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Middle East and Africa Usage Based Insurance Market - Industry Trends and Forecast to 2028

Automotive

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Middle East and Africa Usage Based Insurance Market - Industry Trends and Forecast to 2028

  • Automotive
  • Upcoming Report
  • Oct 2021
  • MEA
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Middle East and Africa 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 (South Africa and Rest of Middle East and Africa)-Industry Trends and Forecast to 2028

Middle East and Africa Usage Based Insurance Market Market Analysis and Insights : Middle East and Africa Usage Based Insurance Market

The usage based insurance market is expected to witness market growth at a rate of 16.6% 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.

Middle East and Africa 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).

Usage Based Insurance Market Country Level Analysis

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 Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).

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 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.


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated 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 drop down your inquiry.

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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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The Middle East and Africa Usage Based Insurance Market is projected to grow at a CAGR of 15.9% during the forecast period by 2028.
The Middle East and Africa Usage Based Insurance Market is segmented on the basis of component, end user and application.
The major players in the Middle East and Africa Usage Based Insurance Market are Intelligent Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, etc.
The countries covered in the Middle East and Africa Usage Based Insurance Market are Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
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