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 (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.
KEY BENEFITS FOR STAKEHOLDERS • 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
• LAMEA o Latin America o Middle East o Africa
KEY MARKET PLAYERS • Allianz SE • Allstate Corporation • Aviva • AXA • Insurethebox • Liberty Mutual Insurance • Mapfre S.A. • Nationwide Mutual Insurance Company • Progressive Corporation • UNIPOLSAI ASSICURAZIONI S.P.A
Our reports have been used by over 10K customers, including:
United Kingdom (UK) Private Motor Insurance - Market Dynamics and Opportunities 2020
Gross written premiums (GWP) contracted in 2019.This was driven by decreases in both the number of policies sold and the average cost of premiums.
The implications of COVID-19 have changed the...
120 pages •
By Infiniti Research Limited
• Dec 2020
Global Vehicle Roadside Assistance Market 2020-2024
The analyst has been monitoring the vehicle roadside assistance market and it is poised to grow by $ 1.75 bn during 2020-2024 progressing at a CAGR of 2% during the forecast period. Our report on vehicle roadside assistance market provides a holistic analysis, market...
- The Thailand Motor Insurance Market is estimated to grow at a CAGR of approximately 6% during the forecast period. - As of September 2019, the direct premium of compulsory motor insurance was 13.99 billion THB and voluntary motor insurance 91.2 billion THB. Overall Motor insurance direct premium was 10.51 billion THB and it holds 59.27%...
Auto Insurance Market by Coverage (Third Party Liability Coverage, and Collision/Comprehensive/Other Optional Coverages) Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, and Others), Vehicle Age (New Vehicles, Used Vehicles), and Application (Personal, Commercial): Global Opportunity Analysis and Industry Forecast,...
Revved up: New entrants have boosted competition and driven players to innovate Abstract Car Insurance in Australia The industry underwrites car insurance policies. Car insurance provides financial cover for physical damage to automobiles and bodily injuries as a result of traffic collisions. Car insurance...
120 pages •
By Infiniti Research Limited
• Feb 2021
Global Automotive Premium Audio System Market 2021-2025
The analyst has been monitoring the automotive premium audio system market and it is poised to grow by $ 16.96 bn during 2021-2025, progressing at a CAGR of 9% during the forecast period. Our report on automotive premium audio system market provides a holistic analysis,...
The Global Automotive Data Logger Market is poised to grow at a CAGR of around XX% over the next decade to reach approximately $XX million by 2028. Some of the prominent trends that the market is witnessing include growing electric vehicle production and autonomous vehicle testing, technological advancements in modern...
Global Motor Insurance Market 2020 - Thematic Research
’Global Motor Insurance Market 2020 - Thematic Research’ report provides a detailed outlook of the global motor insurance industry.
This report provides in-depth market analysis, information, and insights into the global and...
Lane change: Cars will return to the roads in recovery, but improved safety will reduce accidents Abstract Automobile Towing in the US The Automobile Towing industry is chugging along. The economy has continued to improve over the five years to 2019, leading to a decline in the unemployment rate. With...
184 pages •
By Global Industry Analysts
• Sep 2020
Global Automotive Premium Audio System Market to Reach US$120.6 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Automotive Premium Audio System estimated at US$99.7 Billion in the year 2020, is projected to reach a revised size of US$120.6 Billion by 2027, growing at a CAGR of 2.8% over the period 2020-2027.Luxury...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.