The Usage-based Insurance Market is projected to reach USD 138.03 billion by 2030 from USD 32.40 billion in 2022, at a CAGR of 19.85% during the forecast period.
Market Segmentation & Coverage:
This research report analyzes various sub-markets, forecasts revenues, and examines emerging trends in each category to provide a comprehensive outlook on the Usage-based Insurance Market.
Based on Package Type, market is studied across Manage-How-You-Drive, Pay-As-You-Drive, and Pay-How-You-Drive. The Manage-How-You-Drive commanded largest market share of 36.51% in 2022, followed by Pay-How-You-Drive.
Based on Technology, market is studied across Black Box, Embedded System, OBD-II, and Smartphone. The Black Box commanded largest market share of 30.65% in 2022, followed by Embedded System.
Based on Device Offering, market is studied across Bring Your Device (BYOD) and Company Provided. The Bring Your Device (BYOD) commanded largest market share of 59.68% in 2022, followed by Company Provided.
Based on Vehicle Type, market is studied across Commercial Vehicle and Passenger Car. The Passenger Car commanded largest market share of 73.79% in 2022, followed by Commercial Vehicle.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Finland, France, Germany, Israel, Italy, Netherlands, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 35.88% in 2022, followed by Americas.
Market Statistics:
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make well-informed decisions. In this report, 2018 to 2021 are considered as historical years, 2022 is base year, 2023 is estimated year, and years from 2024 to 2030 are considered as forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix is an indispensable tool for assessing the Usage-based Insurance Market. It comprehensively evaluates vendors, analyzing key metrics related to Business Strategy and Product Satisfaction. This enables users to make informed decisions tailored to their specific needs. Through advanced analysis, vendors are categorized into four distinct quadrants, each representing a different level of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V). Be assured that this insightful framework empowers decision-makers to navigate the market with confidence.
Market Share Analysis:
The Market Share Analysis offers invaluable insights into the vendor landscape Usage-based Insurance Market. By evaluating their impact on overall revenue, customer base, and other key metrics, we provide companies with a comprehensive understanding of their performance and the competitive environment they confront. This analysis also uncovers the level of competition in terms of market share acquisition, fragmentation, dominance, and industry consolidation during the study period.
Key Company Profiles:
The report delves into recent significant developments in the Usage-based Insurance Market, highlighting leading vendors and their innovative profiles. These include Allianz SE, Allstate Corporation, Amica Mutual Insurance Company, Assicurazioni Generali S.p.A., AXA SA, CalAmp Wireless Networks Corporation, Cambridge Mobile Telematics, Inc., CerebrumX Lab Inc., Credit Karma, LLC by Intuit Inc., Definity Financial Corporation, General Motors Company, Go Digit General Insurance Limited, HDFC ERGO General Insurance Company Limited, ICICI Lombard General Insurance Company Ltd., Lemonade, Inc., LexisNexis Risk Solutions Inc. by RELX plc, Liberty Mutual Group Inc., MAPFRE S.A, Modus Group, LLC, Nationwide Mutual Insurance Company, Octo Group S.p.A., Progressive Casualty Insurance Company, Reliance General Insurance Company Limited by Reliance Capital Limited, Sierra Wireless by Semtech Corporation, State Farm Mutual Automobile Insurance Company, The Floow Limited by Otonomo Technologies Ltd., The Government Employees Insurance Company, The New India Assurance Co. Ltd., The Travelers Indemnity Company, Unipol Gruppo S.p.A., United Services Automobile Association, Verisk Analytics, Inc., Zubie, Inc., and Zuno General Insurance Limited.
The report offers valuable insights on the following aspects:
- Market Penetration: It provides comprehensive information about key players’ market dynamics and offerings.
- Market Development: In-depth analysis of emerging markets and penetration across mature market segments, highlighting lucrative opportunities.
- Market Diversification: Detailed information about new product launches, untapped geographies, recent developments, and investments.
- Competitive Assessment & Intelligence: Exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of leading players.
- Product Development & Innovation: Intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast for the Usage-based Insurance Market?
- Which products, segments, applications, and areas hold the highest investment potential in the Usage-based Insurance Market?
- What is the competitive strategic window for identifying opportunities in the Usage-based Insurance Market?
- What are the latest technology trends and regulatory frameworks in the Usage-based Insurance Market?
- What is the market share of the leading vendors in the Usage-based Insurance Market?
- Which modes and strategic moves are suitable for entering the Usage-based Insurance Market?