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Usage-Based Insurance Market Report 2022: Significant Reduction in UBI Insurance Premium Rates to Drive Sector - ResearchAndMarkets.comThe "Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering. The global usage-based insurance market reached a value of US$ 33.0 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 123.4 Billion by 2027, exhibiting a CAGR of 24.59% during 2021-2027. Usage-based insurance (UBI), or telematics insurance, is a form of a specialized automobile insurance policy that calculates the premium based on the usage of the vehicle or the consumer driving behavior. It is commonly available in the form of pay-how-you-drive (PHYD) and pay-per-mile formats (PPM). The premium is calculated according to the readings obtained from the telematics device installed in the vehicle to monitor the speed, time and distance covered and observe the driving pattern. In comparison to the conventional insurance policies, UBI is more personalized, aids in promoting good driving practices, minimizes the instances of road accidents and offers enhanced satisfaction to the policy holder. Significant growth in the automotive industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of remote diagnostics to monitor consumer driving behavior is providing a thrust to the market growth. Automobile manufacturers are embedding advanced telematics-based platforms in light-duty vehicles (LDV) to monitor driving habits and prevent any sudden failures or accidents on the road. These systems also minimize the requirement of installing an additional black-box in the vehicles to record vehicular data, thereby favoring the market growth. Additionally, the development of connected vehicles and increasing concerns for driver safety, are also contributing to the growth of the market. Other factors, including a significant reduction in UBI insurance premium rates, along with the implementation of favorable government policies promoting the use of telematics, are anticipated to drive the market toward growth. Key Market Segmentation: The publisher provides an nalysis of the key trends in each sub-segment of the global usage-based insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, technology, vehicle type and vehicle age. Breakup by Type:
Breakup by Technology:
Breakup by Vehicle Type:
Breakup by Vehicle Age:
Breakup by Region: North America
Asia-Pacific
Europe
Latin America
Middle East and Africa Key Questions Answered in This Report:
Key Topics Covered: 1 Preface 2 Scope and Methodology 3 Executive Summary 4 Introduction 5 Global Usage-Based Insurance Market 6 Market Breakup by Type 7 Market Breakup by Technology 8 Market Breakup by Vehicle Type 9 Market Breakup by Vehicle Age 10 Market Breakup by Region 11 SWOT Analysis 12 Value Chain Analysis 13 Porters Five Forces Analysis 14 Price Analysis 15 Competitive Landscape Companies Mentioned
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