Asia-Pacific Usage Based Insurance Market, By Package type (pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD)), vehicle type (light-duty vehicle (LDV), heavy-duty vehicles (HDV)), Device offering (company provided, bring your own device (BYOD)), Technology (OBD-II, smartphone, embedded system, black box and others), Vehicle age (new vehicles, on-road vehicles), Electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV)), Country (Japan, China, South Korea, India, Singapore, Thailand, Malaysia, Australia, Indonesia and Philippines)-Industry Trends and Forecast to 2028
The usage-based insurance market is expected to witness market growth at a rate of 21.1% in the forecast period of 2021 to 2028. Data Bridge Market Research report on usage-based insurance market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market's growth. The rise in the partnerships among market players is escalating the growth of usage-based insurance market.
Insurance is a form of risk management which offers protection from financial loss. Usage based insurance is a type of insurance where the premium is directly linked depending on the usage of the product.
Major factors that are expected to boost the growth of the usage-based insurance market in the forecast period are the cheap insurance premium in comparison to the regular insurance premiums and stringent government regulations on telematics. Furthermore, the rise in the acceptance of connected automobile services and growing number of on-road vehicles is further anticipated to propel the growth of the usage-based insurance market. On the other hand, rise in the installation cost of telematics and reluctance of insurers to accept this solution is further projected to impede the growth of the usage-based insurance market in the timeline period.
In addition, developments in smartphones technologies will further provide potential opportunities for the growth of the usage-based insurance market in the coming years. However, the rise in the privacy concerns and growing cost of claims might further challenge the growth of the usage-based insurance market in the near future.
This usage-based insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the usage-based insurance market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
Asia-Pacific Usage Based Insurance Market Scope and Market Size
usage-based insurance market is segmented on the basis of package type, technology, vehicle type, vehicle age, device offering and electric and hybrid vehicle. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of package type, the usage-based insurance market has been segmented as pay-as-you-drive (PAYD) pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD).
- On the basis of technology, the usage-based insurance market has been segmented as OBD-II, smartphone, black box, embedded and other technologies.
- On the basis of vehicle type, the usage-based insurance market has been segmented as light-duty vehicle (LDV) and heavy-duty vehicle (HDV).
- On the basis of vehicle age, the usage-based insurance market has been segmented as new vehicle and on-road vehicle.
- On the basis of device offering, the usage-based insurance market has been segmented as bring your own device (BYOD) and company provided.
- On the basis of electric and hybrid vehicle, the usage-based insurance market has been segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV) and plug-in hybrid vehicle (PHEV).
Asia-Pacific Usage Based Insurance Market Country Level Analysis
The usage-based insurance market is analyzed, and market size, volume information is provided by country, package type, technology, vehicle type, vehicle age, device offering and electric and hybrid vehicle as referenced above.
The countries covered in the usage-based insurance market report are the Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Usage Based Insurance Market Share Analysis
The usage-based insurance market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the usage-based insurance market.
The major players covered in the usage-based insurance market report are Intelligent Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, , TomTom International, Allianz, AXA Equitable Life Insurance Company, , Liberty Mutual Insurance, Verizon, Sierra Wireless, , Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., and UNIPOLSAI ASSICURAZIONI S.P.A. among other. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Asia-Pacific Usage Based Insurance Market
Data Bridge Market Research is a leader in consulting and advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include production cost analysis, trade route analysis, price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), import-export and a grey area results data, literature review, consumer analysis, and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.