Region takes lead in usage-based insurance, market to expand 26.2% CAGR

Globally, the market should see $267.4b by 2032.

Asia Pacific is forecasted to dominate the usage-based insurance (UBI) market by 2032, with the global expansion expected to rise 26.2% in compound annual growth rate (CAGR) from 2023, according to Allied Market Research.

The world is also seen to accumulate a market value of $267.4b by 2032, driven by accurate data collection methods, flexible premiums, and enhanced vehicle security contribute to this growth.

ALSO READ: APAC foreseen as top growth region in self-driving car insurance market

Light-duty vehicles (LDVs) currently dominate the market due to increased safety concerns, while heavy-duty vehicles (HDVs) are expected to see the highest CAGR of 29.4% due to benefits like reduced premiums and improved safety.

Despite challenges like high installation costs and data security issues, the adoption of advanced technologies like smartphone-based and hybrid-based UBI presents opportunities for market expansion.

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