CHICAGO, June 10, 2021 /PRNewswire/ — According to the new market research report “Usage-based insurance market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Black box, Smartphone, Embedded), Vehicle Age (New, Old), Device Offering (BYOD, Company Provided) and Region – Global Forecast until 2026″, published by MarketsandMarkets™, the usage-based insurance market is expected to reach $66.8 billion by 2026 estimated USD 19.6 billion in 2021, with a CAGR of 27.7% over the forecast period. The growth of the usage-based insurance market is influenced by factors such as increasing sales of telematics-equipped vehicles and government regulations on safety and telematics services. In addition, the expected increase in demand for connected cars and lower insurance premiums relative to regular insurance are expected to drive market growth. Therefore, the usage-based insurance market is expected to grow significantly in the future.
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Light-Duty Vehicle (LDV) is expected to lead the market during the forecast period
Light commercial vehicles are passenger cars and light commercial vehicles. The UBI acceptance rate is higher among 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, since LDVs are generally driven by one person, driver-based UBI plans are ideal for this vehicle segment. Leading companies also develop various products and solutions for LDVs, such as ride-sharing and autonomous vehicles. Therefore, LDVs are expected to see strong UBI penetration in the coming years.
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 increasing popularity of mobile telematics. In the current market scenario, black box is widely used as it provides reliable data collection and has gained high customer acceptance. The main market is expected to be concentrated in North America and Europe due to the presence of key players, affinity with advanced automotive technologies and relatively greater familiarity with UBI than Asia-Pacific.
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North America expected to lead the market during the forecast period
North America is estimated to be the largest market for usage-based insurance due to the high adoption rate of usage-based insurance in new and road vehicles equipped with telematics units. Most cars sold in the US and sold Canada belong to the premium segment. The dominance of premium cars increases the adoption rate of usage-based insurance as their regular insurance is very high. Using usage-based insurance, car owners can save up to 30% on insurance. In addition, the increasing number of companies offering hardware to take advantage of usage-based insurance has also contributed to the growth of the market.
Main market players:
The Usage-based insurance market is dominated by globally established players such as UnipolSai Assicurazioni SpA (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US).
Browse related reports:
Telematics solutions market by service (ACN, eCall, RSA, remote diagnosis, insurance risk assessment, driving behaviour, billing and others), form and vehicle type, component, connectivity, aftermarket, fleet management service, region – global forecast to 2025
Connected car market by service (OTA update, navigation, cybersecurity, multimedia streaming, social media, e-Call, autopilot, home integration and others), shape, end market (OE, aftermarket), network, transponder, hardware and region – global forecast to 2025
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