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


Allied Market Research

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. Based on technology, the black-box segment held the largest market share in 2020.

Portland, OR, June 20, 2022 (GLOBE NEWSWIRE) — 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.

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.

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COVID-19 Scenario

  • The outbreak of COVID-19 has had a positive impact on the growth of the Asia-Pacific usage-based insurance market, owing to the occurrence of lockdowns in various countries across the globe. The usage of public transportation for commuting to work reduced during the pandemic as stringent social distancing restrictions were imposed by the government so as to significantly curb the spread of the virus.

  • Thus, the number of car insurance claims remarkably decreased, positively impacting the growth of the market.

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.

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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.

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The key players analyzed in the Asia-Pacific usage-based insurance market include ASSICURAZIONI GENERALI S.P.A, Allianz SE, Aviva, AXA, Liberty Mutual Insurance, Mapfre S.A., TomTom International, Octo Group S.p.A, Sierra Wireless, and Vodafone Limited.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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