Press release
Usage Based Insurance market is projected to expand at a CAGR of 34.78% over the period 2018-2024
This report provides forecast and analysis of the usage-based insurance market which is estimated to surge US$45,311.046 million by 2024, from US$7,559.693 million in 2018. The demand for UBI is projected to witness substantial growth during the projected period due to the premium discounts allowing insurers to cut down on insurance premiums, along with the budding innovations in premium policies further catering to this demand. However, the high dependency and availability on traditional insurance premiums are projected to restrain the market growth in the near future.
The usage-based insurance market is segmented by technology, by package type, by vehicle type, by vehicle age, and geography. By geography, the Usage-based Insurance market has been segmented as Americas, Europe, the Middle East and Africa, and the Asia Pacific. The Americas and Europe, Middle East and Africa market are projected to hold the dominating share in the market and are projected to grow at substantially high rates due to the rapid penetration of telematics and connected cars in these regions. Asia Pacific region is also projected to hold a good share however due to the lack of favorable policies and IoT penetration in the automotive industry, the market is heavily restrained in the region. Additionally, the cost of installation and privacy concerns are also poised to confine the growth of the UBI market to a certain extent in the coming years.
Some of the major players covered as part of the report are AXA, Aviva, Liberty Mutual Insurance Company, Progressive Casualty Insurance Company, Nationwide Mutual Insurance Company, Octo Group S.P.A, Metromile Inc., The Travelers Indemnity Company, Allstate Insurance Company, Insure The Box Limited, IMS (part of Trak Global Group), Verizon, Vodafone Limited among others.
Usage-based insurance market has been segmented as below:
• By Technology
• OBD-II
• Smartphone
• Embedded System
• Black Box
• Hybrid
• By Package Type
• Pay-As-You-Drive
• Pay-How-You-Drive
• By Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
• By Vehicle Age
• New Vehicles
• On-Road Vehicles
• By Geography
• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Spain
• Others
• Middle East and Africa
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Others
Purchase complete report or request sample: https://www.knowledge-sourcing.com/report/usage-based-insurance-market
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on the niche and latest technologies. We engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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