The global Usage-Based Insurance market gathered revenue around USD 18.0 Billion in 2020 and market is set to grow USD 69.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 29.2% during the prediction period 2021 to 2027. Factors such as lower insurance premium compared to regular insurance, government regulations on telematics, high adoption of connected car services, and growing on-road vehicles are expected to drive the demand for the usage-based insurance market.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Usage-Based Insurance market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Usage-Based Insurance market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Usage-Based Insurance market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Scope of the Report:
The global Usage-Based Insurance market offers an exhaustive research analysis of the global market's growth prospects. The report's scope includes a global industry overview, a global industry description with comprehensive research analysis, and an Usage-Based Insurance industry summary of various countries and their regions. This research study evaluation of present market revenue, market forecast, and market share investigation of the foremost suppliers of the industry. It also covers the competitive landscape, market size, marker trends, Usage-Based Insurance industry future innovations, and a range of existing market business strategies. Stakeholders will be able to design and align their business plans using current and future market trends.
Challenges: Developing automotive usage-based insurance ecosystem
As the demand for usage-based insurance for automotive continues to increase significantly, a strong ecosystem is getting created around connected car services. This ecosystem involves participants such as automotive IoT and insurance platform providers, data platform and analytics companies, automotive insurance black box and telematics providers, big data companies, and cloud service providers. Insurance companies are witnessing a digital transformation in several areas. For instance, the analytics capabilities of insurance providers may be displaced by predictive modeling or machine learning technologies. Additionally, the growing availability of real-time data collection from vehicles is replacing traditional data sets containing risk profiles based on claims history. The growth in automotive telematics, demand for connected car services, and mobile-based telematics will create immense opportunities for players in the usage-based insurance industry.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the Usage-Based Insurance Market are:
The usage-based insurance market UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Based on Package Type, the market has been segmented as follows:
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
Based on Technology, the market has been segmented as follows:
- OBD-II
- Smartphone
- Black Box
- Embedded
- Other technologies
Based on Vehicle Type, the market has been segmented as follows:
- Light-duty Vehicle (LDV)
- Heavy-duty Vehicle (HDV)
Based on Vehicle Age, the market has been segmented as follows:
Based on Device Offering, the market has been segmented as follows:
- Bring Your Own Device (BYOD)
- Company Provided
Based on Electric & Hybrid Vehicle, the market has been segmented as follows:
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Vehicle (PHEV)
- Fuel-cell Electric Vehicle (FCEV)
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the Usage-Based Insurance market, and the current trends and future estimations to elucidate imminent investment pockets.
- It presents a quantitative analysis of the market from 2021 to 2027 to enable stakeholders to capitalize on the prevailing Usage-Based Insurance market opportunities.
- Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the Usage-Based Insurance market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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