Usage Based Insurance Market was valued US$ 28.12 Bn in 2019 and is expected to reach US$ XX Bn by 2027 at a CAGR of XX% during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Usage-based insurance market pays how you drive. It’s a way for auto insurance companies to set premium based on how safe driving habits of a driver. The usage-based insurance market is driven by the increase in lower accident and vehicle theft possibilities and detection of stolen vehicles through telematics device installed in the vehicle. High installation cost of telematics and its lengthy process will hamper the growth of the market.
The usage-based insurance market is segmented into type, technology, Vehicle, and geography. In terms of Type, Manage-How-You-Drive (MHYD) is to grow faster it provides fast-moving advances in technology, there has been a perceptive shift in consumer attitudes and practices, it has higher flexibility and freedom to consumers. In Technology segment, a black box will be growing faster as the increase in accounting number of total market revenue and customer preference for it accurate and timely data collection capabilities will boost the demand in a market.
Among region, Europe is expected to grow at the highest CAGR of XX% during the forecast period. A rise in the production of a vehicle and its safety is creating the revenue opportunity in the region. Growing awareness among consumers and technological advancement is boosting the UBI market in Europe. Italy is currently dominating the segment by one-third usage-based insurance market generating the maximum revenue in the Europe region.
The objective of the report is to present a comprehensive analysis of Global Usage Based Insurance Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Usage Based Insurance Market dynamics, structure by analyzing the market segments and project the Global Usage Based Insurance Market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the Global Usage Based Insurance Market make the report investor’s guide.
The scope of the Usage-Based Insurance Market
Global Usage-Based Insurance Market, by Type
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
• Distance-based-Insurance (DBI)
Global Usage-Based Insurance Market, by Technology
• Black Box
• Metal Forming Market for Automotive
Global Usage-Based Insurance Market, by Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
Global Usage-Based Insurance Market, by Region
• North America
• Middle East & Africa
• Latin America
Key Players in Usage Based Insurance Market:
• AXA Group
• Octo Telematics S.p.A.
• Intelligent Mechatronic Systems
• Allianz SE
• Insure the Box Ltd
• Progressive Corporation
• Allstate Corporation
• Desjardins Insurance
• Generali Group
• Mapfre S.A.
• Aviva plc
• Watchstone Group
• Sierra Wireless
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