Usage-Based Insurance (UBI) Market is estimated the US $20Bn in 2017 and is expected to reach US$305Bn by 2026 at a CAGR of 40.58% according to a new report published by Mart Research
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Usage-Based Insurance (UBI) Market is estimated the US $20Bn in 2017 and is expected to reach US$305Bn by 2026 at a CAGR of 40.58%. Usage-Based Insurance (UBI) market pays how you drive. Its a way for auto insurance companies to set premium based on how safe driving habits of a driver.
The driving factor for the Usage-Based Insurance (UBI) Market is due to the increase in lower accident and vehicle theft possibilities and detection of stolen vehicles through telematics device installed in the vehicle. High installation cost of telematics and its lengthy process will hamper the growth of the market.
Global Usage-Based Insurance (UBI) Market by Vehicle Type
Passenger Vehicle
Commercial Vehicle
Among region, Europe is expected to grow at the highest CAGR during the forecast period. A rise in the production of a vehicle and its safety is creating a revenue opportunity in the region. Growing awareness among consumers and technological advancement is boosting the Usage-Based Insurance (UBI) Market in Europe. Italy is currently dominating the segment by one-third Usage-Based Insurance (UBI) market generating the maximum revenue in the Europe region.
Global Usage-Based Insurance (UBI) Market Research Report by Region:
North America (U.S, Canada)
Europe (Germany, U.K., France, Italy, Spain, Rest of Europe RoE)
Asia-Pacific (India, Japan, China, ASEAN, Rest of Asia-Pacific)
Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
Latin America (Brazil, Mexico and Rest of South America)
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Usage-Based Insurance (UBI) Market is segmented into type, technology, Vehicle, and geography. In terms of Type, Manage-How-You-Drive (MHYD) is to grow faster it provides fast-moving advances in technology, there has been a perceptive shift in consumer attitudes and practices, it has higher flexibility and freedom to consumers. In the Technology segment, a black box will be growing faster as the increase in accounting number of total market revenue and customer preference for it accurate and timely data collection capabilities will boost the demand in a market.
Global Usage-Based Insurance (UBI) Market Research Report by Type
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
Distance-based-Insurance (DBI)
Global Usage-Based Insurance (UBI) Market Research Report by Technology
OBD-II
Smartphone
Hybrid
Black Box
Metal Forming Market for Automotive
Usage-Based Insurance (UBI) Market share is consolidated, as the key multinational players occupy the major industry share. AXA Group, Octo Telematics S.p.A., Intelligent Mechatronic Systems, Allianz SE, AXA S.A., Ensure The Box Ltd, Progressive Corporation, Allstate Corporation, Desjardins Insurance, Generali Group, Mapfre S.A., Metromile, Aviva plc, Watchstone Group and Sierra Wireless with brand portfolio expansion, mergers, collaborations and acquisitions are the key strategies adopted by the top players. For instance, in 2018, AXA buys Bermuda-based XL for $15 billion in latest insurance mega-deal.
Key Players in Usage-Based Insurance (UBI) Market:
AXA Group
Octo Telematics S.p.A.
Intelligent Mechatronic Systems
Allianz SE
Insure the Box Ltd
Progressive Corporation
Allstate Corporation
Desjardins Insurance
Generali Group
Mapfre S.A.
Metromile
Aviva plc
Watchstone Group
Sierra Wireless
Table of Content for Global Usage-Based Insurance (UBI) Market Research Report
Chapter One: Usage-Based Insurance Market
Chapter Two: Assumptions and Research Methodology
Chapter Three: Executive Summary: Global Usage-Based Insurance (UBI) Market Size, by Value (US$) and Volume (Unit)
Chapter Four: Market Overview
Chapter Five: Supply Side and Demand Side Indicators
Chapter Six: Global Usage-Based Insurance (UBI) Market Analysis and Forecast
Chapter Seven: Global Usage-Based Insurance (UBI) Market Analysis and Forecast, By Type
Chapter Eight: Global Usage-Based Insurance (UBI) Market Analysis and Forecast, By Technology
Chapter Nine: Global Usage-Based Insurance (UBI) Market Analysis and Forecast, By Vehicle Type
Chapter Ten: Global Usage-Based Insurance (UBI) Market Analysis, by Region
Chapter Eleven: North America Usage-Based Insurance (UBI) Market Analysis
Chapter Twelve: Europe Usage-Based Insurance (UBI) Market Analysis
Chapter Thirteen: Asia Pacific Usage-Based Insurance (UBI) Market Analysis
Chapter Fourteen: The Middle East & Africa Usage-Based Insurance (UBI) Market Analysis
Chapter Fifteen: South America Usage-Based Insurance (UBI) Market Analysis
Chapter Sixteen: Competitive Landscape
Chapter Seventeen: Primary Key Insights
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