Pune, Maharashtra -- (SBWIRE) -- 02/20/2023 -- According to HTF Market Intelligence, the Global Usage Based Insurance market to witness a CAGR of 25.1% during forecast period of 2023-2028. The market is segmented by United States Usage Based Insurance Market Breakdown by Application (OBD-ll, Smartphone, Embedded System, Black Box, Others) by Type (Passenger Vehicle, Commercial Vehicle) by Technology (OBD-II, Smartphone, Embedded System, Black Box, Other) and by Geography (West, South, Midwest, Southwest, Northeast). The Usage Based Insurance market size is estimated to increase by USD 47.2 Billion at a CAGR of 25.1% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 19.6 Billion.

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Usage-Based Insurance (UBI) is a type of auto insurance policy that uses telematics technology to track and analyze a driver's behavior, such as their speed, acceleration, braking, and distance traveled. This data is then used to calculate the driver's insurance premiums based on their actual usage patterns, rather than relying on general demographic and statistical information. UBI policies are also commonly referred to as Pay-As-You-Drive (PAYD) or Pay-How-You-Drive (PHYD) policies, as they offer a more personalized approach to auto insurance pricing. The UBI market has been growing rapidly in recent years, driven by advances in telematics technology and a growing demand for more affordable and flexible auto insurance options.

Usage Based Insurance market - Key Segment Analysis

The market share growth by the OBD-ll, Smartphone, Embedded System, Black Box, Others segment will be significant during the forecast period. The segment is driven by the Significant Growth in the Automotive Industry.

Usage Based Insurance market - Competition Analysis
The global Usage Based Insurance market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Allstate Insurance, Progressive Corporation, State Farm, Liberty Mutual, Nationwide, Verizon, Travellers, Vodafone, Octo Telematics, AXA, Sierra Wireless, TomTom, Allianz, Intellimec.

Usage Based Insurance market - Geographical Outlook
North America & Europe will provide maximum growth opportunities in Usage Based Insurance market. According to our research, the region will account for xx% of the global market growth during the forecast period. The market in North America & Europe is driven by Trend of Try-Before-You-Buy (TBYB) Insurance Model.

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What key data is demonstrated in this Usage Based Insurance market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Usage Based Insurance market between 2023 and 2028
- Precise estimation of the size of the Usage Based Insurance market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa; further broken down by major country within region.
- Thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Usage Based Insurance market players

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Some Extracts from Table of Content
Some Extracts from Table of Content
- Overview of Usage Based Insurance Market
- Market dynamics
Growth Drivers, Market Trends, Opportunities and Challenges
- Five Forces Analysis
Bargaining power of buyers, bargaining power of suppliers, Threat of new entrants, Threat of substitutes, Threat of rivalry

- Usage Based Insurance Size (USD & Sales Volume) Comparison by Type (2017-2028)
- Usage Based Insurance Size (USD & Consumption) and Market Share Comparison by Application (2017-2028)
- Usage Based Insurance Size (Value & Volume) Comparison by Region (2017-2028)
- Market Capacity, Production, Export-Import by Region (2017-2022E)
- Usage Based Insurance Market Sales, Revenue and Growth Rate (2017-2028)
- Competitive Situation and Trends
- Market Positioning and Share Analysis (2020-2022E)
- Suppliers High-Performance Operational Base Distribution
- Analyse competitors, Profiles, Sales Area, Product Category
- Usage Based Insurance Cost Analysis
- Marketing Strategy Analysis
- Research Conclusions

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