Usage-based Insurance Market (Package Type - Pay-as-you-drive (PAYD), Pay-how-you-drive (PHYD), and Manage-how-you-drive (MHYD); Technology - OBD-II, Embedded System, Smartphone, Black Box, and Other Technologies): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025

  • Published : November, 2019

  • Rep Id : AT00162

  • Category : Automotive, Aerospace & Defence

  • Status : Published

A recent report published by Infinium Global Research on usage-based insurance market provides an in-depth analysis of segments and sub-segments in the global as well as regional usage-based insurance market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional usage-based insurance market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global usage-based insurance market. According to the report, the global usage-based insurance market is projected to grow at a CAGR of 29.5% over the forecast period of 2019-2025.

 

Market Insight

Usage-based insurance is a type of auto insurance. The costs are dependent upon the type of vehicle used, measured against time, behavior, distance, and place. It is based on telematics-based insurance service. It includes different services such as pay-as-you-drive, manage-how-you-drive, and pay-how-you-drive. This insurance promotes potential cost savings for the responsible customers.

 

The surge in the use of insurance models such as PAYD and PHYD will augment the growth of the usage-based insurance market. The monitoring of motive patterns, telematics, and other communication technologies are major factors contributing to the expansion of the usage-based insurance market. The modern usage-based insurance uses rich insurance telematics data for the identification of risky driving behavior and price policies accordingly. The rising popularity of managing solutions and rapid growth in adoption of smartphones propel the growth of the usage-based insurance market. The telematics-based insurance lowers the number of accidents and vehicle theft cases causing the expansion of the usage-based insurance market. The declining insurance premium and risk-related costs stimulate the growth of the usage-based insurance market. In addition, increasing the adoption of telematics and connected cars leads to the development of usage-based insurance. On the other side, high installation costs of telematics hinder the growth of market. Usage-based insurance is dependent on telematics devices. Moreover, technological development creates several opportunities for the market in the coming years.

 

North America is anticipated to have a dominant share in this market owing to the increasing consumer confidence and rising adoption of usage-based insurance in this region. Europe region is expected to grow in the usage-based insurance market with a significant CAGR over the forecast period. The growing number of partnerships among telematics companies and insurance companies in Europe contributes to the growth of Europe usage-based insurance market. Asia-Pacific region is anticipated to have healthy growth in this market owing to the rising active pilot programs in developing countries like India and China.

 

Segment Covered

The report on global usage-based insurance market covers segments such as package type, and technology. On the basis of package type, the sub-markets include pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD). On the basis of technology, the sub-markets include OBD-II, embedded system, smartphone, black box, and other technologies.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Vodafone Group Plc, Allianz SE, AXA SA, Liberty Mutual Group, Verizon Enterprise Solutions LLC, Octo Telematics SpA, Allstate Insurance Co., Progressive Corporation, Sierra Wireless Inc., Tomtom Inc., and other companies.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of usage-based insurance market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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