The Usage-based insurance market will reach at an estimated value of USD 115.28 million and will grow at a CAGR of 19.05% in the forecast period of 2021 to 2028. Increasing adoption of telematics and connected cars is an essential factor driving the usage-based insurance market.
The Usage-Based Insurance Market Scope and Size
Usage-based insurance market is segmented on the basis of vehicle type, package type, device offering, technology, and vehicle age and electric and hybrid vehicles. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of vehicle type, the usage-based insurance market is segmented into light-duty vehicle (LDV), heavy-duty vehicle (HDV)),
- Based on package type, the usage-based insurance market is segmented into package type (Pay-As-You-Drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD).
- Based on device offering, the usage-based insurance market is segmented into company provided and bring your own device (BYOD).
- Based on technology, the usage-based insurance market is segmented into OBD-II, smartphone, embedded system, black box and others.
- Based on vehicle age, the usage-based insurance market is segmented into new vehicles and on-road vehicles.
- The usage-based insurance market is also segmented on the basis of electric and hybrid vehicles into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV).
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The universal Usage-Based Insurance Market research report is a valuable source of information with which businesses can gain a telescopic view of the current market trends, consumer’s demands and preferences, market situations, opportunities and market status. Businesses can accomplish complete knowhow of general market conditions and tendencies with the information and data covered in this report. This marketing report systematically collects the information about influencing factors for the industry which includes customer behavior, emerging trends, product usage, and brand positioning. Various steps are used while building Usage-Based Insurance Market report by taking the inputs from a specialized team of researchers, analysts and forecasters
Market Analysis and Insights - Usage-Based Insurance Market
Usage based insurance is a type of auto-insurance that totally depends on vehicle used, measured against time, distance, behaviour, place and others. These all usages can be measure using telematics technology and the technology is available in from of mobile application, pre-installed in the car’s network or it can be installed in USB port of the vehicle. Usage based insurance and telematics technology has extensive range of benefits such as tracking of speeding, reverse gear indication, seat belt use, harsh braking, acceleration control, driver coaching by voice and others.
Rising reduction in insurance premium and risk-related costs is a crucial factor accelerating the market growth, also rising growth of the automobile industry, rising shifting focus towards remote diagnostic technology, rising growth in the number of the connected cars bringing new UBI, increasing rising penetration of smartphones integrated with vehicle connectivity systems and rising rapid use of UBI by insurance companies to improve profitability are the major factors among others boosting the usage-based insurance market
Usage-Based Insurance Market Country Level Analysis
The countries covered in the usage-based insurance market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Usage-Based Insurance Market Share Analysis
Usage-based insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to usage-based insurance market.
Key Players Usage-Based Insurance Market
- Mechatronic Systems Inc.,
- TrueMotion,
- Cambridge Mobile Telematics,
- Insure The Box Limited,
- Progressive Casualty Insurance Company,
- Modus Group, LLC,
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The first class Usage-Based Insurance Market business report encompasses various segments related to ICT industry and market with thorough research and analysis. All the data, statistics and information is backed up by well established analysis tools which include SWOT analysis and Porter’s Five Forces analysis. The data and information of this market analysis report not only helps business make data-driven decisions but also guarantees maximum return on investment (ROI). The report covers several market dynamics and also estimates the growth rate and the market value based on market growth inducing factors. Clients can divulge best opportunities to be successful in the market with an excellent practice models and method of research used while creating Usage-Based Insurance Market report.
MAJOR TOC OF THE REPORT
Chapter One: Introduction
Chapter Two: Market Segmentation
Chapter Three: Market Overview
Chapter Four: Executive Summary
Chapter Five: Premium Insights
Chapter Six: Global Usage-Based Insurance Market by Product Procedure type
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