Press release
Global Usage Based Insurance Market Comprehensive Research and influencing Business factors - Key Players are Admiral Group Plc, Ageas Group, Octo Telematics, TomTom Telematics, Liberty Mutual Insurance,, AXA Insurance Company, AXA US
Global Usage Based Insurance Market
The Usage-Based Insurance industry is largely based on the driver and the usage of his vehicle and the way he drives. The premium is calculated on these factors which induces lower insurance premium and motivates the user to drive safer. These factors are driving the market and growing the market value from an estimated value of USD 21 billion in 2017 to an estimated value of USD 87.32 billion by 2025, also registering a CAGR of 19.5%.
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Key Players
Allianz, AXA, Progressive Insurance, Allstate, Allstate Canada, Desjardins, Generali, MAPFRE, Metromile, Aviva, Admiral Group Plc, Ageas Group, Octo Telematics, TomTom Telematics, Liberty Mutual Insurance, Intelligent Mechatronic Systems – IMS, Mitsui Sumitomo Insurance Co. (Europe) Ltd, Watchstone Group plc, Allianz Australia, Aviva Canada, Allianz Asia Pacific, AXA Insurance Company, AXA US, Aviva Asia, AXA Italia, AXA UK, Ageas UK, Liberty Mutual Insurance Europe Limited
Competitive Analysis
The Global Usage-Based Insurance Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Usage-Based Insurance market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Market Drivers:
• Reduced Premium costs in comparison to normal automotive insurance, also increase in the vehicle sales has raised the demand for insurance of vehicles
• Technology is projected to advance in the coming years and hence, Usage-Based insurance which is majorly dependent on the technological aspect is projected to register significant market growth
Market Restraints:
• Usage-Based Insurance is dependent on the driving score. The technology used to calculate these driving scores is expected to be expensive in future, therefore, increasing the cost of the insurance will be a major restraining factor
• Government regulations are not clear on Usage-Based Insurance, which makes the whole process complicated as no clear regulations are set for the users
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Market In-depth Segementation
Based on region, the market split into
• North America,
• Europe,
• Asia-Pacific, and
• Middle East & Africa, and
• South America
The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others.
U.S. is expected to dominate the market due to the rising pool of elderly population and chronic disease patient pool. Telehealth will help to U.S. healthcare model to shift from episodic model to dynamic continuous monitoring, leading to betterment of healthcare.
By Technology
• On-board Diagnostics-II
• Smartphone
• Embedded System
• Black Box
By Device
• Bring Your Own Device
• Company Provided
By Vehicle Age
• New Vehicles
• On-Road Vehicles
By Package Type
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
By Electric & Hybrid Vehicles
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle
By Vehicle Type
• Light-Duty Vehicle
• Heavy-Duty Vehicle
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