Usage-Based Insurance Market by Policy Type [Pay-As-You-Drive Insurance, Pay-How-You-Drive Insurance, and Manage-How-You-Drive Insurance ], Technology, Vehicle Age, Vehicle Type : Global Opportunity Analysis and Industry Forecast, 2020–2027

Usage-Based Insurance Market by Policy Type [Pay-As-You-Drive Insurance, Pay-How-You-Drive Insurance, and Manage-How-You-Drive Insurance ], Technology, Vehicle Age, Vehicle Type : Global Opportunity Analysis and Industry Forecast, 2020–2027

  • October 2020 •
  • 193 pages •
  • Report ID: 5994574 •
  • Format: PDF
Usage-Based Insurance Market by Policy Type [Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), and Manage-How-You-Drive Insurance (MHYD)], Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, and Black-Box-Based UBI Programs), Vehicle Age (New Vehicles and Used Vehicles), Vehicle Type (Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV)): Global Opportunity Analysis and Industry Forecast, 2020–2027

Usage based insurance is a type of insurance in which the cost of the vehicle insurance is dependent on different factors which include usage of vehicle, distance covered by the vehicle and condition of the vehicle. In addition, various private and public companies across the globe are adopting usage-based insurance in order to provide insurance companies and public with better insurance policies. Furthermore, adoption of cutting-edge technology among newly launched vehicle helps insurance companies to accurately find the usage of vehicle. In addition, adoption of advance technology such as telematics by various insurance companies for tracking and finding the usage of vehicles propels the growth of the market.
Growing adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums boosts the growth of the global usage-based insurance market. In addition, factors such as higher possibility of the vehicle being recovered, in case of stolen, and lower fuel consumption have positively impacts the growth of the market. However, high installation cost of telematics and various data security issues are expected to hamper the market growth. On the contrary, adoption of advance technology such as smartphone based UBI & hybrid based UBI and increase in concerns regarding driver’s safety across the globe is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the usage-based insurance market.
The global usage-based insurance market is segmented into type, technology, vehicle age, vehicle type and region. In terms of type, the market is fragmented into pay-as-you-drive insurance (PAYD), pay-how-you-drive insurance (PHYD), and manage-how-you-drive insurance (MHYD). Depending on technology, it is bifurcated into OBD-II-based UBI programs, smartphone-based UBI programs, hybrid-based UBI programs, and black-box-based UBI programs. As per vehicle age the market is bifurcated into new vehicles and used vehicles. In terms of vehicle type the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicle (HDV). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the usage-based insurance market analysis are Allianz SE, Allstate Corporation, Aviva, AXA, Insurethebox, Liberty Mutual Insurance, Mapfre S.A., Nationwide Mutual Insurance Company, Progressive Corporation and UNIPOLSAI ASSICURAZIONI S.P.A. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

• The study provides an in-depth analysis of global usage-based insurance market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on global market is provided in the report.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments

By Type
• Pay-as-you-drive (PAYD)
• Pay-how-you-drive (PHYD)
• Manage-how-you-drive (MHYD)

By Technology
• OBD-II-based UBI programs
• Smartphone-based UBI programs
• Hybrid-based UBI programs
• Black-box-based UBI programs

By Vehicle Age
• New Vehicles
• Used Vehicles

By Vehicle Type
• Light-Duty Vehicle (LDV)
• Heavy-Duty Vehicle (HDV)

By Region
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Belgium
o Rest of Europe

• Asia-Pacific
o China
o Japan
o Australia
o Singapore
o Thailand
o Rest of Asia-Pacific

o Latin America
o Middle East
o Africa

• Allianz SE
• Allstate Corporation
• Aviva
• Insurethebox
• Liberty Mutual Insurance
• Mapfre S.A.
• Nationwide Mutual Insurance Company
• Progressive Corporation