Press release
Usage-Based Insurance Global Market to Cross $175.27 Billion, Globally, By 2028 at 29.0% CAGR | Aviva Group, Allianz SE, Zubie Inc., Metromile Inc., Old Mutual PLC
Usage-Based Insurance Market
As per the report, the usage-based insurance market size has grown exponentially in recent years. It will grow from $48.38 billion in 2023 to $63.29 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The usage-based insurance market size is expected to see exponential growth in the next few years. It will grow to $175.27 billion in 2028 at a compound annual growth rate (CAGR) of 29.0%.
Download Free Sample Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=5180&type=smp
Expansion Of Automobile Industry Propels Growth In Usage-Based Insurance Market
The expansion of the automobile industry is expected to propel the growth of the usage-based insurance market in the coming years. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Car owners are interested in telematics-driven usage-based insurance since it provides low premiums for low-risk driving and high premiums for high-risk driving. As a result, by correcting their driving habits, individuals can drastically lower their insurance premiums. According to the Economist Intelligence Unit (The EIU), in 2021, the global automotive sector is expected to grow by double digits, with new car sales increasing by 15% and commercial vehicle sales increasing by 16%. Electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth in the automobile industry drives the growth of the usage-based insurance market.
Usage-Based Insurance Market Embraces Connected Technologies For Innovative Solutions
Companies in the usage-based insurance market are investing significantly in connected technologies. Connected technology is a type of technology that can connect devices and other systems via the internet. The companies operating in the usage-based insurance market are focusing on connected technologies to provide better products and services to their customers. For instance, in April 2022, By Miles, a UK-based car insurance startup, launched the By Miles Connect platform that will allow connected car drivers to their connect insurance policies to the company directly from the car. The information about the distance driven will be taken directly via the cloud platform installed in the vehicles to price insurance.
The usage-based insurance market covered in this report is segmented -
1) By Vehicle Type: Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)
2) By Technology: On-Board Diagnostic (OBD)-II-Based UBI Programs, Smartphone-Based UBI Programs, Black-Box-Based UBI Programs, Other Technologies
3) By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)
Buy Now & Get Exclusive Discount on this Report, Checkout link @
https://www.thebusinessresearchcompany.com/Discount?id=5180&type=discount
Major companies operating in the usage-based insurance market report are Progressive Corporation, Allstate Corporation, UNIPOLSAI ASSICURAZIONI S.P.A, Allianz SE, Liberty Mutual Insurance, AXA, Mapfre S.A., State Farm Mutual Automobile Insurance Company, American International Group, Inc, Nationwide Mutual Insurance Company, Tata AIG, UbiCar, Takaful Islami Insurance Ltd, Pragati Insurance Company Limited, PingJia Technology, Insure The Box, Aviva Group, Octo Group S.p.A, Teltonika Telematics, ARCUS S.A, T-matic Systems S.A, Cefin Romania Systems, Cambridge Mobile Telematics, Zubie, Inc, Modus Group, LLC, Metromile Inc, Amica Mutual Insurance Company, Sierra Wireless, Intact Financial Corporation, TrueMotion, CAA insurance, The Co-operators Group Limited, Desjardins Insurance, EnVue Telematics, Aon Risk Services Argentina S.A, TTMS Argentina S.A, Lockton Brasil Corretora de Seguros Ltda, Uai Brazil Insurance Broker, ALC Corretora de Seguros, Marsh Brasil - EZ Towers, Abu Dhabi National Takaful Company, Oman Insurance Company, Wehbe Insurance Services LLC, Al Sagr National Insurance Company, Noor Takaful Insurance, Adamjee Insurance Company Limited, Old Mutual plc, Santam, MiWay Insurance, Hollard Group, Carrier Insurance Brokers, Glanvills Enthoven
Contents of the report:
1. Executive Summary
2. Usage-Based Insurance Market Report Structure
3. Usage-Based Insurance Market Trends And Strategies
4. Usage-Based Insurance Market - Macro Economic Scenario
5. Usage-Based Insurance Market Size And Growth
…..
27. Usage-Based Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Explore the report store to make a direct purchase of the report @ https://www.thebusinessresearchcompany.com/report/usage-based-insurance-global-market-report
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ "
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Usage-Based Insurance Global Market to Cross $175.27 Billion, Globally, By 2028 at 29.0% CAGR | Aviva Group, Allianz SE, Zubie Inc., Metromile Inc., Old Mutual PLC here
News-ID: 3590193 • Views: …
More Releases from The Business research company
Emerging Trends to Reshape the Surgical Energy Instruments Market: Innovative Te …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Surgical Energy Instruments Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the past few years, the market size of surgical energy instruments has seen substantial growth. The market which is projected to be worth $4.68 billion in 2024, is expected to inflate to $5.2…
2025-2034 Spatial omics Market Evolution: Disruptions, Innovations, and Untapped …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Spatial omics Market Through 2025?
In recent years, the size of the spatial omics market has seen rapid expansion. The estimations show an increase to $0.33 billion in 2025 from $0.3 billion in 2024, marking a compound annual growth rate (CAGR) of…
Global Sigmoidoscope Market Projected to Grow at 6.1% CAGR, Reaching $3.38 Billi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Sigmoidoscope Industry Market Size Be by 2025?
In recent years, there has been a significant increase in the size of the sigmoidoscope market. The market is projected to expand from $2.53 billion in 2024 to $2.67 billion in 2025, demonstrating a compound annual growth rate (CAGR)…
2025-2034 Refurbished MRI Systems Market Roadmap: Insights for Competitive Advan …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Refurbished MRI Systems Market Size By 2025?
The market size for refurbished MRI systems has experienced robust growth in the past few years. It is expected to rise from $0.77 billion in 2024 to $0.85 billion in 2025, showcasing a compound annual growth rate (CAGR)…
More Releases for Insurance
Renters Insurance Market Dazzling Worldwide with Major Giants Travelers Insuranc …
According to HTF Market Intelligence, the Global Renters Insurance market to witness a CAGR of xx% during the forecast period (2024-2030). The Latest research study released by HTF MI "Renters Insurance Market with 120+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know-how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint, and status. Understanding the segments helps in identifying…
Renters Insurance Market to See Competition Rise | Travelers Insurance, Geico In …
HTF MI introduces new research on Renters Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Renters Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled…
Insurance Road Assistance Services Market Is Booming Worldwide | Travelers Insur …
Insurance Road Assistance Services Market: The extensive research on Insurance Road Assistance Services Market, by Qurate Research is a clear representation on all the essential factors that are expected to drive the market considerably. Thorough study on Insurance Road Assistance Services Market helps the buyers of the report, customers, the stakeholders, business owners, and stockholders to understand the market in detail. The updated research report comprises key information on the…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Life Insurance Market in Kuwait By Warba Insurance Company, Al Ahleia Insurance …
GlobalData’s 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti life insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).
The report also…
