Usage-Based Insurance Market Forecasts to 2028 – Global Analysis By Vehicle Age (New Vehicle, Used Vehicle), Technology (Black Box, Embedded, Hybrid) and By Geography
According to Stratistics MRC, the Global Usage-Based Insurance Market is accounted for $15.10 billion in 2020 and is expected to reach $94.16 billion by 2028 growing at a CAGR of 25.7% during the forecast period. An increase in vehicle purchase and adoption of technologies such as connected cars & telematics are the major factor driving the market growth. However, lack of stability and standardization of the regulations are hampering the growth of the market.
The usage-based insurance is a concept or profile of insurance in which the insurance that is paid to the good and services are be determined upon our usage attributes such as duration, limits, and other factors concerning the product. The insurance can be set rendering to the necessities of the user by selecting the best suitable package. This idea of insurance help in fast, easy, and precise redemption and helps in saving money by evading the payments for unwanted.
Based on the package type, the pay-as-you-drive (PAYD) segment is going to have lucrative growth during the forecast period, owing to the simplicity of deployment, no complexity, and cost economic nature is set to motivate the market. Additionally, this insurance package reduces vehicle emissions as it binds consumers to drive accordingly to the package.
By geography, North America is going to have high growth during the forecast period, due to the maximum acceptance rate of usage-based insurance for new and on-road vehicles equipped with technologies. Moreover, the province has top-class vehicle companies and high disposable income which lead to majority purchase of premium cars that upsurges the adoption rate of usage-based insurance due to high fares for regular insurance.
Some of the key players profiled in the Usage-Based Insurance Market include Allianz SE, Allstate Insurance Company, Cambridge Mobile Telematics, Inseego Corporation, insurethebox, Intelligent Mechatronic Systems, Inc., Liberty Mutual Insurance, Mapfre, Modus Group, Octo Telematics Ltd., Progressive Corporation, Sierra Wireless, Inc., The Floow Ltd., TomTom International BV, TrueMotion.
Package Types Covered:
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
• Distance-based-Insurance (DBI)
Vehicle Types Covered:
• Light-Duty Vehicle (LDV)
• Heavy-Duty Vehicle (HDV)
Vehicle Ages Covered:
• New Vehicle
• Used Vehicle
Device Offerings Covered:
• Bring Your Own Device (BYOD)
• Company Provided
• Black Box
• Metal Forming Market for Automotive
• On-Board Diagnostics II (OBD II)
Electric & Hybrid Vehicles Covered:
• Battery Electric Vehicle (BEV)
• Fuel-Cell Electric Vehicle (FCEV)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Vehicle (PHEV)
• Passenger Vehicle
• Commercial Vehicle
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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