Asia-Pacific Usage-Based Insurance Market is projected to reach $64.29 billion by 2030

Posted November 10, 2022 by mayurid

Asia-Pacific Usage-Based Insurance Market is projected to reach $64.29 billion by 2030

The Asia-Pacific usage-based insurance market size was valued at $5.64 billion in 2020, and is projected to reach $64.29 billion by 2030, growing at a CAGR of 27.6% from 2021 to 2030.

Asia-Pacific Usage-Based Insurance Market by Type (Pay-As-You-Drive, Pay-How-You-Drive, and Manage-How-You-Drive), Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, and Black-Box-Based UBI Programs), Vehicle Age (New Vehicles and Used Vehicles), Vehicle Type (Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV)): Opportunity Analysis and Industry Forecast, 2021-2030

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Usage-based insurance is a form of coverage in which the premium is directly proportional to the amount of time the vehicle is used. This sort of insurance is mostly offered in developed nations, the bulk of the market's top players are growing their operations in Asia-Pacific emerging countries. Furthermore, insurers use UBI plans to align driving habits of people with the premiums they charge. Telematics device, which is a system put in automobiles, monitors vehicle's speed, time, and distance travelled, which is then sent to insurance providers, which then charges insurance premiums appropriately.

Segment Review
The Asia-Pacific usage-based insurance market share is segmented on the basis of type, technology, vehicle age, vehicle type, and country. In terms of type, the market is fragmented into pay-as-you-drive, pay-how-you-drive, and manage-how-you-drive.

Depending on technology, it is bifurcated into OBD-II-based UBI programs, smartphone-based UBI programs, hybrid-based UBI programs, and black-box-based UBI programs. As per vehicle age, it is bifurcated into new vehicles and used vehicles. In terms of vehicle type it is segmented into light-duty vehicle (LDV) and heavy-duty vehicle (HDV). Country wise, it is analyzed across China, Japan, Australia, Thailand, Singapore, Rest of Asia-Pacific.

Top Impacting Factors
Growth In Adoption Of Usage-based Insurance Among End Users
Higher Possibility Of Vehicles Being Recovered, When Stolen Or Low On Fuel

Purchase Enquiry:

Key Benefits For Stakeholders

The study provides an in-depth analysis of the Asia-Pacific usage-based insurance market forecast along with current & future trends to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on Asia-Pacific usage-based insurance market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the Asia-Pacific usage-based insurance market from 2021 to 2030 is provided to determine the market potential.

Asia-Pacific Usage-Based Insurance Market Report Highlights

Aspects Details
By Type
By Technology
OBD-II-based UBI programs
Smartphone-based UBI programs
Hybrid-based UBI programs
Black-box-based UBI programs
By Vehicle Age
New Vehicles
Used Vehicles
By Vehicle Type
Light-Duty Vehicle (LDV)
Heavy-Duty Vehicle (HDV)
By Country
Rest of Asia-Pacific
By Key Market Players
Allianz SE
Liberty Mutual Insurance
Mapfre S.A.
TomTom International
Octo Group S.p.A

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Issued By mayuri
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Business Address David Correa
5933 NE Win Sivers Drive
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Categories Banking , Blogging , Business
Tags asiapacific usagebased insurance
Last Updated November 10, 2022