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
Based on the technology, the black box holds a prominent share during the forecast period. The black box is one of the traditional forms of UBI technology which is generally preferred by vehicle owners. The increasing use of telematics insurance in UBI for heavy-duty vehicles increases the demand for the black box. At this time, the penetration is highest in Europe, particularly in Italy. The black box is very accurate, and it captures a wide array of data. However, black box devices are expensive and need to be installed by a specialist, thereby increasing the overall initial cost of the service. Also, the UBI market is witnessing a shift from a black box to an embedded system. Smartphone, OBD-II UBI technologies. Hence, the segment may affect its market share in the future but will remain the widely adopted UBI technology.
full report of Usage-based Insurance Market available @ https://www.omrglobal.com/industry-reports/usage-based-insurance-market
- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Usage-based Insurance (UBI) Market Report Segment
By Type
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
- Others
By Technology
- OBD II
- Black Box
- Smartphones
- Others
By Vehicle Type
- Light-duty Vehicle (LDV)
- Heavy-duty Vehicle (HDV)
By Vehicle Age
- New Vehicles
- Used Vehicles
Global Usage-based Insurance (UBI) Market Report Segment by Region
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
- Latin America
- Middle East & Africa
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. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404
