Usage Based Insurance Ubi Market
PUBLISHED: 2024 ID: SMRC26247
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Usage Based Insurance Ubi Market

Usage-based Insurance (UBI) Market Forecasts to 2030 - Global Analysis By Coverage Type (Hardware, Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD) and Manage-How-You-Drive (MHYD)), Vehicle Type (Passenger Cars, Commercial Vehicles, Two-wheelers and Other Vehicle Types), Vehicle Age, Technology, Distribution Channel and By Geography

4.4 (97 reviews)
4.4 (97 reviews)
Published: 2024 ID: SMRC26247

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Usage-based Insurance (UBI) Market is accounted for $33.2 billion in 2023 and is expected to reach $151.7 billion by 2030 growing at a CAGR of 24.2% during the forecast period. Usage-based Insurance (UBI) is a type of auto insurance where premiums are determined by monitoring the policyholder's driving behavior. Data collected from telematics devices installed in vehicles, such as speed, mileage, and braking patterns, is used to assess risk and adjust insurance rates accordingly. UBI offers potential cost savings for safe drivers while promoting safer driving habits and more accurate risk assessment for insurers.

According to the Italian Insurance Supervisory Authority (IVASS), the number of UBI policies in Italy reached 7.5 million in 2020, representing a 21.4% increase from the previous year.

Market Dynamics:

Driver: 

Growing consumer interest in personalized insurance solutions

The increasing demand for personalized insurance solutions is a significant driver for the usage-based insurance (UBI) market. Consumers are seeking insurance policies tailored to their individual driving habits and risk profiles. UBI programs offer the potential for lower premiums and to incentivize safe driving behaviors. As consumers become more aware of the benefits of UBI, their interest in these personalized insurance solutions grows, driving the market forward and encouraging more insurance providers to offer UBI options to meet the rising demand.

Restraint:

Limited market penetration

Despite the growing interest in usage-based insurance (UBI), market penetration remains limited. Many consumers are still unaware of UBI programs or may be hesitant to adopt them due to concerns about data privacy and the potential impact on their premiums. Additionally, some insurance providers may be reluctant to invest in the technology and infrastructure required to implement UBI programs. These factors contribute to the limited market penetration, which acts as a restraint on the overall growth of the UBI market.

Opportunity:

Advancements in telematics technology

Telematics devices are becoming more sophisticated, accurate, and cost-effective, enabling insurance providers to collect more detailed and reliable data on driving behavior. These advancements allow for more precise risk assessment and personalized pricing models. As telematics technology continues to evolve, it opens up new possibilities for UBI programs, such as real-time feedback and coaching for drivers, which can further enhance the value proposition of UBI and attract more consumers to adopt these solutions.

Threat:

Data security threats

Data security threats pose a significant challenge to the usage-based insurance (UBI) market. UBI programs rely on the collection and analysis of sensitive driver data, including location, speed, and driving habits. Ensuring the security and privacy of this data is crucial to maintaining consumer trust and complying with regulatory requirements. Any data breaches or unauthorized access to driver data could lead to reputational damage for insurance providers and erode consumer confidence in UBI programs.

Covid-19 Impact: 

The COVID-19 pandemic has had a mixed impact on the usage-based insurance (UBI) market. On one hand, the reduced driving activity during lockdowns and travel restrictions has led to a decrease in the data collected for UBI programs. However, the pandemic has also accelerated the adoption of digital technologies and remote working, which could drive demand for UBI solutions in the long term as consumers seek more flexible and personalized insurance options.

The direct sales segment is expected to be the largest during the forecast period

The direct sales segment is expected to hold the largest share in the usage-based insurance (UBI) market during the forecast period. Direct sales channels allow insurance providers to have direct control over the customer relationship and offer personalized UBI programs. Through direct sales, insurers can effectively communicate the benefits of UBI, address customer concerns, and provide a seamless onboarding experience. The ability to tailor UBI offerings to individual customers and build long-term relationships through direct interactions positions the direct sales segment as the largest contributor to the UBI market.

The telematics devices segment is expected to have the highest CAGR during the forecast period 

The telematics devices segment is projected to experience the highest CAGR during the forecast period in the usage-based insurance (UBI) market. Telematics devices, such as plug-in devices and smartphone apps, are the key enablers of UBI programs. They collect real-time data on driving behavior, which forms the basis for personalized risk assessment and pricing. The increasing adoption of telematics devices, driven by their declining costs and improving functionality, is expected to fuel the growth of this segment. As more insurance providers embrace telematics-based UBI programs and consumers become more receptive to using these devices, the Telematics Devices segment is poised for the highest growth rate in the UBI market.

Region with largest share:

The North American region, particularly the United States, is expected to hold the largest share in the usage-based insurance (UBI) market. Several factors contribute to this dominance, including the high adoption rate of telematics devices, a mature insurance industry, and a tech-savvy consumer base. Insurance providers in North America have been early adopters of UBI programs, leveraging advanced telematics technologies to offer personalized insurance solutions. The region's regulatory environment, which supports innovation in the insurance sector, further enables the growth of the UBI market.

Region with highest CAGR:

The Asia Pacific region is expected to exhibit the highest CAGR in the usage-based insurance (UBI) market during the forecast period. This rapid growth can be attributed to several factors, including the increasing adoption of digital technologies, rising consumer awareness about UBI, and the presence of a large and growing middle-class population. Countries like China, Japan, and India are witnessing significant growth in vehicle ownership, creating a substantial market opportunity for UBI programs. In addition, government initiatives promoting road safety and the adoption of connected vehicles further contribute to the high growth potential of the UBI market in the Asia Pacific region.

Key players in the market

Some of the key players in Usage-based Insurance (UBI) Market include Admiral Group plc, Allstate Corporation, American Family Insurance Group, Aviva plc, AXA Group, Citroen India, Cuvva Ltd., Desjardins Group, Generali Group, Insure The Box Ltd., Liberty Mutual Group, MAPFRE Insurance Company, MetLife Auto & Home, Metromile Inc., Nationwide Mutual Insurance Company, OPES Insurance, Oyster, Progressive Corporation, Root Insurance Company, Safeco Insurance, State Farm Insurance, UnipolSai Assicurazioni S.p.A. and Zurich Insurance Group Ltd.

Key Developments:

In November 2023, Oyster, a contemporary insurance platform for businesses, revealed the launch of a new rental insurance product. This groundbreaking offering introduces the first-ever usage-based rental insurance program in the United States, providing theft and damage coverage for rental bikes, electric bikes, kayaks, and paddleboards through Oyster's advanced platform for rental shops and marketplaces.

In August 2023, Citroen India collaborated with ICICI Lombard General Insurance to launch an innovative Usage-based Insurance (UBI) (UBI) program for eC3 customers. This initiative encourages customers to adopt safer driving habits and rewards them with reduced insurance premiums.

In November 2022, OPES, an exclusively digital insurance company, partnered with IMS to introduce app-based telematics insurance solutions named O-Car in Vietnam. O-Car utilizes the IMS One App SDK and IMS Wedge, a proprietary technology, to accurately identify the insured vehicle. Through this mobile application, OPES aims to target Vietnam's 3 million car drivers.

Coverage Types Covered:
• Hardware
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)

Vehicle Types Covered:
• Passenger Cars
• Commercial Vehicles 
• Two-wheelers
• Other Vehicle Types

Vehicle Ages Covered:
• New Vehicles
• Old Vehicle

Technologies Covered:
• OBD-II Dongles
• Smartphone Apps
• Telematics Devices
• Other Technologies

Distribution Channels Covered:
• Direct Sales
• Independent Agents and Brokers
• Embedded Insurance

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 UAE
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 2021, 2022, 2023, 2026, and 2030
- 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
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary       
        
2 Preface       
 2.1 Abstract      
 2.2 Stake Holders      
 2.3 Research Scope      
 2.4 Research Methodology      
  2.4.1 Data Mining     
  2.4.2 Data Analysis     
  2.4.3 Data Validation     
  2.4.4 Research Approach     
 2.5 Research Sources      
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions     
        
3 Market Trend Analysis       
 3.1 Introduction      
 3.2 Drivers      
 3.3 Restraints      
 3.4 Opportunities      
 3.5 Threats      
 3.6 Technology Analysis      
 3.7 Emerging Markets      
 3.8 Impact of Covid-19      
        
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry      
        
5 Global Usage-based Insurance (UBI) Market, By Coverage Type       
 5.1 Introduction      
 5.2 Hardware      
 5.3 Pay-As-You-Drive (PAYD)      
 5.4 Pay-How-You-Drive (PHYD)      
 5.5 Manage-How-You-Drive (MHYD)      
        
6 Global Usage-based Insurance (UBI) Market, By Vehicle Type       
 6.1 Introduction      
 6.2 Passenger Cars      
 6.3 Commercial Vehicles       
 6.4 Two-wheelers      
 6.5 Other Vehicle Types      
        
7 Global Usage-based Insurance (UBI) Market, By Vehicle Age       
 7.1 Introduction      
 7.2 New Vehicles      
 7.3 Old Vehicle      
        
8 Global Usage-based Insurance (UBI) Market, By Technology       
 8.1 Introduction      
 8.2 OBD-II Dongles      
 8.3 Smartphone Apps      
 8.4 Telematics Devices      
 8.5 Other Technologies      
        
9 Global Usage-based Insurance (UBI) Market, By Distribution Channel       
 9.1 Introduction      
 9.2 Direct Sales      
 9.3 Independent Agents and Brokers      
 9.4 Embedded Insurance      
        
10 Global Usage-based Insurance (UBI) Market, By Geography       
 10.1 Introduction      
 10.2 North America      
  10.2.1 US     
  10.2.2 Canada     
  10.2.3 Mexico     
 10.3 Europe      
  10.3.1 Germany     
  10.3.2 UK     
  10.3.3 Italy     
  10.3.4 France     
  10.3.5 Spain     
  10.3.6 Rest of Europe     
 10.4 Asia Pacific      
  10.4.1 Japan     
  10.4.2 China     
  10.4.3 India     
  10.4.4 Australia     
  10.4.5 New Zealand     
  10.4.6 South Korea     
  10.4.7 Rest of Asia Pacific     
 10.5 South America      
  10.5.1 Argentina     
  10.5.2 Brazil     
  10.5.3 Chile     
  10.5.4 Rest of South America     
 10.6 Middle East & Africa      
  10.6.1 Saudi Arabia     
  10.6.2 UAE     
  10.6.3 Qatar     
  10.6.4 South Africa     
  10.6.5 Rest of Middle East & Africa     
        
11 Key Developments       
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures      
 11.2 Acquisitions & Mergers      
 11.3 New Product Launch      
 11.4 Expansions      
 11.5 Other Key Strategies      
        
12 Company Profiling       
 12.1 Admiral Group plc      
 12.2 Allstate Corporation      
 12.3 American Family Insurance Group      
 12.4 Aviva plc      
 12.5 AXA Group      
 12.6 Citroen India      
 12.7 Cuvva Ltd.      
 12.8 Desjardins Group      
 12.9 Generali Group      
 12.10 Insure The Box Ltd.      
 12.11 Liberty Mutual Group      
 12.12 MAPFRE Insurance Company      
 12.13 MetLife Auto & Home      
 12.14 Metromile Inc.      
 12.15 Nationwide Mutual Insurance Company      
 12.16 OPES Insurance      
 12.17 Oyster      
 12.18 Progressive Corporation      
 12.19 Root Insurance Company      
 12.20 Safeco Insurance      
 12.21 State Farm Insurance      
 12.22 UnipolSai Assicurazioni S.p.A.      
 12.23 Zurich Insurance Group Ltd.      
        
List of Tables        
1 Global Usage-based Insurance (UBI) Market Outlook, By Region (2021-2030) ($MN)       
2 Global Usage-based Insurance (UBI) Market Outlook, By Coverage Type (2021-2030) ($MN)       
3 Global Usage-based Insurance (UBI) Market Outlook, By Hardware (2021-2030) ($MN)       
4 Global Usage-based Insurance (UBI) Market Outlook, By Pay-As-You-Drive (PAYD) (2021-2030) ($MN)       
5 Global Usage-based Insurance (UBI) Market Outlook, By Pay-How-You-Drive (PHYD) (2021-2030) ($MN)       
6 Global Usage-based Insurance (UBI) Market Outlook, By Manage-How-You-Drive (MHYD) (2021-2030) ($MN)       
7 Global Usage-based Insurance (UBI) Market Outlook, By Vehicle Type (2021-2030) ($MN)       
8 Global Usage-based Insurance (UBI) Market Outlook, By Passenger Cars (2021-2030) ($MN)       
9 Global Usage-based Insurance (UBI) Market Outlook, By Commercial Vehicles  (2021-2030) ($MN)       
10 Global Usage-based Insurance (UBI) Market Outlook, By Two-wheelers (2021-2030) ($MN)       
11 Global Usage-based Insurance (UBI) Market Outlook, By Other Vehicle Types (2021-2030) ($MN)       
12 Global Usage-based Insurance (UBI) Market Outlook, By Vehicle Age (2021-2030) ($MN)       
13 Global Usage-based Insurance (UBI) Market Outlook, By New Vehicles (2021-2030) ($MN)       
14 Global Usage-based Insurance (UBI) Market Outlook, By Old Vehicle (2021-2030) ($MN)       
15 Global Usage-based Insurance (UBI) Market Outlook, By Technology (2021-2030) ($MN)       
16 Global Usage-based Insurance (UBI) Market Outlook, By OBD-II Dongles (2021-2030) ($MN)       
17 Global Usage-based Insurance (UBI) Market Outlook, By Smartphone Apps (2021-2030) ($MN)       
18 Global Usage-based Insurance (UBI) Market Outlook, By Telematics Devices (2021-2030) ($MN)       
19 Global Usage-based Insurance (UBI) Market Outlook, By Other Technologies (2021-2030) ($MN)       
20 Global Usage-based Insurance (UBI) Market Outlook, By Distribution Channel (2021-2030) ($MN)       
21 Global Usage-based Insurance (UBI) Market Outlook, By Direct Sales (2021-2030) ($MN)       
22 Global Usage-based Insurance (UBI) Market Outlook, By Independent Agents and Brokers (2021-2030) ($MN)       
23 Global Usage-based Insurance (UBI) Market Outlook, By Embedded Insurance (2021-2030) ($MN)       
24 North America Usage-based Insurance (UBI) Market Outlook, By Country (2021-2030) ($MN)       
25 North America Usage-based Insurance (UBI) Market Outlook, By Coverage Type (2021-2030) ($MN)       
26 North America Usage-based Insurance (UBI) Market Outlook, By Hardware (2021-2030) ($MN)       
27 North America Usage-based Insurance (UBI) Market Outlook, By Pay-As-You-Drive (PAYD) (2021-2030) ($MN)       
28 North America Usage-based Insurance (UBI) Market Outlook, By Pay-How-You-Drive (PHYD) (2021-2030) ($MN)       
29 North America Usage-based Insurance (UBI) Market Outlook, By Manage-How-You-Drive (MHYD) (2021-2030) ($MN)       
30 North America Usage-based Insurance (UBI) Market Outlook, By Vehicle Type (2021-2030) ($MN)       
31 North America Usage-based Insurance (UBI) Market Outlook, By Passenger Cars (2021-2030) ($MN)       
32 North America Usage-based Insurance (UBI) Market Outlook, By Commercial Vehicles  (2021-2030) ($MN)       
33 North America Usage-based Insurance (UBI) Market Outlook, By Two-wheelers (2021-2030) ($MN)       
34 North America Usage-based Insurance (UBI) Market Outlook, By Other Vehicle Types (2021-2030) ($MN)       
35 North America Usage-based Insurance (UBI) Market Outlook, By Vehicle Age (2021-2030) ($MN)       
36 North America Usage-based Insurance (UBI) Market Outlook, By New Vehicles (2021-2030) ($MN)       
37 North America Usage-based Insurance (UBI) Market Outlook, By Old Vehicle (2021-2030) ($MN)       
38 North America Usage-based Insurance (UBI) Market Outlook, By Technology (2021-2030) ($MN)       
39 North America Usage-based Insurance (UBI) Market Outlook, By OBD-II Dongles (2021-2030) ($MN)       
40 North America Usage-based Insurance (UBI) Market Outlook, By Smartphone Apps (2021-2030) ($MN)       
41 North America Usage-based Insurance (UBI) Market Outlook, By Telematics Devices (2021-2030) ($MN)       
42 North America Usage-based Insurance (UBI) Market Outlook, By Other Technologies (2021-2030) ($MN)       
43 North America Usage-based Insurance (UBI) Market Outlook, By Distribution Channel (2021-2030) ($MN)       
44 North America Usage-based Insurance (UBI) Market Outlook, By Direct Sales (2021-2030) ($MN)       
45 North America Usage-based Insurance (UBI) Market Outlook, By Independent Agents and Brokers (2021-2030) ($MN)       
46 North America Usage-based Insurance (UBI) Market Outlook, By Embedded Insurance (2021-2030) ($MN)       
47 Europe Usage-based Insurance (UBI) Market Outlook, By Country (2021-2030) ($MN)       
48 Europe Usage-based Insurance (UBI) Market Outlook, By Coverage Type (2021-2030) ($MN)       
49 Europe Usage-based Insurance (UBI) Market Outlook, By Hardware (2021-2030) ($MN)       
50 Europe Usage-based Insurance (UBI) Market Outlook, By Pay-As-You-Drive (PAYD) (2021-2030) ($MN)       
51 Europe Usage-based Insurance (UBI) Market Outlook, By Pay-How-You-Drive (PHYD) (2021-2030) ($MN)       
52 Europe Usage-based Insurance (UBI) Market Outlook, By Manage-How-You-Drive (MHYD) (2021-2030) ($MN)       
53 Europe Usage-based Insurance (UBI) Market Outlook, By Vehicle Type (2021-2030) ($MN)       
54 Europe Usage-based Insurance (UBI) Market Outlook, By Passenger Cars (2021-2030) ($MN)       
55 Europe Usage-based Insurance (UBI) Market Outlook, By Commercial Vehicles  (2021-2030) ($MN)       
56 Europe Usage-based Insurance (UBI) Market Outlook, By Two-wheelers (2021-2030) ($MN)       
57 Europe Usage-based Insurance (UBI) Market Outlook, By Other Vehicle Types (2021-2030) ($MN)       
58 Europe Usage-based Insurance (UBI) Market Outlook, By Vehicle Age (2021-2030) ($MN)       
59 Europe Usage-based Insurance (UBI) Market Outlook, By New Vehicles (2021-2030) ($MN)       
60 Europe Usage-based Insurance (UBI) Market Outlook, By Old Vehicle (2021-2030) ($MN)       
61 Europe Usage-based Insurance (UBI) Market Outlook, By Technology (2021-2030) ($MN)       
62 Europe Usage-based Insurance (UBI) Market Outlook, By OBD-II Dongles (2021-2030) ($MN)       
63 Europe Usage-based Insurance (UBI) Market Outlook, By Smartphone Apps (2021-2030) ($MN)       
64 Europe Usage-based Insurance (UBI) Market Outlook, By Telematics Devices (2021-2030) ($MN)       
65 Europe Usage-based Insurance (UBI) Market Outlook, By Other Technologies (2021-2030) ($MN)       
66 Europe Usage-based Insurance (UBI) Market Outlook, By Distribution Channel (2021-2030) ($MN)       
67 Europe Usage-based Insurance (UBI) Market Outlook, By Direct Sales (2021-2030) ($MN)       
68 Europe Usage-based Insurance (UBI) Market Outlook, By Independent Agents and Brokers (2021-2030) ($MN)       
69 Europe Usage-based Insurance (UBI) Market Outlook, By Embedded Insurance (2021-2030) ($MN)       
70 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Country (2021-2030) ($MN)       
71 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Coverage Type (2021-2030) ($MN)       
72 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Hardware (2021-2030) ($MN)       
73 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Pay-As-You-Drive (PAYD) (2021-2030) ($MN)       
74 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Pay-How-You-Drive (PHYD) (2021-2030) ($MN)       
75 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Manage-How-You-Drive (MHYD) (2021-2030) ($MN)       
76 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Vehicle Type (2021-2030) ($MN)       
77 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Passenger Cars (2021-2030) ($MN)       
78 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Commercial Vehicles  (2021-2030) ($MN)       
79 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Two-wheelers (2021-2030) ($MN)       
80 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Other Vehicle Types (2021-2030) ($MN)       
81 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Vehicle Age (2021-2030) ($MN)       
82 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By New Vehicles (2021-2030) ($MN)       
83 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Old Vehicle (2021-2030) ($MN)       
84 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Technology (2021-2030) ($MN)       
85 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By OBD-II Dongles (2021-2030) ($MN)       
86 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Smartphone Apps (2021-2030) ($MN)       
87 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Telematics Devices (2021-2030) ($MN)       
88 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Other Technologies (2021-2030) ($MN)       
89 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Distribution Channel (2021-2030) ($MN)       
90 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Direct Sales (2021-2030) ($MN)       
91 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Independent Agents and Brokers (2021-2030) ($MN)       
92 Asia Pacific Usage-based Insurance (UBI) Market Outlook, By Embedded Insurance (2021-2030) ($MN)       
93 South America Usage-based Insurance (UBI) Market Outlook, By Country (2021-2030) ($MN)       
94 South America Usage-based Insurance (UBI) Market Outlook, By Coverage Type (2021-2030) ($MN)       
95 South America Usage-based Insurance (UBI) Market Outlook, By Hardware (2021-2030) ($MN)       
96 South America Usage-based Insurance (UBI) Market Outlook, By Pay-As-You-Drive (PAYD) (2021-2030) ($MN)       
97 South America Usage-based Insurance (UBI) Market Outlook, By Pay-How-You-Drive (PHYD) (2021-2030) ($MN)       
98 South America Usage-based Insurance (UBI) Market Outlook, By Manage-How-You-Drive (MHYD) (2021-2030) ($MN)       
99 South America Usage-based Insurance (UBI) Market Outlook, By Vehicle Type (2021-2030) ($MN)       
100 South America Usage-based Insurance (UBI) Market Outlook, By Passenger Cars (2021-2030) ($MN)       
101 South America Usage-based Insurance (UBI) Market Outlook, By Commercial Vehicles  (2021-2030) ($MN)       
102 South America Usage-based Insurance (UBI) Market Outlook, By Two-wheelers (2021-2030) ($MN)       
103 South America Usage-based Insurance (UBI) Market Outlook, By Other Vehicle Types (2021-2030) ($MN)       
104 South America Usage-based Insurance (UBI) Market Outlook, By Vehicle Age (2021-2030) ($MN)       
105 South America Usage-based Insurance (UBI) Market Outlook, By New Vehicles (2021-2030) ($MN)       
106 South America Usage-based Insurance (UBI) Market Outlook, By Old Vehicle (2021-2030) ($MN)       
107 South America Usage-based Insurance (UBI) Market Outlook, By Technology (2021-2030) ($MN)       
108 South America Usage-based Insurance (UBI) Market Outlook, By OBD-II Dongles (2021-2030) ($MN)       
109 South America Usage-based Insurance (UBI) Market Outlook, By Smartphone Apps (2021-2030) ($MN)       
110 South America Usage-based Insurance (UBI) Market Outlook, By Telematics Devices (2021-2030) ($MN)       
111 South America Usage-based Insurance (UBI) Market Outlook, By Other Technologies (2021-2030) ($MN)       
112 South America Usage-based Insurance (UBI) Market Outlook, By Distribution Channel (2021-2030) ($MN)       
113 South America Usage-based Insurance (UBI) Market Outlook, By Direct Sales (2021-2030) ($MN)       
114 South America Usage-based Insurance (UBI) Market Outlook, By Independent Agents and Brokers (2021-2030) ($MN)       
115 South America Usage-based Insurance (UBI) Market Outlook, By Embedded Insurance (2021-2030) ($MN)       
116 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Country (2021-2030) ($MN)       
117 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Coverage Type (2021-2030) ($MN)       
118 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Hardware (2021-2030) ($MN)       
119 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Pay-As-You-Drive (PAYD) (2021-2030) ($MN)       
120 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Pay-How-You-Drive (PHYD) (2021-2030) ($MN)       
121 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Manage-How-You-Drive (MHYD) (2021-2030) ($MN)       
122 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Vehicle Type (2021-2030) ($MN)       
123 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Passenger Cars (2021-2030) ($MN)       
124 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Commercial Vehicles  (2021-2030) ($MN)       
125 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Two-wheelers (2021-2030) ($MN)       
126 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Other Vehicle Types (2021-2030) ($MN)       
127 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Vehicle Age (2021-2030) ($MN)       
128 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By New Vehicles (2021-2030) ($MN)       
129 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Old Vehicle (2021-2030) ($MN)       
130 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Technology (2021-2030) ($MN)       
131 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By OBD-II Dongles (2021-2030) ($MN)       
132 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Smartphone Apps (2021-2030) ($MN)       
133 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Telematics Devices (2021-2030) ($MN)       
134 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Other Technologies (2021-2030) ($MN)       
135 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Distribution Channel (2021-2030) ($MN)       
136 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Direct Sales (2021-2030) ($MN)       
137 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Independent Agents and Brokers (2021-2030) ($MN)       
138 Middle East & Africa Usage-based Insurance (UBI) Market Outlook, By Embedded Insurance (2021-2030) ($MN)       

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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