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.
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.
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.
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.
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.
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
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.