The usage-based insurance (UBI) market is likely to evolve as the next frontier in the global insurance market. According to recent studies, usage-based insurance provides incentives for good drivers and is ideal for coupling with next-generation technologies like vehicle automation and sensors. Usage-based insurance rewards good drivers and women are more likely to opt for this current alternative form of insurance.
Additionally, younger men are more likely to adopt it and improve their driving performance after purchasing it. Hence, the usage-based insurance market embeds a great potential to bring the consumer, automakers, and public entities concerned with road safety on the same page. Many usage-based insurance (UBI) market players share data and negative feedback with consumers, significantly improving their performance in the long run.
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Based on these trends, the usage-based insurance (UBI) market is expected to reach
Region wise, the usage-based insurance (UBI) market is expected to register the highest growth in
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Rising Costs of Owning Vehicles Drives the Usage-based insurance market
Technological advances and growing perception of vehicles as liabilities due to uncertainties in fuel prices amidst economic slowdowns are good news for the usage-based insurance (UBI) market. Rising number of consumers do not wish to see purchases and bear the burden of owning vehicles. For example, in one of the largest auto markets in the world,
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Premium Experiences and Reliable Alternatives to Drive Growth
Renting vehicles provides premium experiences such as trying several vehicles within a short span of time, a fascination in emerging markets. Emerging markets are currently driving the super sports car segment alone, as the car sales continue to drop in developed markets. Additionally, owning a vehicle is not a necessity in most parts of the world where public systems are often reliable alternatives. Hence, for daily commute the demand for luxury vehicles is expected to remain limited due to growing investment in infrastructure worldwide. Moreover, the rent-a-vehicle trend brings in transparency and trust between consumers and rented vehicle owners, leading to more cost-efficiency and productivity. These factors are expected to result in remarkable growth in the usage-based insurance market in the near future.
The study presented here is based on a report by
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The global Usage-based Insurance (UBI) Market has been segmented as follows:
- Policy Type
- Device Type
- Black Box
- OBD Dongle
- Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
North America U.S. Canada Europe Germany France U.K. Spain Italy
- Rest of
Europe Asia Pacific Japan China India Australia/ New-Zealand
- Rest of
Asia Pacific Middle East& Africa
- Rest of
Middle East& Africa Latin America Brazil Mexico
- Rest of
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