The latest report on “ (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 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.
Rising Popularity of Managing Solutions and Rapid Growth in Adoption of Smartphones Propel the Growth of the Usage-Based Insurance Market
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 the 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 Usage-based Insurance Market
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.
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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.
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 application 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.