Usage Based Insurance Market COVID 19 Outbreak Impact Analysis | Allianz SE, AXA S.A., Insure the Box Ltd, Progressive Corporation
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Global Usage Based Insurance Market is valued approximately USD 24.00 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 23% over the forecast period 2020-2027.
Usage based insurance offer insurance services as per the total miles a vehicle driver covers in a driving and other driving variable such as speed, site and behavior of the driver. Also, it relies on telematic instruments for collating automotive operating information which is helpful for insurance firm in evaluating the chargers of insurance policies efficiently and accurately, examining claims and restructure collisions for analyzing. The global pandemic of COVID-19 is expected to limit the growth of usage-based insurance market due to the announcement of lockdown in various economies which leads to the limited usage of vehicles. Also, production in automotive industry is hampered due to the COVID-19 pandemic which adversely affected the growth of usage-based insurance market. Telematics systems and connected cars offer accurate feedback of driving patterns and driver safety practices, providing insurance enterprises to dynamically change the cost of insurance based on the estimated risk. Therefore, rapid growth in connected cars and telematic systems is expected to drive the growth of market over the forecast years. For instance: as per Statista, the total number of connected cars in 2019 was 50 million units which is expected to increase with 76.3 million till 2023. In addition, reduction in insurance premium and risk-related cost are the factors propelling the growth of market over the forecast years. However, uncertainty over regulations & legislative environment is the factor hamper the growth of market.
The regional analysis of global Usage Based Insurance Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing adoption of Mobility as a service and increasing collaborations between telematics and insurance companies. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising production and sale of vehicles in the region would create lucrative growth prospects for the Usage Based Insurance Market across Asia-Pacific region.
Major market player included in this report are:
Insure the Box Ltd
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Technology offerings of key players. The detailed segments and sub-segment of the market are explained below:
On-board diagnostics (OBD)- II
A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021
covid-19 scenario Market Behavior/ Level of Risk and Opportunity End Industry Behavior/ Opportunity Assessment Expected Industry Recovery Timeline Business Impact Horizon
Opening of Economy by Q3 2020 xx xx xx xx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021 xx xx xx xx
Geographical Breakdown: The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery path of Covid 19 for all regions, key developed countries and major emerging markets.
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
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Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis
Q.1 What are some of the most promising potential, high growth opportunities for the global market by application, by product, by end user and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster speed and why?
Q.3 Which regions will grow at a faster speed and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats of market?
Q.6 What are emerging trends in market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the leading players in market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this market?
Q.11 What M & A activities have taken place in the last five years in this market?
The Study Explore COVID 19 Outbreak Impact Analysis
• What should be entry strategies, countermeasures to economic impact, and marketing channels?
• What are market dynamics?
• What are challenges and opportunities?
• What is economic impact on market?
• What is current market status? What’s market competition in this industry, both company, and country wise? What’s market analysis by taking applications and types in consideration?
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Key Points Covered in Usage Based Insurance Market Report:
Table of Contents
List of Figures
List of Tables
Segmentation By Geography
Usage Based Insurance Market Characteristics
Supply Chain And Key Participants
Usage Based Insurance Market Size And Growth
Historic Market Growth, Value ($ Billion)
Drivers Of The Market
Restraints On The Market
Forecast Market Growth, Value ($ Billion)
Usage Based Insurance Global Market PESTEL Analysis by Political, Economic, Social, Technological, Environmental, Legal
Usage Based Insurance Customer Information
Brand Experience And Customer Support Influence Purchasing Decision
Usage Based Insurance Market, Regional And Country Analysis
Global Usage Based Insurance Market, 2017, By Region, Value ($ Billion)
Global Usage Based Insurance Manufacturing Market, 2014 - 2025, Historic And Forecast, Segmentation
Usage Based Insurance Market Overview
Global Usage Based Insurance Market Top Opportunities By Segment
Global Usage Based Insurance Market Top Opportunities By Country
Global Usage Based Insurance Market Strategies
Strategies based on market trends
Strategies Adopted By Leading Competitors
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