CHICAGO, June 10, 2021 / PRNewswire / – According to the new market research report “Usage-based insurance market for ICE and electric vehicle by package (PAYD, PHYD, MHYD), technology (OBD-II, black box, smartphone, embedded), vehicle age (new, old), device offer (BYOD, company supplied) and region – global forecast to 2026″, published by MarketsandMarkets, the usage-based insurance market is designed to achieve USD 66.8 billion in 2026 of an estimate $19.6 billion in 2021, at a CAGR of 27.7% during the forecast period. The growth of the usage-based insurance market is influenced by factors such as increased sales of vehicles equipped with telematics and government regulations on security and telematic services. In addition, the projected increase in demand for connected cars and lower insurance premiums compared to regular insurance is expected to drive market growth. Therefore, the usage-based insurance market is expected to witness significant growth in the future.
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141 – Tables
56 – Figures
190 – pages
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Light Vehicle (LDV) is expected to be the market leader during the forecast period
Light commercial vehicles are passenger cars and light commercial vehicles. The UBI adoption rate is higher on LDVs than HDVs. Light vehicles can easily be equipped with OBD-II, black box or other devices to access usage-based insurance plans. In addition, as LDVs are often driven by a single person, UBI plans based on driver behavior are ideal for this vehicle segment. In addition, leading companies are developing various products and solutions for LDVs, such as shared vehicles and autonomous vehicles. Thus, over the next few years, LDVs are expected to witness strong UBI penetration.
The smartphone segment is expected to be the fastest growing market
According to MarketsandMarkets analysis, a smartphone is the fastest growing technology segment of the usage-based insurance market due to the growing popularity of mobile telematics. In the current market scenario, the black box is widely used as it offers reliable data collection and has achieved high customer acceptance. The main market should be concentrated in North America and Europe due to the presence of key players, affinity with advanced automotive technologies and relatively greater knowledge of UBI than Asia Pacific.
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North America expected to lead the market during the forecast period
North America it is estimated to be the largest usage-based insurance market due to the high rate of adoption of usage-based insurance on new and road vehicles equipped with telematics units. Most cars sold in the US and Canada belong to the premium segment. The predominance of premium cars increases the rate of adoption of usage-based insurance as your regular insurance is very high. With the help of usage-based insurance, vehicle owners can save up to 30% on insurance. In addition, the growing number of companies offering hardware to provide usage-based insurance has also contributed to market growth.
Main market participants:
O Usage-based insurance market is dominated by globally established players such as UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US) and Liberty Mutual Insurance Company (US).
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