Asia-Pacific Usage-Based Insurance Market Is Expected to Reach $64.29 billion by 2030

Asia-Pacific Usage-Based Insurance Market Is Expected to Reach $64.29 billion by 2030

NEW CASTLE, DE, UNITED STATES, February 10, 2025 /EINPresswire.com/ -- According to the report published by Allied Market Research, the Asia-Pacific usage-based insurance market generated $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. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

►𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/A15889

Significant surge in the adoption of usage-based insurance among end users, availability of accurate and timely data collection methods and flexible insurance premiums, and increase in the adoption of advanced technologies such as smartphone-based UBI & hybrid-based UBI are expected to drive the growth of the Asia-Pacific usage-based insurance market. On the other hand, high installation cost of telematics and various data security issues are expected to hamper the growth to some extent. However, increase in concerns regarding driver’s safety across the globe are expected to create ample opportunities for the industry.

Usage-based insurance (UBI), also known as pay as you drive (PAYD), pay how you drive (PHYD) and mile-based auto insurance, is a type of vehicle insurance whereby the costs are dependent upon type of vehicle used, measured against time, distance, behavior and place. In addition, in the car insurance industry, UBI is also known as Telematics insurance. Moreover, telematics is useful to track, store, and transfer driving-related data.

This data comes in handy to understand the driving behavior and charge appropriate vehicle insurance rates. Furthermore, key factors that drives the Asia-Pacific usage-based insurance market growth includes growing adoption of usage-based insurance among end users, owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums boosts growth of the global usage-based insurance industry in Asia-Pacific. In addition, factors such as higher possibility of vehicles being recovered, in case they are stolen and lower fuel consumption positively impact growth of the market. However, high installation cost of telematics and various data security issues are expected to hamper the market growth. On the contrary, adoption of advance technology such as smartphone-based UBI insurance & hybrid-based UBI car insurance and increase in concerns regarding driver safety across the globe are expected to offer remunerative opportunities for expansion of the market during the forecast period.

►𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/purchase-enquiry/A15889

The report offers a detailed segmentation on the Asia-Pacific usage-based insurance market based on type, technology, vehicle age, vehicle type, and region.

Based on technology, the black-box segment held the largest market share in 2020, garnering more than three-fifths of the global market. The smartphone segment, on the other hand, is predicted to cite the fastest CAGR of 30.1% during the forecast period.

Based on vehicle age, the new vehicles segment held the majority market share in 2020, holding nearly three-fifths of the global market. The used vehicles segment, on the other hand, is predicted to exhibit the fastest CAGR of 28.7% during the forecast period.

Based on geography, the market across China held the lion’s share in 2020, garnering more than two-fifths of the global market. Singapore, on the other hand, is predicted to cite the fastest CAGR of 30.2% during the forecast period.

𝑻𝒉𝒆 𝒖𝒔𝒆𝒅 𝒗𝒆𝒉𝒊𝒄𝒍𝒆 𝒔𝒆𝒈𝒎𝒆𝒏𝒕 𝒊𝒔 𝒆𝒙𝒑𝒆𝒄𝒕𝒆𝒅 𝒕𝒐 𝒆𝒙𝒑𝒆𝒓𝒊𝒆𝒏𝒄𝒆 𝒇𝒂𝒔𝒕𝒆𝒔𝒕 𝒈𝒓𝒐𝒘𝒕𝒉 𝒊𝒏 𝒕𝒉𝒆 𝒄𝒐𝒎𝒊𝒏𝒈 𝒚𝒆𝒂𝒓𝒔, 𝒐𝒘𝒊𝒏𝒈 𝒕𝒐 𝒓𝒊𝒔𝒆 𝒊𝒏 𝒅𝒆𝒎𝒂𝒏𝒅 𝒇𝒐𝒓 𝒐𝒍𝒅 𝒗𝒆𝒉𝒊𝒄𝒍𝒆𝒔 𝒘𝒊𝒕𝒉 𝒄𝒖𝒔𝒕𝒐𝒎𝒊𝒛𝒆𝒅 𝒎𝒐𝒅𝒆𝒍𝒔, 𝒍𝒊𝒎𝒊𝒕𝒆𝒅 𝒃𝒖𝒅𝒈𝒆𝒕 𝒇𝒐𝒓 𝒂𝒗𝒂𝒊𝒍𝒊𝒏𝒈 𝒄𝒂𝒓 𝒊𝒏𝒔𝒖𝒓𝒂𝒏𝒄𝒆, 𝒂𝒏𝒅 𝒄𝒉𝒂𝒏𝒈𝒆𝒔 𝒊𝒏 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒑𝒓𝒆𝒇𝒆𝒓𝒆𝒏𝒄𝒆𝒔 𝒐𝒇 𝒄𝒐𝒏𝒔𝒖𝒎𝒆𝒓𝒔 𝒕𝒐𝒘𝒂𝒓𝒅 𝒗𝒆𝒉𝒊𝒄𝒍𝒆𝒔 𝒂𝒄𝒓𝒐𝒔𝒔 𝒕𝒉𝒆 𝑨𝒔𝒊𝒂-𝑷𝒂𝒄𝒊𝒇𝒊𝒄 𝑪𝒐𝒖𝒏𝒕𝒓𝒊𝒆𝒔. 𝑭𝒖𝒓𝒕𝒉𝒆𝒓𝒎𝒐𝒓𝒆, 𝒗𝒂𝒍𝒖𝒆 𝒐𝒇 𝒂 𝒑𝒓𝒆-𝒐𝒘𝒏𝒆𝒅 𝒄𝒂𝒓 𝒘𝒐𝒖𝒍𝒅 𝒉𝒂𝒗𝒆 𝒂𝒍𝒓𝒆𝒂𝒅𝒚 𝒖𝒏𝒅𝒆𝒓𝒈𝒐𝒏𝒆 𝒂 𝒔𝒊𝒈𝒏𝒊𝒇𝒊𝒄𝒂𝒏𝒕 𝒅𝒆𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒊𝒐𝒏 𝒐𝒗𝒆𝒓 𝒕𝒉𝒆 𝒚𝒆𝒂𝒓𝒔, 𝒉𝒆𝒏𝒄𝒆, 𝒄𝒖𝒔𝒕𝒐𝒎𝒆𝒓 𝒈𝒆𝒕𝒔 𝒊𝒏𝒔𝒖𝒓𝒂𝒏𝒄𝒆 𝒂𝒕 𝒎𝒖𝒄𝒉 𝒍𝒐𝒘𝒆𝒓 𝒑𝒓𝒊𝒄𝒆 𝒃𝒚 𝒒𝒖𝒐𝒕𝒊𝒏𝒈 𝒂𝒏 𝒊𝒏𝒔𝒖𝒓𝒆𝒅 𝒅𝒆𝒄𝒍𝒂𝒓𝒆𝒅 𝒗𝒂𝒍𝒖𝒆 (𝑼𝑫𝑽) 𝒇𝒐𝒓 𝒗𝒆𝒉𝒊𝒄𝒍𝒆𝒔

Key Findings Of The Study
By policy type, the pay-as-you-drive segment accounted for the largest Asia-Pacific usage-based insurance market share in 2020.
By technology, the OBD-II generated the highest revenue in 2020.

The key players profiled in the Asia-Pacific usage-based insurance market analysis are Assicurazioni Generali S.P.A., ALLIANZ SE, Aviva, AXA, Liberty Mutual Insurance Company, Mapfre S.A., TomTom International B.V., Octo Telematics S.P.A., Sierra Wireless, and Vodaphone limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the Asia-Pacific usage-based insurance market.

►𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/a6453bce22d4ff3f9cbc0b495d5bbc4c

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