Press release
Usage Based Insurance (UBI) Market Size, Share, Trends, Growth, Industry Forecast - Segmented by PAYD, PHYD, PAYG and Distance Based Insurance | Valuates Reports
The global Usage-based Insurance market size is projected to reach USD 77.25 Billion by 2026, from USD 25.46 Billion in 2020, at a CAGR of 20.32% during 2020-2026.
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USAGE-BASED INSURANCE MARKET SHARE
Based on the region, North America is expected to offer the maximum growth opportunities to vendors during the forecast period. The US is a key market for automotive usage-based insurance in North America. The bundling of Usage-based insurance with other telematics service providers and data pooling will have a positive influence on the growth of the usage-based insurance market size in this region.
The Manage-How-You-Drive (MHYD) segment is projected to rise at the fastest pace during the forecast period, as it provides the customers with a higher degree of versatility and independence.
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USAGE-BASED INSURANCE MARKET SEGMENTATIONS
Usage-Based Insurance Market Breakdown Data by Type
• Pay-As-You-Drive Insurance (PAYD)
• Pay-How-You-Drive Insurance (PHYD)
• Pay-As-You-Go Insurance (PAYG)
• Distance Based Insurance.
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SIMILAR REPORTS
• Automotive UBI (Usage-based Insurance) Market Report
The global Automotive Usage-based Insurance market is split into two segments, type, and application. Based on type, the market is further segmented into Odometer Data-based and GPS data-based. And based on the application, the market is segmented into, Compact Car, Mid-size Car, Full-size Car, and SUV/Crossover.
The report lists the major manufacturers in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition.
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