Asia-Pacific Usage-Based Insurance Market Poised to Reach $64.29 Billion by 2030 | Anticipated Expansion

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 :
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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

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 based on 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.

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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

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.

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