Usage-Based Insurance Market Trends, Share,
Size, Growth, Opportunity 2022-27
According to
the latest report by IMARC Group ” Usage-Based Insurance Market: Global
Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 “,
The global usage based insurance market size reached US$ 33.0 Billion in 2021.
Looking forward, IMARC Group expects the market to reach US$ 123.4 Billion by
2027, exhibiting a CAGR of 24.47% during 2022-2027.
Usage-based
insurance refers to a specialized automobile insurance policy that is widely
available in pay-how-you-drive (PHYD) and pay-per-mile (PPM) formats. It
calculates the premium of the vehicle on the basis of the usage of the vehicle
and the consumer driving behavior that can be analyzed via the readings
obtained from the telematics device installed in the automobile for monitoring
the speed, time and distance covered.
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Note: We are
regularly tracking the direct effect of COVID-19 on the market, along with the
indirect influence of associated industries. These observations will be
integrated into the report.
Market Trends:
The global
market is majorly driven by considerable growth in the automotive sector. With
the increasing adoption of remote diagnostics to monitor consumer driving
patterns, there has been a significant rise in the demand for usage-based
insurance across the globe. The market is further driven by the widespread
integration of advanced telematics-based platforms in light-duty vehicles
(LDV). Their deployment assists in replacing an additional black-box in
vehicles for recording relevant data, which is creating a positive outlook for
the market. Some of the other factors contributing to the market growth include
the rising concerns for driver safety and the continual reductions in the
premium rates of usage-based insurance.
Breakup by
Type:
Breakup by
Technology:
Breakup by
Vehicle Type:
Breakup by
Vehicle Age:
Market Breakup
by Region:
Competitive
Landscape with Key Player:
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As the novel
coronavirus (COVID-19) crisis takes over the world, we are continuously
tracking the changes in the markets, as well as the industry behaviors of the
consumers globally and our estimates about the latest market trends and
forecasts are being done after considering the impact of this pandemic.
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