Press release
Global Market For Usage Insurance Market Will Surge At A CAGR Of Over 17% From 2022 To 2031
The latest market analysis published by Fact.MR estimates that the overall usage insurance market will reach US$ 150 Bn by 2031, expanding at a whopping CAGR exceeding 17% across the forecast period. Increased demand for paying optimum insurance rates based on actual usage is spurring sales to a very large extent.According to the historical performance of the market, usage insurance uptake registered an impressive 10% CAGR to be valued at US$ 30 Bn from as of 2020. Prospects took a temporary dip in the first half of 2020, as the COVID-19 pandemic halted automotive manufacturing and distribution operations. Fortunately, the ever surging EV popularity sustained demand.
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Key Takeaways from the Market Study
Global usage insurance market to surge 5x until 2031 as compared to 2021
Demand for pay-as-you-drive (PAYD) to account for 55% of global market revenue
Smartphone-based usage insurance likely to expand at a CAGR of 9% through 2031
By vehicle, commercial usage insurance to garner significant momentum, growing at 7% CAGR
U.S to capture half of the global usage insurance demand across the decade
Europe likely to register an expansion rate of 10% in value CAGR terms through 2031
Asia to account for a growth rate of a staggering 15% from 2021 to 2031
Competitive Landscape
Strategic collaborations enable insurance industries to increase revenue and market share. New products and technologies will enable the growth of usage-based insurance in the insurance industry.
To accelerate expansion across Europe, insurance tech company bolttech acquired i-surance, a next-generation B2B2C digital insurance platform. Boltech now covers 26 countries across North America, Asia, and Europe following the acquisition of i-surance - including Switzerland, Belgium, Germany, France, Liechtenstein, Monaco, Luxembourg, Netherlands, Portugal, Poland, Spain, and the United Kingdom.
Bolttech intends to expand its insurance exchange services in Europe to provide both partners and customers with more choices.
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Key Companies Profiled
Insure the Box Limited
Allstate Insurance Company
State Farm
Uniqa Insurance Group AG
Groupama
Generali Group
UnipolSai Assicurazioni S.p.A
Liberty Mutual Group
Allianz SE
Progressive Corporation
Key Segments Covered
Policy Type
Pay-how-you-drive(PHYD)
Pay-as-you-drive(PAYD)
Manage-how-you-drive(MHYD)
Product
Black Box
OBD Dongle
Smartphone
Others
Vehicle
Passenger Vehicle
Commercial Vehicle
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Key Data Points Covered in the Report:-
Elaborated scenario of the parent market
Transformations in the market dynamics
Detailed segmentation of the target market
Historical, current and forecast market size based on value and volume
Latest industry developments and trends
Competition landscape
Strategies adopted by the market players and product developments made
Potential and niche segments, along with their regional analysis
Unbiased analysis on performance of the market
Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
Why Opt For Fact.MR?
Various analysis methods to deliver precise market information.
Digital technologies to facilitate clients with updated market solutions.
Multi-disciplinary approach to provide accurate insights of different industries.
Data collection from extensive primary and secondary research.
Round-the-clock availability to serve clients across the world.
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