CHICAGO, June 10, 2021 /PRNewswire/ — According to the new market research report “Usage-Based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Black box, Smartphone, Embedded), Vehicle Age (New, Old), Device Offering (BYOD, Company Provided) and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the Usage-Based Insurance Market is projected to reach USD 66.8 billion by 2026 from an estimated USD 19.6 billion in 2021, at a CAGR of 27.7% during the forecast period. The growth of the Usage-Based Insurance Market is influenced by factors such as the increasing sales of telematics-equipped vehicles and government regulations on safety and telematics services. In addition, the anticipated increase in demand for connected cars and lower insurance premiums compared to regular insurance are expected to boost the market growth. Therefore, the Usage-Based Insurance Market is expected to witness significant growth in the future.
Browse in-depth TOC on “Usage-Based Insurance Market”
141 – Tables
56 – Figures
190 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 154621760
Light-Duty Vehicle (LDV) is expected to lead the market during the forecast period
Light-duty vehicles constitute passenger cars and light commercial vehicles. The adoption rate of UBI is higher in LDVs than HDVs. Light-duty vehicles can be easily fitted with OBD-II, black box, or other devices to access…