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

Summary
Table of contents

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

Ahmad helps you find the right report:

+1 718 618 4302
Contact by email

FAQ

Testimonials

The market research advisor answered my questions quickly and professionally. ReportBuyer's team did their best to ensure that I felt comfortable before making the investment to purchase the report.

Cristian Nunez

Director of Corporate Development Chugach Alaska Corporation

My overall experience with ReportBuyer today has been very positive, and I must thank you for your patience (...). Also, the sample you sent me and the explanations provided were very helpful.

D. Lescuyer

Executive Vice President Oral Business at Skyepharma

The research specialist was very helpful, and proposed the best content for my needs. ReportBuyer also offered a great follow-up, thanks for everything !

P. Thompson

EMEA Managing Director

We were satisfied with the support that ReportBuyer's team provided. Thanks to their recommendations, the report we purchased provided exactly what we want.

Y. Wang

Business Analyst

We didn't have time to do the research internally, and thanks to ReportBuyer's team we were able to find the appropriate data.

S. Chen

Research Coordinator

I was impressed by the customer service: it was fast, responsive, and 100% professional !

D. Krivan

Market Research Analyst

The research specialist provided prompt and helpful service. He also followed up to ensure I had all the information to deliver my business development plan.

C. Adams

Senior Business Development Manager