Press release
Extensive Research Driving the Automotive Usage Based Insurance Market
Advancement and development of Internet of Things (IoT) has generated a wave of connectivity, which had an influence in almost all industry verticals. The same wave also has significant impact on automotive and insurance industry. Insurance companies are increasingly utilizing IoT data to improve the precision in gauging risk, pricing policies, and estimating other necessary reserve. The advancement of IoT has led to introduction of insurance policies such as Automotive User Based Insurance (UBI). Automotive user based insurance can be defined as pay-as-you drive, pay-how-you drive and distance based insurance.For more insights into the Market, request a sample of this report @ https://www.persistencemarketresearch.com/samples/29038
Automotive usage based insurance is based on telematics, i.e. driving habits such as miles driven, driving speed and hard-braking incidents. Automotive usage based companies’ installs a telematics device to monitor and record the driving habits. Automotive usage based insurance offer sever advantages over traditional insurance, it takes into consideration several factors including past driving history, make and model of vehicle, driving method to determine the insurance premium. Automotive usage based insurance utilizes real-time data to make decisions about insurance pricing and insurance type. Moreover, automotive usage based insurance offers high level of customization and flexibility to the end-users.
Automotive Usage Based Insurance Market: Dynamics
The global automotive user based insurance market is projected to witness significant growth during the forecast period. According to National Association of Insurance Commissioners (NAIC), about one-fifth of auto insurers will offers automotive usage based insurance in the next five years. Some of the key driving factors for the growth of global automotive usage based insurance includes increasing production and sales of automobiles, particularly in the developing countries, changing demographic trend, changing driving habits and increasing number of affluent middle class population. Furthermore, steady growth and advancement of IoT is expected to further augment the growth of automotive usage based insurance market during the forecast period.
For Information On The Research Methodology request here @ https://www.persistencemarketresearch.com/methodology/29038
Automotive usage based insurance offers a win-win situation for both insurance providers and policyholder. Some of automotive usage based insurance companies offers incentives for the driver to adopt safer driving practices this in turn, results in reducing the number of accidents and hence, the number of claims the insurance company has to pay out. Furthermore, among various type of insurances, distance based insurance has been witnessing resurgence in the market place, particularly in the European region. This can be attributed to development of telematics. Furthermore, distance based insurance offers several advantages such as quick to implement, offer more transparency and enables policyholders to effectively choose right insurance meeting their lifestyle needs and values.
Automotive Usage Based Insurance Market: Segmentation
Global Automotive Usage Based Insurance market can be segmented by insurance type, by end-user and by vehicle type
On the basis of insurance type, Automotive Usage Based Insurance can be segmented into:
Pay-how-you drive (PHYD)
Pay-as-you drive (PAYD)
Distance based insurance
Manage-how-you drive (MHYD)
On the basis of vehicle Type, Automotive Usage Based Insurance can be segmented into:
Passenger cars
Compact Cars
Luxury Cars
SUVs
Light Commercial Vehicles
Heavy Commercial Vehicles
On the basis of end-user, Automotive Usage Based Insurance can be segmented into:
Fleet Owners
Individual Owners
Automotive Usage Based Insurance Market: Regional Overview
To receive extensive list of important regions, Request TOC here @ https://www.persistencemarketresearch.com/toc/29038
Europe is expected to hold dominating position in the global Automotive Usage Based Insurance market. The region is expected to dominate the market through the forecast period. The growth in the Automotive Usage Based Insurance market is driven by increasing adoption of automation & advancement of telematics along with increasing popularity of customized insurance. North America is expected to follow the European Automotive Usage Based Insurance market. Asia Pacific is expected to be the fastest growing market for Automotive Usage Based Insurance, with India and China taking the lead.
Automotive Usage Based Insurance Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Automotive Usage Based Insurance Market includes:
Nationwide Mutual Insurance Company
Esurance Insurance Services, Inc.
The Travelers Indemnity Company
Progressive Casualty Insurance Company
Metromile Inc.
Liberty Mutual Insurance
Trak Global Group
Allianz SE
Desjardins Insurance
Insurance Box Pty Ltd
Contact Us
Persistence Market Research
U.S. Sales Office
305 Broadway, 7th Floor
New York City, NY 10007
+1-646-568-7751
United States
USA - Canada Toll-Free: 800-961-0353
E-mail id- sales@persistencemarketresearch.com
Website: www.persistencemarketresearch.com
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Extensive Research Driving the Automotive Usage Based Insurance Market here
News-ID: 2164740 • Views: …
More Releases from Persistence Market Research
North America Wiring Devices Market Projected to Reach USD 26.46 Billion by 2031
Overview of the North America Wiring Devices Market
The North America wiring devices market is poised for steady growth over the forecast period, with its size estimated at US$ 18.96 billion in 2024, projected to reach US$ 26.46 billion by 2031, reflecting a CAGR of 4.9%. The market is witnessing substantial expansion due to increasing urbanization, a rising number of residential and commercial construction projects, and the adoption of energy-efficient and…
Global Forged Automotive Components Market Poised for Steady Growth, Projected t …
The global forged automotive components market is on a robust growth trajectory, currently valued at approximately US$ 50.3 billion in 2025 and forecasted to expand to US$ 70.7 billion by the end of 2032. This growth represents a compound annual growth rate (CAGR) of 5.0% over the coming decade, driven by increasing automotive production, technological advancements, and evolving consumer preferences toward durable, high-performance vehicle parts.
Forged automotive components are critical to…
Global Electric Cargo Bike Market Set to Accelerate at 11.9% CAGR, Reaching US$ …
The global electric cargo bike market is set to experience substantial growth over the coming decade, with Persistence Market Research (PMR) forecasting a compound annual growth rate (CAGR) of 11.9% from 2023 through 2032. Valued at approximately US$ 800 million in 2021, the market is expected to surge to a projected valuation of US$ 2.14 billion by the end of 2032. Notably, electric cargo bikes accounted for 66.2% of the…
Bicycle Bearings Market Set for Steady Growth with 6.5% CAGR Through 2032, Drive …
The global bicycle bearings market is poised for significant expansion over the forecast period of 2025 to 2032, according to the latest report released by Persistence Market Research. Valued at approximately US$ 5.99 billion in 2024, the market is projected to reach US$ 6.35 billion by 2025 and further escalate to nearly US$ 9.86 billion by 2032. This growth trajectory reflects a compound annual growth rate (CAGR) of 6.5%, underscoring…
More Releases for Insurance
Renters Insurance Market Dazzling Worldwide with Major Giants Travelers Insuranc …
According to HTF Market Intelligence, the Global Renters Insurance market to witness a CAGR of xx% during the forecast period (2024-2030). The Latest research study released by HTF MI "Renters Insurance Market with 120+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know-how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint, and status. Understanding the segments helps in identifying…
Renters Insurance Market to See Competition Rise | Travelers Insurance, Geico In …
HTF MI introduces new research on Renters Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Renters Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing. Some of the major key players profiled…
Insurance Road Assistance Services Market Is Booming Worldwide | Travelers Insur …
Insurance Road Assistance Services Market: The extensive research on Insurance Road Assistance Services Market, by Qurate Research is a clear representation on all the essential factors that are expected to drive the market considerably. Thorough study on Insurance Road Assistance Services Market helps the buyers of the report, customers, the stakeholders, business owners, and stockholders to understand the market in detail. The updated research report comprises key information on the…
Agriculture Crop Insurance Market Type (MPCI Insurance, Hail Insurance, Livestoc …
Agriculture Crop Insurance market worldwide Agriculture is an important contributor to any economy. The extensive use of crops for direct human consumption and industrial processes has resulted in increasing the pressure on the existing supply demand gap. Increasing need for food security is expected to augment the demand for insurance policies. The two major risks in agricultural sector are price risk, caused due to volatility in prices in the market…
Household Insurance Market By Key Players: Discount Insurance Home Insurance, On …
Household Insurance Industry Overview
The Household Insurance market research study relies upon a combination of primary as well as secondary research. It throws light on the key factors concerned with generating and limiting Household Insurance market growth. In addition, the current mergers and acquisition by key players in the market have been described at length. Additionally, the historical information and current growth of the market have been given in the scope of the research report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Household Insurance market…
Life Insurance Market in Kuwait By Warba Insurance Company, Al Ahleia Insurance …
GlobalData’s 'Life Insurance in Kuwait, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Kuwaiti life insurance segment, and a comparison of the Kuwaiti insurance industry with its regional counterparts.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).
The report also…
