Automotive Usage-Based Insurance Market PESTLE Analysis, SWOT Analysis, CAGR 24.4%, and Value Chain Study to 2027 | Allstate Insurance Company, Allianz SE, Assicurazioni Generali S.P.A., Sierra Wireless Inc.

Report Ocean releases its latest report on the global Automotive Usage-Based Insurance Market. A combination of information gathered from first-hand sources, qualitative and quantitative assessments of industry analysts, and insights from experts and participants across the value chain is used to calculate the global Automotive Usage-Based Insurance Market.

The global automotive usage-based insurance market is forecast to grow at a compound annual growth rate (CAGR) of more than 24.4% during the forecast period from 2021-2027.

Automobile Usage-Based Insurance provides coverage based on the actual miles driven and other driving variables, including location, speed, and driving behavior. Using telematics devices, insurers collect driving data for quality control, claims assessment, and even accident reconstruction. The data is analyzed by insurance companies for pricing insurance policies more accurately. 

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Factors Affecting the Market

The penetration of usage-based insurance due to its benefits, such as lower insurance premiums than the standard one, and the high adoption of connected car services are substantial contributors to its growth. The automotive industry has seen a rise in usage-based insurance. 

Increasing sales of pre-equipped telematics vehicles and government regulations for vehicle safety will drive market growth. 

A low level of transparency in data collection techniques, privacy, and theft concerns, are expected to hinder the market growth. Also, a poor internet connection may affect real-time monitoring systems, and therefore the discount on premiums offered by insurance companies. In addition, challenges such as lack of personal integrity and design complexity may negatively impact market growth.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Automotive Usage-Based Insurance Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Automotive Usage-Based Insurance Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Automotive Usage-Based Insurance Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Automotive Usage-Based Insurance Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Automotive Usage-Based Insurance Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Automotive Usage-Based Insurance Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Automotive Usage-Based Insurance Market provides insight into the factors influencing its growth. This market study breaks down the Automotive Usage-Based Insurance Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Automotive Usage-Based Insurance Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Automotive Usage-Based Insurance Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Automotive Usage-Based Insurance Market are:

Allstate Insurance Company
Allianz SE
Assicurazioni Generali S.P.A.
Sierra Wireless Inc.
Octo Telematics
Cambridge Mobile Telematics
TomTom International N.V.
Vodafone Automotive SpA
Metromile, Inc.
AXA S.A.

Scope of the Report

The global Automotive Usage-Based Insurance Market segmentation focuses on:

Segmentation based on Package Type

Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)

Segmentation based on Technological Type

On-Board Diagnostics (OBD)
Smartphone 
Black box
Embedded telematics

Segmentation based on Vehicle Type

Passenger Vehicles 
Commercial Vehicles

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This release was published on openPR.