ALBANY, N.Y., Oct. 6, 2020 /PRNewswire/ -- Growing popularity of telematics and other real-time monitoring technologies in the auto sector has bolstered the market potential of usage based insurance. As risk-based insurance coverage gather steam among target consumers as well as policy providers, the automotive industry will also gear toward new changes. Automakers are increasingly adopting connected car and telematics services.
Customers consider it safe to share vehicle data with insurance providers to get the best deal on premium to be paid. On the other side of the spectrum, insurance providers utilize the model to make the pricing and revenue models more profitable.
Garnering CAGR of 30% from 2019 to 2027, the global usage based insurance market is expected to reach US$ 200 Bn through 2027-end.
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Key Findings of Usage Based Insurance Market
- Of the various policy types, pay-as-you-drive (PAYD) is projected to be the leading segment during 2019 – 2027
- Of the various device types, black box is expected to be the leading segment
- Among the various vehicle types, passenger vehicles are expected to see rapid rise in opportunities through 2027
- Geographically, North America is expected to witness leading revenue potential during the forecast period
- Europe is the next leading regional market
Explore 300 pages of top-notch research, incisive insights, and detailed country-level projections on Usage based Insurance Market (Policy Type - Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD), Manage-How-You-Drive (MHYD); Device Type - Black Box, OBD Dongle, Smartphone; Vehicle Type - Passenger Vehicle, Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/usage-based-insurance-market.html
Usage Based Insurance Market: Key Driving Factors and Promising Avenues
- Growing acceptance of in-vehicle communication systems to track driving behavior and mileage is a key trend boosting the demand for usage-based insurance.
- Automakers are increasing promoting the use of on-board diagnostics with the GPS system.
- Growing number of vehicles with these systems in developed world has helped spur revenue prospect of the usage based insurance market
- Rising safety concerns in passenger vehicles has also stimulated the need for real-time monitoring through telematics.
- Growing acceptance of connected car technologies among consumers has presented providers of usage based insurance a vast canvas to market their services.
- Pay-how-you-drive (PHYD) segment is gathering steam among insurance clients, thus boosting the usage based insurance market.
- In developing world, in recent years, awareness about the benefits of usage based insurance to auto insurance policy holders is also fueling the expansion of auto insurance market.
- Rise in adoption of on-board diagnostics to identify trends in vehicle breakdowns has made usage based insurance policies popular among fleet owners.
- A growing number of insurance companies for the auto sector are finding immense potential in the usage based insurance to roll out new premium models.
Analyze global usage based insurance market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Usage Based Insurance Market: Regional Assessment
- North America has been a highly lucrative regions. Strides in telematics and connected vehicle technologies have spurred the revenue potential of the regional market.
- The auto insurance sector has made giant strides in the adoption of new technologies that favor both insurance providers and clients.
- The need for adopting new pricing models is a key trend boosting the adoption of usage based insurance policies in the region.
- Consumers in the region are become increasingly confident about the use of telematics.
- Europe is also a lucrative regional market.
- Increasing trend of connected vehicle system in Middle East and Latin America is likely to fuel the revenue potential of usage based insurance in those regions.
- However, stakeholders in the emerging markets have to face legal hurdles, given the marked complexity of usage based insurance models.
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The Usage Based Insurance Market can be segmented as follows:
- Pay-How-You-Drive (PHYD)
- Pay-As-You-Drive (PAYD)
- Manage-How-You-Drive (MHYD)
- Black Box
- OBD Dongle
- Passenger Vehicle
- Commercial Vehicle
- North America
- Rest of Europe
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- Asia Pacific
- Australia and New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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