India Usage-Based Insurance Market (2025-2031) Outlook | Companies, Forecast, Analysis, Industry, Value, Size, Revenue, Trends, Share & Growth

Name: India Usage-Based Insurance Market (2025-2031) | Trends, Outlook & Forecast
Creator: 6Wresearch
License: https://www.6wresearch.com/privacy-policy
Keywords: Usage-Based Insurance Market, India Usage-Based Insurance Market, India Usage-Based Insurance Market Revenues, India Usage-Based Insurance Market Share, India Usage-Based Insurance Market Size, India Usage-Based Insurance Market Outlook, India Usage-Based Insurance Market Report, India Usage-Based Insurance Market Competition, India Usage-Based Insurance Market Overview, India Usage-Based Insurance Market Trends, India Usage-Based Insurance Market Forecast

Market Forecast By Package (PAYD, PHYD, MHYD), By Technology (OBD-II, Black box, Smartphone, Embedded), By Vehicle Age (New, Old) And Competitive Landscape

Product Code: ETC4569145	Publication Date: Jul 2023	Updated Date: Aug 2025	Product Type: Report
Publisher: 6Wresearch	Author: Ravi Bhandari	No. of Pages: 85	No. of Figures: 45	No. of Tables: 25

India Usage-Based Insurance Market Overview

Usage-based insurance (UBI) is gaining traction in India as insurance companies leverage telematics and IoT technologies to offer personalized insurance policies. UBI assesses premiums based on individual driving behavior and patterns, encouraging safer driving practices. As the India insurance landscape evolves, UBI is becoming increasingly popular among consumers who appreciate the potential for lower premiums and fairer pricing. This market`s growth aligns with the broader trend of digital transformation in the insurance industry, as insurers seek to provide more customized and value-driven offerings to policyholders.

Drivers of the Market

The usage-based insurance market is being driven by the growing adoption of telematics devices and smartphone apps that monitor driving behavior. Insurers and consumers are both interested in this model for its potential to offer customized policies and reduce premiums for safe drivers.

Challenges of the Market

The India usage-based insurance market confronts several challenges. First, the collection and analysis of driver behavior data for usage-based insurance require sophisticated technology and data analytics, which can be costly. Privacy concerns and ensuring the security of sensitive driver data are essential for consumer trust. Additionally, changing traditional insurance models to usage-based systems requires clear regulatory frameworks and guidelines. Lastly, educating consumers about the benefits and functionalities of usage-based insurance remains crucial for market adoption.

COVID-19 Impact on the Market

The usage-based insurance market in India faced challenges as vehicle usage patterns changed during the pandemic. Reduced driving and economic uncertainties affected the adoption of such insurance models. However, the market remained relevant, and insurers continued to develop innovative usage-based insurance products to adapt to changing consumer behavior.

Key Players in the Market

In the usage-based insurance sector, companies like ICICI Lombard, Reliance General Insurance, Bharti Axa, and HDFC Ergo are key players.

Key Highlights of the Report:

India Usage-Based Insurance Market Outlook
Market Size of India Usage-Based Insurance Market, 2024
Forecast of India Usage-Based Insurance Market, 2031
Historical Data and Forecast of India Usage-Based Insurance Revenues & Volume for the Period 2021-2031
India Usage-Based Insurance Market Trend Evolution
India Usage-Based Insurance Market Drivers and Challenges
India Usage-Based Insurance Price Trends
India Usage-Based Insurance Porter's Five Forces
India Usage-Based Insurance Industry Life Cycle
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By Package for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By PAYD for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By PHYD for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By MHYD for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By Technology for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By OBD-II for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By Black box for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By Smartphone for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By Embedded for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By Vehicle Age for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By New for the Period 2021-2031
Historical Data and Forecast of India Usage-Based Insurance Market Revenues & Volume By Old for the Period 2021-2031
India Usage-Based Insurance Import Export Trade Statistics
Market Opportunity Assessment By Package
Market Opportunity Assessment By Technology
Market Opportunity Assessment By Vehicle Age
India Usage-Based Insurance Top Companies Market Share
India Usage-Based Insurance Competitive Benchmarking By Technical and Operational Parameters
India Usage-Based Insurance Company Profiles
India Usage-Based Insurance Key Strategic Recommendations

Frequently Asked Questions About the Market Study (FAQs):

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1 Executive Summary

2 Introduction

2.1 Key Highlights of the Report

2.2 Report Description

2.3 Market Scope & Segmentation

2.4 Research Methodology

2.5 Assumptions

3 India Usage-Based Insurance Market Overview

3.1 India Country Macro Economic Indicators

3.2 India Usage-Based Insurance Market Revenues & Volume, 2021 & 2031F

3.3 India Usage-Based Insurance Market - Industry Life Cycle

3.4 India Usage-Based Insurance Market - Porter's Five Forces

3.5 India Usage-Based Insurance Market Revenues & Volume Share, By Package, 2021 & 2031F

3.6 India Usage-Based Insurance Market Revenues & Volume Share, By Technology, 2021 & 2031F

3.7 India Usage-Based Insurance Market Revenues & Volume Share, By Vehicle Age, 2021 & 2031F

4 India Usage-Based Insurance Market Dynamics

4.1 Impact Analysis

4.2 Market Drivers

4.2.1 Increasing adoption of telematics technology in vehicles

4.2.2 Growing awareness about benefits of usage-based insurance

4.2.3 Government policies promoting usage-based insurance in India

4.3 Market Restraints

4.3.1 Concerns regarding data privacy and security

4.3.2 Lack of awareness among consumers about usage-based insurance

4.3.3 High initial investment required for implementing telematics systems

5 India Usage-Based Insurance Market Trends

6 India Usage-Based Insurance Market, By Types

6.1 India Usage-Based Insurance Market, By Package

6.1.1 Overview and Analysis

6.1.2 India Usage-Based Insurance Market Revenues & Volume, By Package, 2021-2031F

6.1.3 India Usage-Based Insurance Market Revenues & Volume, By PAYD, 2021-2031F

6.1.4 India Usage-Based Insurance Market Revenues & Volume, By PHYD, 2021-2031F

6.1.5 India Usage-Based Insurance Market Revenues & Volume, By MHYD, 2021-2031F

6.2 India Usage-Based Insurance Market, By Technology

6.2.1 Overview and Analysis

6.2.2 India Usage-Based Insurance Market Revenues & Volume, By OBD-II, 2021-2031F

6.2.3 India Usage-Based Insurance Market Revenues & Volume, By Black box, 2021-2031F

6.2.4 India Usage-Based Insurance Market Revenues & Volume, By Smartphone, 2021-2031F

6.2.5 India Usage-Based Insurance Market Revenues & Volume, By Embedded, 2021-2031F

6.3 India Usage-Based Insurance Market, By Vehicle Age

6.3.1 Overview and Analysis

6.3.2 India Usage-Based Insurance Market Revenues & Volume, By New, 2021-2031F

6.3.3 India Usage-Based Insurance Market Revenues & Volume, By Old, 2021-2031F

7 India Usage-Based Insurance Market Import-Export Trade Statistics

7.1 India Usage-Based Insurance Market Export to Major Countries

7.2 India Usage-Based Insurance Market Imports from Major Countries

8 India Usage-Based Insurance Market Key Performance Indicators

8.1 Percentage increase in the number of vehicles equipped with telematics devices

8.2 Rate of adoption of usage-based insurance policies in India

8.3 Average cost reduction experienced by policyholders using usage-based insurance

8.4 Customer satisfaction ratings for usage-based insurance services

8.5 Percentage increase in partnerships between insurance companies and telematics providers

9 India Usage-Based Insurance Market - Opportunity Assessment

9.1 India Usage-Based Insurance Market Opportunity Assessment, By Package, 2021 & 2031F

9.2 India Usage-Based Insurance Market Opportunity Assessment, By Technology, 2021 & 2031F

9.3 India Usage-Based Insurance Market Opportunity Assessment, By Vehicle Age, 2021 & 2031F

10 India Usage-Based Insurance Market - Competitive Landscape

10.1 India Usage-Based Insurance Market Revenue Share, By Companies, 2024

10.2 India Usage-Based Insurance Market Competitive Benchmarking, By Operating and Technical Parameters

11 Company Profiles

12 Recommendations

13 Disclaimer

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Europe Usage-Based Insurance Market

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Export potential assessment - trade Analytics for 2030

Export potential enables firms to identify high-growth global markets with greater confidence by combining advanced trade intelligence with a structured quantitative methodology. The framework analyzes emerging demand trends and country-level import patterns while integrating macroeconomic and trade datasets such as GDP and population forecasts, bilateral import–export flows, tariff structures, elasticity differentials between developed and developing economies, geographic distance, and import demand projections. Using weighted trade values from 2020–2024 as the base period to project country-to-country export potential for 2030, these inputs are operationalized through calculated drivers such as gravity model parameters, tariff impact factors, and projected GDP per-capita growth. Through an analysis of hidden potentials, demand hotspots, and market conditions that are most favorable to success, this method enables firms to focus on target countries, maximize returns, and global expansion with data, backed by accuracy.

By factoring in the projected importer demand gap that is currently unmet and could be potential opportunity, it identifies the potential for the Exporter (Country) among 190 countries, against the general trade analysis, which identifies the biggest importer or exporter.

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