According to the latest report by IMARC Group “ Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026 “, The global usage-based insurance market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 19% during the forecast period (2021-2026).
Usage-based insurance refers to a specialized automobile insurance policy that is widely available in pay-how-you-drive (PHYD) and pay-per-mile (PPM) formats. It calculates the premium of the vehicle on the basis of the usage of the vehicle and the consumer driving behavior that can be analyzed via the readings obtained from the telematics device installed in the automobile for monitoring the speed, time and distance covered.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The global market is majorly driven by considerable growth in the automotive sector. With the increasing adoption of remote diagnostics to monitor consumer driving patterns, there has been a significant rise in the demand for usage-based insurance across the globe. The market is further driven by the widespread integration of advanced telematics-based platforms in light-duty vehicles (LDV). Their deployment assists in replacing an additional black-box in vehicles for recording relevant data, which is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the rising concerns for driver safety and the continual reductions in the premium rates of usage-based insurance.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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