Global Usage-Based Insurance (UBI) Market is Estimated to Reach $252.8 Billion by 2024, Says Accurize Market Research
Global usage-based insurance (UBI) market report published by Accurize Market Research forecast that the global market is expected to reach $252.8 billion by 2024; growing at a CAGR of 38.1% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Lesser accident and vehicle theft possibilities, improved customer loyalty, and reduced claims costs across the globe to drive the growth of the market
Lesser accident and vehicle theft possibilities, improved customer loyalty, and reduced claims costsfuels the demand for the global usage-based insurance (UBI) market. Moreover,detection of stolen automobiles through telematics device installed in the automobiles to serve consumer interests more effectively also boosts the growth of the market.
The global usage-based insurance (UBI) market has been bifurcated on the basis of type, technology, and geography. By type, the market is segmented into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD). By technology, the market is bifurcated as OBD-II, smartphone, hybrid, and black box.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in U.S., and Rest of North America whereas Europe consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into Australia, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
“Pay-As-You-Drive (PAYD) accounted for the leading market share in the type segment", says Accurize
By type segment, Pay as you drive (PAYD) lead the type segment with 61.4% share in the year 2017, due to its cost efficiency. Whereas, manage how you drive (MHYD) is the fastest growing segment. The growth is mainly attributed by driving freedom and flexibility to the consumers. Moreover, by technology segment, black box accounted for the largest market share in 2017, accounting for about two third of the entire market share, driven by its highly secure and reliable system, and capabilities such as precise and timely data collection. Further, smartphone is the fastest growing segment, owing to its convenient and accessible features.
“Europe dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Europe generated the highest revenue accounting for 42.8% of the entire market share. The high growth is mainly seen, owing to growing awareness regarding driver’s safety and augmented penetration of the services among the youth population. European countries show an improved penetration of usage-based insurance services. Italy dominated the European UBI market accounting for around two third of the market share in 2017. However, Germany is anticipated to grow at the fastest CAGR of 39.1% throughout the forecast period 2017 – 2025. The market would be mainly driven by growing awareness among consumers regarding the benefits of such insurance services.
Top players in the market
The key market players include Allstate Corporation, AXA S.A., Mapfre S.A., Progressive Corporation, Desjardins Insurance, Aviva plc.,Allianz SE, Insure The Box Ltd., Metromile, and Generali Group among others.
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