Press release
Usage Based Insurance Market to reach USD 135.16 Bn by 2029, emerging at a CAGR of 27.3 percent and forecast 2023-2029
Usage Based Insurance Market
The report entails a comprehensive study of the Usage Based Insurance Market, encompassing its types, technologies, vehicles, and geographical segments. It sheds light on the pioneering "Manage-How-You-Drive" (MHYD) type, which is poised to experience rapid growth due to its flexibility and alignment with evolving consumer preferences. The technology segment emphasizes the increasing prominence of the "black box," driven by its ability to efficiently gather accurate and timely data.
Usage-based insurance markets reward your driving style. It allows vehicle insurance firms to base premiums on a driver's history of safe driving practises. The market for usage-based insurance is propelled by a decrease in the likelihood of accidents and vehicle theft as well as the ability to identify stolen vehicles thanks to in-vehicle telematics devices. The lengthy installation process and high installation cost of telematics may impede market expansion.
Market segments for usage-based insurance include type, technology, vehicle, and geography. In terms of Type, Manage-How-You-Drive (MHYD) is expected to expand more quickly since it offers quick technological advancements, a perceptive shift in consumer attitudes and behaviours, and greater flexibility and freedom for customers.
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Usage Based Insurance Market Dynamics:
Usage-based insurance is revolutionizing the insurance landscape by linking premiums directly to driving habits. It's an innovative approach adopted by auto insurance companies to reward safe driving practices. The foundation of this model lies in using telematics devices installed in vehicles to gauge driver behavior. The market's growth trajectory is propelled by the potential for reduced accidents, lower vehicle theft rates, and enhanced stolen vehicle recovery facilitated by telematics. However, the market is not without its challenges; the high installation cost of telematics devices and the involved lengthy process stand as restraints to its full potential.
The growth of the usage-based insurance market is fueled by the reduction in accident rates and vehicle thefts attributed to safe driving habits. The incorporation of telematics devices in vehicles enables the detection of stolen vehicles, although the market growth is hindered by the high installation costs and extended implementation process of these devices.
Usage Based Insurance Market Regional Insights:
Among regions, Europe is poised to lead the market's expansion with an impressive projected CAGR during the forecast period. The region's burgeoning vehicle production and growing emphasis on vehicular safety act as key drivers of market growth. Fueled by heightened consumer awareness and technological advancements, the usage-based insurance market in Europe is experiencing rapid expansion. Notably, Italy commands a significant share of the market, generating substantial revenue and positioning itself as the foremost player in the European segment.
The report anticipates Europe to exhibit the highest CAGR during the forecast period. Factors such as increased vehicle production and heightened focus on safety contribute to the region's revenue opportunities. The growth of the UBI market in Europe is further propelled by rising consumer awareness and technological advancements. Among the European nations, Italy leads the segment, contributing to approximately one-third of the usage-based insurance market revenue.
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Usage Based Insurance Market Segmentation:
by Type
Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
Distance-based-Insurance (DBI)
by Technology
OBD-II
Smartphone
Hybrid
Black Box
Metal Forming Market for Automotive
by Vehicle Type
Passenger Vehicle
Commercial Vehicle
Usage Based Insurance Market Key Players:
1. Octo Telematics S.p.A.
2. Intelligent Mechatronic Systems
3. Allianz SE
4. Insure the Box Ltd
5. Progressive Corporation
6. Allstate Corporation
7. Desjardins Insurance
8. Generali Group
9. Mapfre S.A.
10. Metromile
11. Aviva plc
12. Watchstone Group
13. Sierra Wireless
14. Mechatronic Systems Inc.
15. TrueMotion
16. Cambridge Mobile Telematics
17. Modus Group, LLC
18. Inseego Corp
19. The Floow Limited
20. Vodafone
21. TomTom International
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Table of content for the Usage Based Insurance Market includes:
1. Global Usage Based Insurance Market: Research Methodology
2. Global Usage Based Insurance Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
3. Global Usage Based Insurance Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
4. Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Key Offerings:
Past Market Size and Competitive Landscape (2022 to 2029)
Past Pricing and price curve by region (2022 to 2029)
Market Size, Share, Size and Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by growth and trend
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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