North America Usage-Based Insurance Market Size, Share & Trends Analysis Report By Vehicle Age, By Policy, By Vehicle Type, By Technology (Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid), By Country and Growth Forecast, 2023

List of Tables

The North America Usage-based insurance Market would witness market growth of 24.6% CAGR during the forecast period (2023-2030).

This insurance is called telematics insurance, known for the insurance policy that analyses the premium based on vehicle usage or consumer driving behavior. User-based insurance encompasses a range of technological advancements, including smartphones, on-board diagnostic (OBD) II, and black boxes. It examines the reason for an accident effortlessly, improves customer loyalty, and reduces claim fraud. The growing adoption of this insurance among the end user, owing to its various features, such as providing accurate and timely data collection methods and flexible insurance premiums, boosts the expansion of the market.

In addition, factors such as the higher possibility of the vehicle being recovered in case of theft and lower fuel consumption have positively impacted the market's growth. This insurance found its initial foothold in the automotive sector, leveraging telematics devices to monitor driving behavior. These devices record data such as acceleration, braking, speed, and mileage, enabling insurers to tailor premiums based on individual risk profiles. The application extends beyond traditional auto insurance, encompassing commercial fleets and ridesharing services, fostering safer driving habits and reducing accident rates.

As per the Canada Energy Regulator, the total number of electric vehicles registered in Canada in 2021 amounted to 86,032, representing 5.3% of the overall vehicle registrations. Comparatively, 56,165 electric vehicles were registered in 2019 (2.9 percent). Quarterly electric vehicle (EV) registrations peaked in the first quarter of 2022 with 26,018 (7.7% of total registrations). Approximately 75% of newly registered electric vehicles are battery electric vehicles (BEVs), with the remaining portion comprising plug-in hybrid electric vehicles (PHEVs). UBI enables the implementation of dynamic pricing models for electric vehicles. Insurers can adjust premiums based on charging behavior, battery usage, and driving patterns. This dynamic approach aligns with the evolving nature of electric vehicle technology and usage. Thus, the above aspects will expand the market growth across the region in the upcoming years.

The US market dominated the North America Usage-Based Insurance Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $37,814 Million by 2030. The Canada market is experiencing a CAGR of 27.4% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 26.3% during (2023 - 2030).

Based on Vehicle Age, the market is segmented into New Vehicles, and Used Vehicles. Based on Policy, the market is segmented into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). Based on Vehicle Type, the market is segmented into Light-Duty Vehicle (LDV), and Heavy-Duty Vehicle (HDV). Based on Technology, the market is segmented into Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

List of Key Companies Profiled

Liberty Mutual Holding Company Inc.
Allstate Insurance Company
MAPFRE RE, COMPANIA DE REASEGUROS, S.A. (Cartera Mapfre, S.L.)
The Progressive Corporation
Nationwide Mutual Insurance Company
MS&AD Insurance Group Holdings, Inc.
Tesla, Inc.
Hyundai Motor Company
Octo Telematics S.p.A. (Renova Group)
Zubie, Inc.

North America Usage-based insurance Market Report Segmentation

By Vehicle Age

New Vehicles
Used Vehicles

By Policy

Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)

By Vehicle Type

Light-Duty Vehicle (LDV)
Heavy-Duty Vehicle (HDV)

By Technology

Black Box
OBD (On-Board Diagnostics)-II
Smartphone
Hybrid

By Country

US
Canada
Mexico
Rest of North America

Chapter 1. Market Scope & Methodology

1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
- 1.4.1 North America Usage-Based Insurance Market, by Vehicle Age
- 1.4.2 North America Usage-Based Insurance Market, by Policy
- 1.4.3 North America Usage-Based Insurance Market, by Vehicle Type
- 1.4.4 North America Usage-Based Insurance Market, by Technology
- 1.4.5 North America Usage-Based Insurance Market, by Country
1.5 Methodology for the research

Chapter 2. Market at a Glance

2.1 Key Highlights

Chapter 3. Market Overview

3.1 Introduction
- 3.1.1 Overview
  - 3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges

Chapter 4. Competition Analysis - Global

4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
- 4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
- 4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Feb- 2023, Oct) Leading Players
4.4 Porter Five Forces Analysis

Chapter 5. North America Usage-Based Insurance Market by Vehicle Age

5.1 North America New Vehicles Market by Region
5.2 North America Used Vehicles Market by Region

Chapter 6. North America Usage-Based Insurance Market by Policy

6.1 North America Pay-As-You-Drive (PAYD) Market by Country
6.2 North America Pay-How-You-Drive (PHYD) Market by Country
6.3 North America Manage-How-You-Drive (MHYD) Market by Country

Chapter 7. North America Usage-Based Insurance Market by Vehicle Type

7.1 North America Light-Duty Vehicle (LDV) Market by Country
7.2 North America Heavy-Duty Vehicle (HDV) Market by Country

Chapter 8. North America Usage-Based Insurance Market by Technology

8.1 North America Black Box Market by Country
8.2 North America OBD (On-Board Diagnostics)-II Market by Country
8.3 North America Smartphone Market by Country
8.4 North America Hybrid Market by Country

Chapter 9. North America Usage-Based Insurance Market by Country

9.1 US Usage-Based Insurance Market
- 9.1.1 US Usage-Based Insurance Market by Vehicle Age
- 9.1.2 US Usage-Based Insurance Market by Policy
- 9.1.3 US Usage-Based Insurance Market by Vehicle Type
- 9.1.4 US Usage-Based Insurance Market by Technology
9.2 Canada Usage-Based Insurance Market
- 9.2.1 Canada Usage-Based Insurance Market by Vehicle Age
- 9.2.2 Canada Usage-Based Insurance Market by Policy
- 9.2.3 Canada Usage-Based Insurance Market by Vehicle Type
- 9.2.4 Canada Usage-Based Insurance Market by Technology
9.3 Mexico Usage-Based Insurance Market
- 9.3.1 Mexico Usage-Based Insurance Market by Vehicle Age
- 9.3.2 Mexico Usage-Based Insurance Market by Policy
- 9.3.3 Mexico Usage-Based Insurance Market by Vehicle Type
- 9.3.4 Mexico Usage-Based Insurance Market by Technology
9.4 Rest of North America Usage-Based Insurance Market
- 9.4.1 Rest of North America Usage-Based Insurance Market by Vehicle Age
- 9.4.2 Rest of North America Usage-Based Insurance Market by Policy
- 9.4.3 Rest of North America Usage-Based Insurance Market by Vehicle Type
- 9.4.4 Rest of North America Usage-Based Insurance Market by Technology

Chapter 10. Company Profiles

10.1 Liberty Mutual Holding Company Inc.
- 10.1.1 Company Overview
- 10.1.2 Financial Analysis
- 10.1.3 Recent strategies and developments:
  - 10.1.3.1 Partnerships, Collaborations, and Agreements:
  - 10.1.3.2 Acquisition and Mergers:
10.2 MAPFRE RE, Compania De Reaseguros, S.A. (Cartera Mapfre, S.L.)
- 10.2.1 Company Overview
- 10.2.2 Financial Analysis
- 10.2.3 Recent strategies and developments:
  - 10.2.3.1 Partnerships, Collaborations, and Agreements:
  - 10.2.3.2 Product Launches and Product Expansions:
  - 10.2.3.3 Acquisition and Mergers:
10.3 MS&AD Insurance Group Holdings, Inc.
- 10.3.1 Company Overview
- 10.3.2 Financial Analysis
10.4 Octo Telematics S.p.A. (Renova Group)
- 10.4.1 Company Overview
- 10.4.2 Recent strategies and developments:
  - 10.4.2.1 Partnerships, Collaborations, and Agreements:
  - 10.4.2.2 Product Launches and Product Expansions:
10.5 Zubie, Inc.
- 10.5.1 Company Overview
10.6 Allstate Insurance Company
- 10.6.1 Company Overview
- 10.6.2 Recent strategies and developments:
  - 10.6.2.1 Partnerships, Collaborations, and Agreements:
- 10.6.3 SWOT Analysis
10.7 The Progressive Corporation
- 10.7.1 Company Overview
- 10.7.2 Financial Analysis
- 10.7.3 Recent strategies and developments:
  - 10.7.3.1 Partnerships, Collaborations, and Agreements:
  - 10.7.3.2 Product Launches and Product Expansions:
  - 10.7.3.3 Acquisition and Mergers:
- 10.7.4 SWOT Analysis
10.8 Tesla, Inc.
- 10.8.1 Company Overview
- 10.8.2 Financial Analysis
- 10.8.3 Segmental and Regional Analysis
- 10.8.4 Research & Development Expense
- 10.8.5 Recent strategies and developments:
  - 10.8.5.1 Product launches and Product expansions:
- 10.8.6 SWOT Analysis
10.9 Hyundai Motor Company
- 10.9.1 Company Overview
- 10.9.2 Financial Analysis
- 10.9.3 Segmental and Regional Analysis
- 10.9.4 Research & Development Expense
- 10.9.5 Recent strategies and developments:
  - 10.9.5.1 Product launches and Product expansions:
10.10. Nationwide Mutual Insurance Company
- 10.10.1 Company Overview
- 10.10.2 Recent strategies and developments:
  - 10.10.2.1 Partnerships, Collaborations, and Agreements:
  - 10.10.2.2 Acquisition and Mergers:

LIST OF TABLES

TABLE 1 North America Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 2 North America Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 3 Partnerships, Collaborations and Agreements- Usage-Based Insurance Market
TABLE 4 Product Launches And Product Expansions- Usage-Based Insurance Market
TABLE 5 Acquisition and Mergers- Usage-Based Insurance Market
TABLE 6 North America Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 7 North America Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 8 North America New Vehicles Market by Region, 2019 - 2022, USD Million
TABLE 9 North America New Vehicles Market by Region, 2023 - 2030, USD Million
TABLE 10 North America Used Vehicles Market by Region, 2019 - 2022, USD Million
TABLE 11 North America Used Vehicles Market by Region, 2023 - 2030, USD Million
TABLE 12 North America Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 13 North America Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 14 North America Pay-As-You-Drive (PAYD) Market by Country, 2019 - 2022, USD Million
TABLE 15 North America Pay-As-You-Drive (PAYD) Market by Country, 2023 - 2030, USD Million
TABLE 16 North America Pay-How-You-Drive (PHYD) Market by Country, 2019 - 2022, USD Million
TABLE 17 North America Pay-How-You-Drive (PHYD) Market by Country, 2023 - 2030, USD Million
TABLE 18 North America Manage-How-You-Drive (MHYD) Market by Country, 2019 - 2022, USD Million
TABLE 19 North America Manage-How-You-Drive (MHYD) Market by Country, 2023 - 2030, USD Million
TABLE 20 North America Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 21 North America Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 22 North America Light-Duty Vehicle (LDV) Market by Country, 2019 - 2022, USD Million
TABLE 23 North America Light-Duty Vehicle (LDV) Market by Country, 2023 - 2030, USD Million
TABLE 24 North America Heavy-Duty Vehicle (HDV) Market by Country, 2019 - 2022, USD Million
TABLE 25 North America Heavy-Duty Vehicle (HDV) Market by Country, 2023 - 2030, USD Million
TABLE 26 North America Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 27 North America Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 28 North America Black Box Market by Country, 2019 - 2022, USD Million
TABLE 29 North America Black Box Market by Country, 2023 - 2030, USD Million
TABLE 30 North America OBD (On-Board Diagnostics)-II Market by Country, 2019 - 2022, USD Million
TABLE 31 North America OBD (On-Board Diagnostics)-II Market by Country, 2023 - 2030, USD Million
TABLE 32 North America Smartphone Market by Country, 2019 - 2022, USD Million
TABLE 33 North America Smartphone Market by Country, 2023 - 2030, USD Million
TABLE 34 North America Hybrid Market by Country, 2019 - 2022, USD Million
TABLE 35 North America Hybrid Market by Country, 2023 - 2030, USD Million
TABLE 36 North America Usage-Based Insurance Market by Country, 2019 - 2022, USD Million
TABLE 37 North America Usage-Based Insurance Market by Country, 2023 - 2030, USD Million
TABLE 38 US Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 39 US Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 40 US Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 41 US Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 42 US Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 43 US Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 44 US Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 45 US Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 46 US Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 47 US Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 48 Canada Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 49 Canada Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 50 Canada Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 51 Canada Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 52 Canada Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 53 Canada Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 54 Canada Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 55 Canada Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 56 Canada Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 57 Canada Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 58 Mexico Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 59 Mexico Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 60 Mexico Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 61 Mexico Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 62 Mexico Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 63 Mexico Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 64 Mexico Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 65 Mexico Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 66 Mexico Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 67 Mexico Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 68 Rest of North America Usage-Based Insurance Market, 2019 - 2022, USD Million
TABLE 69 Rest of North America Usage-Based Insurance Market, 2023 - 2030, USD Million
TABLE 70 Rest of North America Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
TABLE 71 Rest of North America Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
TABLE 72 Rest of North America Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
TABLE 73 Rest of North America Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
TABLE 74 Rest of North America Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
TABLE 75 Rest of North America Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
TABLE 76 Rest of North America Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
TABLE 77 Rest of North America Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
TABLE 78 Key Information - Liberty Mutual Holding Company Inc.
TABLE 79 Key Information - MAPFRE RE, Compania De Reaseguros, S.A.
TABLE 80 Key Information - MS&AD Insurance Group Holdings, Inc.
TABLE 81 Key Information - Octo Telematics S.p.A.
TABLE 82 Key Information - Zubie, Inc.
TABLE 83 Key Information - Allstate Insurance Company
TABLE 84 Key Information - The Progressive Corporation
TABLE 85 key Information - Tesla, Inc.
TABLE 86 key Information - Hyundai Motor Company
TABLE 87 Key Information - Nationwide Mutual Insurance Company

North America Usage-Based Insurance Market Size, Share & Trends Analysis Report By Vehicle Age, By Policy, By Vehicle Type, By Technology (Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid), By Country and Growth Forecast, 2023 - 2030

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