The global Usage Based Insurance Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Package (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), By Vehicle (Light-duty Vehicle (LDV), Heavy-duty Vehicle (HDV)), By Vehicle Usage (New Vehicle, Old Vehicle), By Device Offering (Bring Your Own Device (BYOD), Company Provided), By Electric Vehicle (Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), Fuel-cell Electric Vehicle (FCEV)), By Technology (OBD-II, Smartphone, Embedded Telematics Box, Others).
The Usage-Based Insurance (UBI) market is expanding as insurance providers and consumers seek more personalized and data-driven insurance solutions. UBI programs use telematics and other data sources to assess driving behavior and tailor insurance premiums based on individual usage patterns and risk factors. The market is driven by advancements in telematics technology, increasing consumer demand for flexible and cost-effective insurance options, and the desire for more accurate risk assessment. Innovations such as smartphone-based apps and advanced data analytics are enhancing the effectiveness of UBI programs. As the insurance industry embraces digital transformation and personalized insurance solutions, the UBI market is set for significant growth.
The market report analyses the leading companies in the industry including Allianz, Allstate Insurance Company, Assicurazioni Generali S.P.A, AXA, Liberty Mutual Insurance Company, Metromile Inc, Modus Group Llc, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, State Farm Automobile Mutual Insurance Company, UnipolSai Assicurazioni S.p.A, Verizon, Webfleet Solutions, Zubie Inc, and others.
A key trend in the Usage-Based Insurance (UBI) market is the rapid advancement in telematics and data analytics technologies. UBI leverages telematics devices to collect data on driving behavior, such as speed, braking patterns, and mileage, which is then analyzed to calculate insurance premiums based on actual usage and risk. Recent innovations in telematics have enhanced the accuracy and granularity of data collected, allowing insurers to offer more personalized and dynamic pricing models. This trend is driven by the proliferation of connected devices and the Internet of Things (IoT), which enable real-time monitoring and data transmission, leading to more tailored insurance policies and improved risk assessment.
The growing consumer demand for personalized insurance solutions is a major driver of the UBI market. As consumers become more aware of how their driving behaviors impact their insurance premiums, they are increasingly seeking policies that reflect their individual risk profiles rather than generic rates. UBI allows for a more customized approach, where insurance premiums are adjusted based on real-time data and driving patterns. This personalization not only helps consumers potentially save on their insurance costs but also fosters a greater sense of control and transparency in their insurance arrangements. The rise in smartphone usage and app-based services further supports this shift towards personalized insurance solutions.
A significant opportunity for the UBI market lies in its expansion into emerging markets. As automotive ownership increases and the demand for insurance coverage grows in these regions, there is an opportunity to introduce UBI models that cater to new consumer bases. Emerging markets often face challenges related to traditional insurance models, such as high premium costs and low penetration rates. UBI can address these issues by offering more affordable and flexible insurance options tailored to individual driving habits. Additionally, the growth of mobile technology and connectivity in these regions can facilitate the implementation of UBI solutions, making it possible to tap into a large, underserved market and drive further growth in the global UBI sector.
In the Usage-Based Insurance (UBI) market, the Pay-How--Drive (PHYD) package is the largest segment due to its comprehensive approach to assessing driving behavior and risk. PHYD packages leverage telematics to monitor driving habits such as speed, acceleration, and braking patterns, allowing insurers to tailor premiums based on actual driving performance. This package provides a detailed analysis of driver behavior, which is more accurate and personalized than simple mileage tracking. As consumers increasingly seek insurance solutions that reflect their individual driving habits and potentially offer savings for safe driving, the PHYD segment has seen significant adoption, making it the largest in the UBI market.
In the Usage-Based Insurance market, the Light-duty Vehicle (LDV) segment is the fastest growing due to the higher volume of passenger cars and smaller vehicles equipped with telematics for usage-based insurance. The increasing adoption of connected technologies in light-duty vehicles, combined with a growing awareness of UBI benefits, drives this rapid growth. As more consumers opt for personalized insurance plans that reflect their driving behavior, and as technology becomes more accessible, the market for UBI in light-duty vehicles expands quickly. The focus on improving insurance affordability and the rise in telematics-equipped vehicles fuel this segment's rapid expansion.
In the Usage-Based Insurance market, the New Vehicle segment is the largest due to the integration of advanced telematics systems in newer vehicles. These vehicles are often equipped with sophisticated sensors and connectivity features that facilitate the implementation of UBI. New vehicles come with built-in technology that easily supports data collection for usage-based policies, making them more attractive to insurers and customers alike. As the automotive industry continues to innovate and embed telematics into new models, the dominance of new vehicles in the UBI market is reinforced, establishing this segment as the largest.
In the Usage-Based Insurance market, the Company Provided device segment is the fastest growing due to the increasing trend of insurers offering their own telematics devices to customers. These company-provided devices often come at no additional cost to the policyholder and can be easily integrated into the vehicle to track driving behavior. This approach is growing in popularity because it simplifies the process for consumers and provides insurers with more accurate data for risk assessment and pricing. As the industry shifts towards greater data accuracy and customer convenience, the use of company-provided devices is rapidly expanding, making it the fastest-growing segment in the market.
|
Parameter |
Details |
|
Market Size (2025) |
$ 38.1 Billion |
|
Market Size (2034) |
$ 176.7 Billion |
|
Market Growth Rate |
18.6% |
|
Segments |
By Package (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), By Vehicle (Light-duty Vehicle (LDV), Heavy-duty Vehicle (HDV)), By Vehicle Usage (New Vehicle, Old Vehicle), By Device Offering (Bring Your Own Device (BYOD), Company Provided), By Electric Vehicle (Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV), Fuel-cell Electric Vehicle (FCEV)), By Technology (OBD-II, Smartphone, Embedded Telematics Box, Others) |
|
Study Period |
2019- 2024 and 2025-2034 |
|
Units |
Revenue (USD) |
|
Qualitative Analysis |
Porter’s Five Forces, SWOT Profile, Market Share, Scenario Forecasts, Market Ecosystem, Company Ranking, Market Dynamics, Industry Benchmarking |
|
Companies |
Allianz, Allstate Insurance Company, Assicurazioni Generali S.P.A, AXA, Liberty Mutual Insurance Company, Metromile Inc, Modus Group Llc, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, State Farm Automobile Mutual Insurance Company, UnipolSai Assicurazioni S.p.A, Verizon, Webfleet Solutions, Zubie Inc |
|
Countries |
US, Canada, Mexico, Germany, France, Spain, Italy, UK, Russia, China, India, Japan, South Korea, Australia, South East Asia, Brazil, Argentina, Middle East, Africa |
By Package
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
By Vehicle
Light-duty Vehicle (LDV)
Heavy-duty Vehicle (HDV)
By Vehicle Usage
New Vehicle
Old Vehicle
By Device Offering
Bring Your Own Device (BYOD)
Company Provided
By Electric Vehicle
Battery Electric Vehicle (BEV)
Plug-in Hybrid Vehicle (PHEV)
Fuel-cell Electric Vehicle (FCEV)
By Technology
OBD-II
Smartphone
Embedded Telematics Box
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Allianz
Allstate Insurance Company
Assicurazioni Generali S.P.A
AXA
Liberty Mutual Insurance Company
Metromile Inc
Modus Group Llc
Nationwide Mutual Insurance Company
Progressive Casualty Insurance Company
State Farm Automobile Mutual Insurance Company
UnipolSai Assicurazioni S.p.A
Verizon
Webfleet Solutions
Zubie Inc
*- List Not Exhaustive
About USD Analytics
Table of Contents
List of Charts and Exhibits
List of Tables
1. Executive Summary
What’s New in 2025?
Top 10 Takeaways from the industry
Potential Opportunities for Industry Stakeholders
Strategic Imperatives
Company Market Positioning
Industry Benchmarking Matrix
2. Research Scope and Methodology
Market Definition
Market Segments
Companies Profiled
Research Methodology
Bottom-Up Method
Top-Down Method
Data Triangulation
Forecast Methodology
Data Sources
USDA Proprietary Databases
External Sources
Primary Research and Interviews
Conversion Rates for USD
Abbreviations
3. Strategic Landscape: Key Insights and Implications
Spotlight: Key Strategies opted by Business Leaders
Competitive Landscape
Market Size ($ Million) and Share (%) by Company, 2024
SWOT Analysis
- Key Market Strengths
- Key Market Weaknesses
- Potential Opportunities
- Potential Threats
Porter’s Five Force Analysis
- Summary
- Bargaining Power of Buyers- Impact Analysis
- Bargaining Power of Suppliers- Impact Analysis
- Threat of new entrants- Impact Analysis
- Intensity of Competitive Rivalry- Impact Analysis
Macro-Environmental Analysis
- Economic forecasts by Country, 2010- 2035
- Population forecasts by Country, 2010- 2035
- Inflation Outlook by Country, 2010-2035
- Impact of Russia-Ukraine Conflict, Sluggish China Growth, US Developments
5. Growth Opportunity Analysis
Trends at a Glance
- What are the most noteworthy trends in the market
- Where should leaders pay attention?
- What industries are likely to be affected by the growth?
Market Dynamics
- Charting a path forward
- Growth Drivers
- Growth Barriers
Key Industry Stakeholders
- Suppliers
- Manufacturers and Service Providers
- Distribution Channels
- End-Users and Applications
- Regulators
- Investors, Traders, and R&D Institutes
Regulatory Landscape
6. Market Size Outlook to 2034
Global Nanocoatings Market Size Forecast, USD Million, 2018- 2034
- Historic Market Size, 2018- 2024
- Forecast Market Size, 2024- 2034
Scenario Analysis
- Low Growth Scenario: Definition and Outlook to 2034
- Reference Case: Definition and Outlook to 2034
- High Growth Scenario: Definition and Outlook to 2034
Pricing Analysis and Outlook
- Nanocoatings Average Price Forecast, 2021- 2034
- Key Factors Shaping the Pricing Patterns
7. Historical Nanocoatings Market Size by Segments, 2018- 2024
Key Statistics, 2024
Nanocoatings Market Size Outlook by Type, USD Million, 2018- 2024
Growth Comparison (y-o-y) across Nanocoatings Types, 2018- 2024
Nanocoatings Market Size Outlook by Application, USD Million, 2018- 2024
Growth Comparison (y-o-y) across Nanocoatings Applications, 2018- 2024
8. Nanocoatings Market Size Outlook by Segments, 2024- 2034
By Package
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
By Vehicle
Light-duty Vehicle (LDV)
Heavy-duty Vehicle (HDV)
By Vehicle Usage
New Vehicle
Old Vehicle
By Device Offering
Bring Your Own Device (BYOD)
Company Provided
By Electric Vehicle
Battery Electric Vehicle (BEV)
Plug-in Hybrid Vehicle (PHEV)
Fuel-cell Electric Vehicle (FCEV)
By Technology
OBD-II
Smartphone
Embedded Telematics Box
Others
9. Nanocoatings Market Size Outlook by Region
North America
Key Market Dynamics
North America Nanocoatings Market Size Outlook by Type, USD Million, 2021-2034
North America Nanocoatings Market Size Outlook by Application, USD Million, 2021-2034
North America Nanocoatings Market Size Outlook by Sales Channel, USD Million, 2021-2034
North America Nanocoatings Market Size Outlook by Country, USD Million, 2021-2034
Europe
Key Market Dynamics
Europe Nanocoatings Market Size Outlook by Type, USD Million, 2021-2034
Europe Nanocoatings Market Size Outlook by Application, USD Million, 2021-2034
Europe Nanocoatings Market Size Outlook by Sales Channel, USD Million, 2021-2034
Europe Nanocoatings Market Size Outlook by Country, USD Million, 2021-2034
Asia Pacific
Key Market Dynamics
Asia Pacific Nanocoatings Market Size Outlook by Type, USD Million, 2021-2034
Asia Pacific Nanocoatings Market Size Outlook by Application, USD Million, 2021-2034
Asia Pacific Nanocoatings Market Size Outlook by Sales Channel, USD Million, 2021-2034
Asia Pacific Nanocoatings Market Size Outlook by Country, USD Million, 2021-2034
South America
Key Market Dynamics
South America Nanocoatings Market Size Outlook by Type, USD Million, 2021-2034
South America Nanocoatings Market Size Outlook by Application, USD Million, 2021-2034
South America Nanocoatings Market Size Outlook by Sales Channel, USD Million, 2021-2034
South America Nanocoatings Market Size Outlook by Country, USD Million, 2021-2034
Middle East and Africa
Key Market Dynamics
Middle East and Africa Nanocoatings Market Size Outlook by Type, USD Million, 2021-2034
Middle East and Africa Nanocoatings Market Size Outlook by Application, USD Million, 2021-2034
Middle East and Africa Nanocoatings Market Size Outlook by Sales Channel, USD Million, 2021-2034
Middle East and Africa Nanocoatings Market Size Outlook by Country, USD Million, 2021-2034
10. United States Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
United States Nanocoatings Market Size Outlook by Type, 2021- 2034
United States Nanocoatings Market Size Outlook by Application, 2021- 2034
United States Nanocoatings Market Size Outlook by End-User, 2021- 2034
11. Canada Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Canada Nanocoatings Market Size Outlook by Type, 2021- 2034
Canada Nanocoatings Market Size Outlook by Application, 2021- 2034
Canada Nanocoatings Market Size Outlook by End-User, 2021- 2034
12. Mexico Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Mexico Nanocoatings Market Size Outlook by Type, 2021- 2034
Mexico Nanocoatings Market Size Outlook by Application, 2021- 2034
Mexico Nanocoatings Market Size Outlook by End-User, 2021- 2034
13. Germany Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Germany Nanocoatings Market Size Outlook by Type, 2021- 2034
Germany Nanocoatings Market Size Outlook by Application, 2021- 2034
Germany Nanocoatings Market Size Outlook by End-User, 2021- 2034
14. France Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
France Nanocoatings Market Size Outlook by Type, 2021- 2034
France Nanocoatings Market Size Outlook by Application, 2021- 2034
France Nanocoatings Market Size Outlook by End-User, 2021- 2034
15. United Kingdom Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
United Kingdom Nanocoatings Market Size Outlook by Type, 2021- 2034
United Kingdom Nanocoatings Market Size Outlook by Application, 2021- 2034
United Kingdom Nanocoatings Market Size Outlook by End-User, 2021- 2034
16. Spain Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Spain Nanocoatings Market Size Outlook by Type, 2021- 2034
Spain Nanocoatings Market Size Outlook by Application, 2021- 2034
Spain Nanocoatings Market Size Outlook by End-User, 2021- 2034
17. Italy Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Italy Nanocoatings Market Size Outlook by Type, 2021- 2034
Italy Nanocoatings Market Size Outlook by Application, 2021- 2034
Italy Nanocoatings Market Size Outlook by End-User, 2021- 2034
18. Benelux Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Benelux Nanocoatings Market Size Outlook by Type, 2021- 2034
Benelux Nanocoatings Market Size Outlook by Application, 2021- 2034
Benelux Nanocoatings Market Size Outlook by End-User, 2021- 2034
19. Nordic Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Nordic Nanocoatings Market Size Outlook by Type, 2021- 2034
Nordic Nanocoatings Market Size Outlook by Application, 2021- 2034
Nordic Nanocoatings Market Size Outlook by End-User, 2021- 2034
20. Rest of Europe Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Rest of Europe Nanocoatings Market Size Outlook by Type, 2021- 2034
Rest of Europe Nanocoatings Market Size Outlook by Application, 2021- 2034
Rest of Europe Nanocoatings Market Size Outlook by End-User, 2021- 2034
21. China Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
China Nanocoatings Market Size Outlook by Type, 2021- 2034
China Nanocoatings Market Size Outlook by Application, 2021- 2034
China Nanocoatings Market Size Outlook by End-User, 2021- 2034
22. India Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
India Nanocoatings Market Size Outlook by Type, 2021- 2034
India Nanocoatings Market Size Outlook by Application, 2021- 2034
India Nanocoatings Market Size Outlook by End-User, 2021- 2034
23. Japan Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Japan Nanocoatings Market Size Outlook by Type, 2021- 2034
Japan Nanocoatings Market Size Outlook by Application, 2021- 2034
Japan Nanocoatings Market Size Outlook by End-User, 2021- 2034
24. South Korea Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
South Korea Nanocoatings Market Size Outlook by Type, 2021- 2034
South Korea Nanocoatings Market Size Outlook by Application, 2021- 2034
South Korea Nanocoatings Market Size Outlook by End-User, 2021- 2034
25. Australia Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Australia Nanocoatings Market Size Outlook by Type, 2021- 2034
Australia Nanocoatings Market Size Outlook by Application, 2021- 2034
Australia Nanocoatings Market Size Outlook by End-User, 2021- 2034
26. South East Asia Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
South East Asia Nanocoatings Market Size Outlook by Type, 2021- 2034
South East Asia Nanocoatings Market Size Outlook by Application, 2021- 2034
South East Asia Nanocoatings Market Size Outlook by End-User, 2021- 2034
27. Rest of Asia Pacific Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Rest of Asia Pacific Nanocoatings Market Size Outlook by Type, 2021- 2034
Rest of Asia Pacific Nanocoatings Market Size Outlook by Application, 2021- 2034
Rest of Asia Pacific Nanocoatings Market Size Outlook by End-User, 2021- 2034
28. Brazil Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Brazil Nanocoatings Market Size Outlook by Type, 2021- 2034
Brazil Nanocoatings Market Size Outlook by Application, 2021- 2034
Brazil Nanocoatings Market Size Outlook by End-User, 2021- 2034
29. Argentina Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Argentina Nanocoatings Market Size Outlook by Type, 2021- 2034
Argentina Nanocoatings Market Size Outlook by Application, 2021- 2034
Argentina Nanocoatings Market Size Outlook by End-User, 2021- 2034
30. Rest of South America Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Rest of South America Nanocoatings Market Size Outlook by Type, 2021- 2034
Rest of South America Nanocoatings Market Size Outlook by Application, 2021- 2034
Rest of South America Nanocoatings Market Size Outlook by End-User, 2021- 2034
31. United Arab Emirates Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
United Arab Emirates Nanocoatings Market Size Outlook by Type, 2021- 2034
United Arab Emirates Nanocoatings Market Size Outlook by Application, 2021- 2034
United Arab Emirates Nanocoatings Market Size Outlook by End-User, 2021- 2034
32. Saudi Arabia Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Saudi Arabia Nanocoatings Market Size Outlook by Type, 2021- 2034
Saudi Arabia Nanocoatings Market Size Outlook by Application, 2021- 2034
Saudi Arabia Nanocoatings Market Size Outlook by End-User, 2021- 2034
33. Rest of Middle East Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Rest of Middle East Nanocoatings Market Size Outlook by Type, 2021- 2034
Rest of Middle East Nanocoatings Market Size Outlook by Application, 2021- 2034
Rest of Middle East Nanocoatings Market Size Outlook by End-User, 2021- 2034
34. South Africa Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
South Africa Nanocoatings Market Size Outlook by Type, 2021- 2034
South Africa Nanocoatings Market Size Outlook by Application, 2021- 2034
South Africa Nanocoatings Market Size Outlook by End-User, 2021- 2034
35. Rest of Africa Nanocoatings Market Analysis and Outlook, 2021- 2034
Key Statistics
Rest of Africa Nanocoatings Market Size Outlook by Type, 2021- 2034
Rest of Africa Nanocoatings Market Size Outlook by Application, 2021- 2034
Rest of Africa Nanocoatings Market Size Outlook by End-User, 2021- 2034
36. Key Companies
Market Share Analysis
Allianz
Allstate Insurance Company
Assicurazioni Generali S.P.A
AXA
Liberty Mutual Insurance Company
Metromile Inc
Modus Group Llc
Nationwide Mutual Insurance Company
Progressive Casualty Insurance Company
State Farm Automobile Mutual Insurance Company
UnipolSai Assicurazioni S.p.A
Verizon
Webfleet Solutions
Zubie Inc
Company Benchmarking
Financial Analysis
37. Recent Market Developments
38. Appendix
Looking Ahead
Research Methodology
Legal Disclaimer
By Package
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
By Vehicle
Light-duty Vehicle (LDV)
Heavy-duty Vehicle (HDV)
By Vehicle Usage
New Vehicle
Old Vehicle
By Device Offering
Bring Your Own Device (BYOD)
Company Provided
By Electric Vehicle
Battery Electric Vehicle (BEV)
Plug-in Hybrid Vehicle (PHEV)
Fuel-cell Electric Vehicle (FCEV)
By Technology
OBD-II
Smartphone
Embedded Telematics Box
Others
The Global Usage Based Insurance Market Size is estimated at $38.1 Billion in 2025 and is forecast to register an annual growth rate (CAGR) of 18.6% to reach $176.7 Billion by 2034.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Allianz, Allstate Insurance Company, Assicurazioni Generali S.P.A, AXA, Liberty Mutual Insurance Company, Metromile Inc, Modus Group Llc, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, State Farm Automobile Mutual Insurance Company, UnipolSai Assicurazioni S.p.A, Verizon, Webfleet Solutions, Zubie Inc
Base Year- 2024; Estimated Year- 2025; Historic Period- 2019-2024; Forecast period- 2025 to 2034; Currency: Revenue (USD); Volume