Europe Usage-Based Insurance Market, By Package Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD) and Manage-How-You-Drive (MHYD)), Technology (OBD-II, Smartphone, Black Box, Embedded and Other Technologies), Vehicle Type (Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV)), Vehicle Age (New Vehicle and On-Road Vehicle), Device Offering (Bring Your Own Device (BYOD) and Company Provided), Electric and Hybrid Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-in Hybrid Vehicle (PHEV)), Country (Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe) Industry Trends and Forecast to 2027
The usage-based insurance market is expected to reach USD 48.68 billion by 2027 witnessing market growth at a rate of 22.5% in the forecast period of 2020 to 2027. Data Bridge Market Research report on usage-based insurance market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
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. This type of insurance is also known as telematics insurance and it is very convenient since the premium can be customised as well as the device attached to it provides driving assistance. This premium depends on the driving habits and behaviour of the insurer and their probability of raising a claim. Insurance regulatory bodies around the world are in favour of implementing this kind of insurance.
Cheap insurance premium as compared to regular insurance premiums, strict government regulations on telematics, growing adoption of connected automobile services and increasing number of on-road vehicles are the factors driving the growth of Europe usage-based insurance market. High installation cost of telematics and unwillingness of insurers to adopt this solution are the factors restraining the growth of Europe usage-based insurance market.
Increasing partnerships among market players and advancements in smartphones technologies are the opportunities for Europe usage-based insurance market. Growing privacy concerns and increasing cost of claims are the challenges for Europe usage-based insurance market.
This usage-based insurance market provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised 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 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.
Usage-Based Insurance market Scope and Market Size
The 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 analyse 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.
- Usage-based insurance market has also been segmented on the basis of electric and hybrid vehicle into battery electric vehicle (BEV), hybrid electric vehicle (HEV) and plug-in hybrid vehicle (PHEV).
Europe Usage-Based Insurance market Country Level Analysis
Europe usage-based insurance market is analysed 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 Europe usage-based insurance market report are Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia and rest of Europe.
Italy will dominate the growth in Europe usage-based insurance market due to the growing awareness of this type of insurance. Further, technological advancements and introduction of various infotainment software and hardware allows the insurance companies to calculate a premium as per the driving habits of customers is propelling the growth in the country.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream 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 Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Usage-Based Insurance Market Share Analysis
Usage-based insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe 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 usage-based insurance market.
The major players covered in the Europe usage-based insurance market report are Allianz SE, AXA S.A., Insure The Box Ltd, Progressive Corporation, Allstate Corporation, Desjardins Insurance, Generali Group, Mapfre S.A., Metromile, Aviva plc., Admiral Group Plc., Ageas S.A./NV, AI Insurance Holdings Pty Ltd., Aioi Nissay Dowa Insurance (ADI), Allstate Corporation and Box Innovation Group Ltd among other domestic players. Market share data is available for Europe separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
In June 2020, Tata AIG has introduced its new usage-based motor insurance with a telematics based app along with a device, AutoSafe. This has been made available on all policies which offer 15 lakh on personal accident covers for both the owner and driver. It also offers bonus kilometres during renewal subject to good driving behaviour. This telematics device is directly linked to the policyholder’s vehicle which activates its motor policy insurance. The AutoSafe device has integrated GPS which is linked to a mobile app so that it can record all information including distance travelled, health of the vehicle, driving behaviour and patterns of the policy holder and many other indicators. This information collected is evaluated based on which the driver has allocated points. Apart from this, it also contains motion sensor which helps them to save premium.
Customization Available : Europe Usage-Based Insurance Market
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