insurance market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/usage-based-insurance-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
