Press release
Usage-based Insurance Market to Grow at 18.95% CAGR to 2025, Embedded Telematics Holds the Largest Shares
The demand for usage-based insurance market is largely influenced by increasing vehicle sales with telematics and connected car services, reduction in insurance as compared to the traditional insurance, and increasing vehicle sales and parc. The global usage-based insurance market for automotive was valued to be USD 21.86 billion in 2017 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95%, during the forecast period. Get the Sample Papers Now at https://www.reportsnreports.com/contacts/requestsample.aspx?name=1646268 .The usage-based insurance for automotive is a method to calculate the insurance premium. The amount of insurance premium is decided on the basis of a driving score which is calculated by considering factors such as vehicle usage, location, speeding, braking, cornering, night driving, and distracted driving. Based on the driving score, automotive insurance providers offer a discount on the insurance premium.
Embedded systems refer to the inbuilt (embedded) telematics inside a vehicle. Embedded system is used to collect vehicle data and analyze the driver behaviour to calculate insurance premiums. Embedded telematics is very accurate at capturing vehicle data as it is an integrated part of the system and does not require external calibration to register data. This also helps reduce the initial cost as the user does not have to buy separate devices (OBD-II or black box) to avail usage-based insurance.
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The usage-based insurance market in Asia Oceania is in a very nascent stage in the present scenario. However, it is expected to be the fastest growing, in terms of value, because of the largest vehicle sales and on-road vehicles. The increased adoption rate of telematics and connected car services and huge vehicle sales and parc are fueling the usage-based insurance market in Asia Oceania.
Key Target Audience
• Automotive cloud service providers
• Automotive electronics hardware and software suppliers
• Automotive insurance platform providers
• Automotive insurance providers
• Automotive Original Equipment Manufacturers
• In-vehicle telematics service providers
• Regional automotive insurance associations
The usage-based insurance market consists of companies such as Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands), Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), and Sierra Wireless (Canada).
Get More Details on Usage-based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System, Black Box), Vehicle Age (New, On-Road), Device Offering (BYOD, Company Provided), and Region - Global Forecast to 2025 at https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=1646268 .
The study contains insights provided by various industry experts. The breakup of the primaries is as follows:
• By Company Type: Tier-1 —50%, Tier-2—30%, and OEMs —20%
• By Designation: D level —50%,C level —35% Other —15%
• By Region: The Americas—40%, Europe —40%, Asia Oceania—20%
The usage-based insurance for automotive is a method to calculate the insurance premium. The amount of insurance premium is decided on the basis of a driving score which is calculated by considering factors such as vehicle usage, location, speeding, braking, cornering, night driving, and distracted driving.
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Mr. Hrishikesh
Tower B5, Office 101,
Magarpatta City SEZ,
Pune-411013, India
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