The Infinium Global Research analyzes the “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”. The global usage-based insurance market is projected to grow at a CAGR of 29.5% over the forecast period of 2019-2025.
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Usage-Based Insurance Market: Insights
Usage-based insurance is based on telematics-based insurance series where the premium is determined on the basis of driving behaviour by insurance companies. The growing adoption of intelligent telecoms propels the usage-based insurance market growth. Infinium Global Research has recently published a report on the usage-based insurance market. The report provides in-depth information about the usage-based insurance market which is expected to grow at a CAGR of 29.5% over the forecast period of 2019-2025.
Usage-Based Insurance Market: Drivers, Restraints, And Opportunities
The rising use of insurance models such as PAYD and PHYD drives the growth of the usage-based insurance market. The monitoring of motive patterns, telematics, and other communication technologies contributes to the growth of the usage-based insurance market. The growing popularity of managing solutions and the rapid surge in the adoption of smartphones promote the growth of the usage-based insurance market. The lowering of accidents and vehicle theft due to telematics-based insurance stimulates the growth of the usage-based insurance market. The declining insurance premium and risk-related costs boost the growth of the usage-based insurance market. Furthermore, the rising adoption of telematics and connected cars propel the growth of the usage-based insurance market. On the flip side, high installation costs of telematics hamper the growth of the usage-based insurance market. Usage-based insurance is dependent on telematics devices. Moreover, technological development creates novel opportunities for the growth of the usage-based insurance market.
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Usage-Based Insurance Market: Segmentation
The global usage-based insurance market is segmented on the basis of package type and technology. Based on package type, the usage-based insurance market is divided into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). The technology segment includes OBD-II, embedded system, smartphone, black box, and other technologies. The black box segment holds a dominant share in the technology segment of the usage-based insurance market.
Usage-Based Insurance Market: Regional Insights
Geographically, the global usage-based insurance market is divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America is expected to hold a premium share in the global usage-based insurance market. The rising consumer confidence and growing usage-based insurance adoption in North America contribute to the growth of the usage-based insurance market in North America. Europe region is anticipated to grow in the usage-based insurance market with a healthy CAGR over the forecast period. Asia-Pacific region is growing in the global usage-based insurance market with the active pilot programs in developing countries like India and China.
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Usage-Based Insurance Market: Competitive Landscape
The leading players in the global usage-based insurance market are 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. Companies are focusing on mergers, acquisitions, and new product launches that expand their market share in the global usage-based insurance market.
Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the usage-based insurance.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
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