Usage-Based Insurance Market is Projected to Reach $149.2 billion by 2027, Growing at a CAGR of 25.10%

According to a recent report published by Allied Market Research, titled, “Usage-Based Insurance Market by Policy Type [Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), and Manage-How-You-Drive Insurance (MHYD)], Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, and Black-Box-Based UBI Programs), Vehicle Age (New Vehicles and Used Vehicles), Vehicle Type (Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV)): Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global usage-based insurance market size was valued at $28.7 billion in 2019, and is projected to reach $149.2 billion by 2027, growing at a CAGR of 25.10% from 2020 to 2027.

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Increase in economic strength of the developing nations such as China and India is expected to provide lucrative opportunities for the market growth. North America occupied a major share in the auto insurance market in 2019, owing to the presence of major market players such as Allstate Corporation and Allianz. They are offering advanced coverages such as comprehensive, underinsured, and uninsured motorist, due to the extensive adoption of cars.

Furthermore, technological advances such as telematics, including black box, navigation & direction, OBD2 devices, and other connected devices in vehicles, propel the growth of the market, by giving an opportunity to auto insurance companies to provide products linked to in-vehicle telematics along with the liability coverage. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to increase in competition among local vendors, in terms of features, quality, and price.

Key Players Analysis:

Today’s companies choose the solution for market research reports such as the Usage-Based Insurance Market study because it lends a hand with better decision making and more revenue generation. The research report on the Usage-Based Insurance Market helps strengthen organization and make better decisions to drive business on the right track.

Major players profiled in the report such as llianz SE, Allstate Corporation, Aviva, AXA, Insurethebox, Liberty Mutual Insurance, Mapfre S.A., Nationwide Mutual Insurance Company, Progressive Corporation and UNIPOLSAI ASSICURAZIONI S.P.A.

The report analyzes profiles of these leading companies and their share of the market. This gives insights into some of the strategies that these firms have put in place to survive the competition and maintain their strong hold.

These players have incorporated an array of strategies such as expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong hold in the industry.

Key Benefits from Usage-Based Insurance Market Report 2020-2027:

• Porter's Five Forces analysis underscores the potency of buyers and suppliers to allow stakeholders to come up with tactical business decisions.
• Major impacting factors & top investment pockets are also presented in the research.
• The major states in each province are studied and their revenue contribution is cited as well.
• The report doles out in-depth analysis of the current Usage-Based Insurance Market trends, predictions, estimates and market size from 2020 to 2027 to define new opportunities.

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Usage-Based Insurance Market Report provides information of recent developments, trade regulations, import export analysis, output analysis, value chain optimization, market share, influence of domestic and local market players, analysis of opportunities with regard to emerging revenue pockets, market regulatory changes, strategic market growth analysis, market size, segment size, geographical expansions, technological innovations in the market.

The Usage-Based Insurance Market is analyzed based on regions and competitive landscape in each region is mentioned. Regions discussed in the study include North America, Europe, Asia-Pacific, South America, Middle East and Africa. These insights help craft new strategies and create new opportunities to achieve excellent results.

Highlights of the Report:

• Detailed and exhaustive assessment of the Usage-Based Insurance Market.
• Accrued revenues from each segment of the market by from 2020 to 2027.
• Drivers, restraints, and opportunities in the industry.
• Approaches undertaken by the key market players.
• Regions that would create multiple opportunities for the key players in the industry.
• Current scope and trends of the Usage-Based Insurance Market.

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CHAPTER 1: INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1.CXO PERSPECTIVE

CHAPTER 3: MARKET LANDSCAPE

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.PORTER'S FIVE FORCES ANALYSIS

3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers

3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2019
3.5.MARKET DYNAMICS

3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities

3.6.COVID-19 impact analysis on usage-based insurance market

3.6.1.Impact on market size
3.6.2.Consumer trends, preferences, and budget impact
3.6.3.Economic impact
3.6.4.Strategies to tackle negative impact
3.6.5.Opportunity window

CHAPTER 4: USAGE BASED INSURANCE MARKET BY POLICY TYPE

4.1.OVERVIEW
4.2.PAY AS YOU DRIVE

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region
4.2.3.Market share analysis, by country

4.3.PAY HOW YOU DRIVE

4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast, by region
4.3.3.Market share analysis, by country

4.4.MANAGE HOW YOU DRIVE

4.4.1.Key market trends, growth factors and opportunities
4.4.2.Market size and forecast, by region
4.4.3.Market share analysis, by country

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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