Usage Based Insurance Market is growing at a healthy growth rate of 19.1% in the forecast period

Usage Based Insurance Market is forecasted to grow at 19.1% with factors such as inexactness over regulations and legislative environment and data privacy concern will obstruct the growth of the market in emerging economies.

Usage based insurance market has shown an exceptional penetration in developed economies such as U.S and Canada due to the prevalence of higher regular insurance premium and increasing sales of light duty vehicles and premium D segment.

Usage Based Insurance Market Scenario

According to Data Bridge Market Research the usage based insurance market is growing rising adoption of telematics and connected car, decrease in insurance premium and risk related cost, growing demand of the vehicles will acts as factor growth in the usage based insurance market. On the other hand, growing concern of the driver safety and advancement in automotive technology will further create new opportunities for the growth of the market.

Now the question is which are the other regions that usage based insurance market is targeting? Data Bridge Market Research has forecasted a large growth in Asia-Pacific usage based insurance market and the market leaders targeting China and India to be their next revenue pockets for 2020.

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New Usage Based Insurance Market Developments in 2019

Nationwide Mutual Insurance Company announced the launch of SmartMilesSM in February 2019. The usage based insurance that will provide solution for low mileage drivers by substantial savings on their auto insurance premium. They will create an opportunity by providing auto insurance that will control insurance expenses.

Tesla announced the selling of California’s insurance policy in September 2019. It is designed to provide lower rates between 20-30% that will reflect the crash prevention capabilities to their vehicle, while expanding their product offering to incorporate more data over time.

Scope of the Usage Based Insurance Market

Usage based insurance market is segmented on the basis of countries into U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, U.K., Italy, Spain, Netherlands, Belgium, Russia, Turkey, Switzerland, Rest of Europe, China, Japan, India, Australia, Singapore, Thailand, Malaysia, South Korea, Indonesia, Philippines, Rest of Asia Pacific (APAC), U.A.E, Egypt, Israel, Saudi Arabia, South Africa, Rest of middle East and Africa (MEA).

All country based analysis of the usage based insurance market is further analyzed based on maximum granularity into further segmentation. On the basis of package type the market is segmented into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD). Based on vehicle type the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicles (HDV). Based on device offering the market is segmented into company provided, bring your own device (BYOD). Based on technology the market is segmented into OBD-II, smartphone, embedded system, black box and others. Based on vehicle age the market is segmented into new vehicles, on-road vehicles. The electric and hybrid vehicle covered for the report are hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV).

Usage based insurance is a type of auto insurance which is based on the vehicle used that can be measured against time, distance, behavior and place, they can be measured through telematics technology and  the wireless device is provided to companies that will charge the premium for the vehicle.

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Key Pointers Covered in the Usage Based Insurance Market Industry Trends and Forecast to 2026

  • Market Size
  • Market New Sales Volumes
  • Market Replacement Sales Volumes
  • Market By Brands
  • Market Procedure Volumes
  • Market Product Price Analysis
  • Regulatory Framework and Changes
  • Prices and Reimbursement Analysis
  • Market Shares in different regions
  • Recent Developments for Market Competitors
  • Market upcoming applications
  • Market innovators study

Key Market Competitors Covered in the report

  • IMS - Part of Trak Global Group
  • TrueMotion, Inc.
  • Cambridge Mobile Telematics
  • Insure The Box Limited
  • Progressive Casualty Insurance Company’
  • The Modus Group, LLC
  • Inseego Corp
  • Metromile Inc
  • The Floow Limited
  • Vodafone Limited
  • Allstate Insurance Company
  • Octo Group S.p.A
  • Liberty Mutual Insurance
  • Verizon
  • Sierra Wireless

Above are the key players covered in the report to know about more and exhaustive list of usage based insurance companies contact us

Research Methodology: Global Usage Based Insurance Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Primary Respondents

OEMs, Manufacturers, Engineers, Industrial Professionals.

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