Usage Based Insurance Market

Usage-Based Insurance Market Forecasts to 2028 – Global Analysis By Vehicle Age (New Vehicle, Used Vehicle), Technology (Black Box, Embedded, Hybrid) and By Geography

4.1 (33 reviews)
Published: November 2021 ID: SMRC21164
4.1 (33 reviews)
Published: November 2021 ID: SMRC21164

This report covers the impact of COVID-19 on this global market

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

Technologies Covered:
• Black Box
• Embedded
• Hybrid
• Metal Forming Market for Automotive
• On-Board Diagnostics II (OBD II)
• Smartphone

Electric & Hybrid Vehicles Covered:
• Battery Electric Vehicle (BEV)
• Fuel-Cell Electric Vehicle (FCEV)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Vehicle (PHEV)

Applications Covered:
• Passenger Vehicle
• Commercial Vehicle
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o Qatar
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

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

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