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Usage-Based Insurance Market - By Technology, By Vehicle Technology, and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 - 2025

  • ID: 5143427
  • Report
  • February 2020
  • Region: Global
  • 110 pages
  • Zion Market Research
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The global usage-based insurance market was estimated at 27.64 (USD Billion) in 2019 and is projected to hit the revenue of 114.72 (USD Billion) by 2025 at a CAGR of around 27.5% over the period from 2019 to 2025. The report offers valuation and analysis of the usage-based insurance market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on value (USD Billion).

Introduction

Usage-based insurance offers insurance coverage depending on the total miles a customer covers in a drive along with other driving variables including site, speed, and behavior of the driver. Moreover, UBI depends on telematics instruments for collating automotive-operating information which the insurers or insurance firms can evaluate for determining the charges of insurance policies accurately, examining claims, and restructure collisions for analyzing.

Key Growth Driving Factors

The usage-based insurance industry is impacted due to an array of factors. Let us discuss a few of them.

Connected vehicles such as connected cars have the ability to connect to usage-based insurance systems as well as drivers via smartphones, music players, and other wireless systems in possession of drivers. This will add substantially towards the growth of the usage-based insurance market in the near future.

Smartphone Packages have played a crucial role in the usage-based insurance (UBI) business landscape with drivers eager to access reports pertaining to their driving behaviour & consoles through real-time feedback. Apart from this, a transformation from UBI 1.0 to UBI 3.0 has also witnessed a paradigm shift through mobile data integration with OBDII technology. This is likely to enhance the experience of the drivers along with promoting safe driving, thereby enhancing the market progression over the coming years.

Usage-based insurance has surpassed the boundaries of the conventional insurance model along with the facilitation of driver interaction with the insurer. Through enabling of automotive insurers offering personalized touch points with policy owners, strong customer relationship between vehicle insurers & policy owners is developed. This factor has made notably influenced the growth of the usage-based insurance industry.

It has become a need of an hour to set up uniform interoperability standards across various platforms offering telematics access. Moreover, owners such as insurers as well as technology & service providers are required to set up & adhere to these standards. This will not only encompass data standards but also standards for embedded electronic & mechanical features. This will further drive the expansion of the usage-based insurance market over the forecast period.

Insurers are unfurling new opportunities for accruing profits from connected-car ecosystems. A strong connected car ecosystem involved an array of participants like vehicle manufacturers, telecom firms, insurance firms, digital platform behemoths like Amazon & Uber, and sensor & chip manufacturers. Moreover, the emergence of the ecosystem is transforming the competitive scenario for the players across the usage-based insurance sector. Furthermore, the advent of predictive modeling or AI technology has facilitated the real-time data streaming from the connected vehicles and this will alter the structure of the usage-based insurance industry along with facilitating its ascension to new growth horizons.

Some of the major industry players were early accepters of the connectivity tools and derived the benefits of being the first movers in the usage-based insurance industry. For instance, in 2008, Progressive Casualty Insurance Company, a key industry participant, had launched Snapshot – a usage-based insurance program – that offered nearly 30% discount to the drivers based on when & how well they drive their cars. Reportedly, over 3 million persons had signed for the service.

Furthermore, car telematics can enhance road safety, play a key role in enhancing driving behavior, and assign insurance premiums through usage-based insurance, thereby enlarging the scope of the car insurance industry. Car telematics also helps in gathering data from automobiles & drivers and transfer them across WANs (wide area networks). This data will help in improving the claim-processing efficiency, influencing the driving behaviour, and reduce the insurer losses. This will prompt the growth of the usage-based insurance market over the forecast period.

Passenger Vehicle Segment To Leverage The Market Growth by 2025

In the rapidly changing landscape & scenario of the usage-based insurance industry, the passenger vehicle segment is predicted to witness huge growth along with majorly influencing the business growth over 2019-2025. The growth is attributed to a rise in the acceptance of OBD equipment and Blackbox in the passenger cars for checking the vehicle health, distance covered, and driving traits of drivers.

Latin America And The Middle East & Africa Combined To Soar Overall Market Growth By 2025

The growth of the markets in these regions over the forecast timeline is attributed to large-scale introduction of insurance telematics schemes in countries like Brazil, South Africa, and Argentina.

Key players involved in the usage-based insurance business and profiled in the usage-based insurance market report include Danlaw, Inc., Allianz SE, Allstate Insurance Company, Cambridge Mobile Telematics, UnipolSai Assicurazioni S.p.A, Desjardins Group, Assicurazioni Generali S.P.A, Liberty Mutual Insurance, Mapfre, S.A., AXA, Metromile Inc, Intelligent Mechatronic Systems Inc, Octo Technology Nationwide, State Farm Mutual Automobile Insurance Company, Insure The Box Limited, Progressive Casualty Insurance Company, TomTom International BV, Sierra Wireless, Zubie, Inc., and Vodafone Automotive S.p.A.

The global usage-based insurance market is segmented as follows:

By Package
  • PHYD
  • PAYD
  • Device-based
  • Telematics-based
By Technology
  • OBD-II
  • Smartphone
  • Black Box
  • Embedded Telematics
By Vehicle Technology
  • Passenger Vehicle
  • OBD-II
  • Smartphone
  • Black Box
  • Embedded Telematics
  • Commercial Vehicle
  • OBD-II
  • Smartphone
  • Black Box
  • Embedded Telematics
By Region
  • North America
  • The U.S.
  • Canada
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa
Our Market Research Study Answers Questions Such As:
  • What is the market size of usage-based insurance market?
  • What are the major aspects that are likely to create huge impact on the market growth over the forecast timeframe?
  • What is the market position of the firm in the global usage-based insurance market and ways as to how the firm can improve it?
  • What type of opportunities or challenges will business rivals face?
  • What are the modes of entry for the players in global usage-based insurance business?
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  • Chapter 1.    Preface
    • 1.1.    Report Description and Scope
    • 1.2.    Research Scope
    • 1.3.    Research Methodology
      • 1.3.1.    Market Research Process
      • 1.3.2.    Market Research Methodology
  • Chapter 2.    Executive Summary
    • 2.1.    Usage-Based Insurance Market, 2016–2025 (USD Billion)
    • 2.2.    Usage-Based Insurance Market: Snapshot 
  • Chapter 3.    Global Usage-Based Insurance Market– Industry Analysis
    • 3.1.    Usage-Based Insurance Market: Market Dynamics
    • 3.2.    Market Drivers
      • 3.2.1.    Escalating demand for usage-based insurance technologies    
      • 3.2.2.    Thriving automotive sector and growing car telematics usage
    • 3.3.    Porter’s Five Forces Analysis
    • 3.4.    Market Attractiveness Analysis
      • 3.4.1.    Market attractiveness analysis By Technology
      • 3.4.2.    Market attractiveness analysis By Package 
      • 3.4.3.    Market attractiveness analysis By Vehicle Type
  • Chapter 4.    Global Usage-Based Insurance Market– Competitive Landscape
    • 4.1.    Company market share analysis
      • 4.1.1.    Global Usage-Based Insurance Market: company market share, 2018
    • 4.2.    Strategic development
      • 4.2.1.    Acquisitions & mergers
      • 4.2.2.    New Vehicle launches
      • 4.2.3.    Agreements, partnerships, collaborations, and joint ventures
      • 4.2.4.    Research and development and Regional expansion
    • 4.3.    Price trend analysis
  • Chapter 5.    Global Usage-Based Insurance Market– Technology Analysis
    • 5.1.    Global Usage-Based Insurance Market overview: By Technology  
      • 5.1.1.    Global Usage-Based Insurance Market share, By Technology,2018 and 2025
    • 5.2.    Blackbox
      • 5.2.1.    Global Usage-Based Insurance Market by Blackbox, 2016–2025 (USD Billion)
    • 5.3.    OBD-II 
      • 5.3.1.    Global Usage-Based Insurance Market by OBD-II, 2016–2025 (USD Billion)
    • 5.4.    Smartphone 
      • 5.4.1.    Global Usage-Based Insurance Market by Smartphone , 2016–2025 (USD Billion)
    • 5.5.    Embedded Telematics
      • 5.5.1.    Global Usage-Based Insurance Market by Embedded Telematics, 2016–2025 (USD Billion)
  • Chapter 6.    Global Usage-Based Insurance Market– Package  Analysis
    • 6.1.    Global Usage-Based Insurance Market overview: By Package 
      • 6.1.1.    Global Usage-Based Insurance Market share, By Package , 2018 and 2025
    • 6.2.    Pay-How-You-Drive (PHYD) 
      • 6.2.1.    Global Usage-Based Insurance Market By Pay-How-You-Drive (PHYD), 2016–2025 (USD Billion)
    • 6.3.    Pay-As-You-Drive (PAYD) 
      • 6.3.1.    Global Usage-Based Insurance Market By Pay-As-You-Drive (PAYD) , 2016–2025 (USD Billion)
  • Chapter 7.    Global Usage-Based Insurance Market–  Vehicle Type Analysis
    • 7.1.    Global Usage-Based Insurance Market overview: By Vehicle Type
      • 7.1.1.    Global Usage-Based Insurance Market share, By Vehicle Type, 2018 and 2025
    • 7.2.    Commercial Vehicle
      • 7.2.1.    Global Usage-Based Insurance Market By Cut Wire/Cold Drawn, 2016–2025 (USD Billion)
    • 7.3.    Passenger Vehicle
      • 7.3.1.    Global Usage-Based Insurance Market By Passenger Vehicle, 2016–2025 (USD Billion)
  • Chapter 8.    Company Profiles
    • 8.1.    Danlaw, Inc.
      • 8.1.1.    Overview
      • 8.1.2.    Financials
      • 8.1.3.    Product Portfolio
      • 8.1.4.    Business Strategy
      • 8.1.5.    Recent Developments
    • 8.2.     Allianz SE
      • 8.2.1.    Overview
      • 8.2.2.    Financials
      • 8.2.3.    Product Portfolio
      • 8.2.4.    Business Strategy
      • 8.2.5.    Recent Developments
    • 8.3.     Allstate Insurance Company
      • 8.3.1.    Overview
      • 8.3.2.    Financials
      • 8.3.3.    Product Portfolio
      • 8.3.4.    Business Strategy
      • 8.3.5.    Recent Developments
    • 8.4.     Cambridge Mobile Telematics
      • 8.4.1.    Overview
      • 8.4.2.    Financials
      • 8.4.3.    Product Portfolio
      • 8.4.4.    Business Strategy
      • 8.4.5.    Recent Developments
    • 8.5.     UnipolSai Assicurazioni S.p.A
      • 8.5.1.    Overview
      • 8.5.2.    Financials
      • 8.5.3.    Product Portfolio
      • 8.5.4.    Business Strategy
      • 8.5.5.    Recent Development
    • 8.6.     Desjardins Group
      • 8.6.1.    Overview
      • 8.6.2.    Financials
      • 8.6.3.    Product Portfolio
      • 8.6.4.    Business Strategy
      • 8.6.5.    Recent Development
    • 8.7.    Assicurazioni Generali S.P.A
      • 8.7.1.    Overview
      • 8.7.2.    Financials
      • 8.7.3.    Product Portfolio
      • 8.7.4.    Business Strategy
      • 8.7.5.    Recent Development
    • 8.8.    Liberty Mutual Insurance
      • 8.8.1.    Overview
      • 8.8.2.    Financials
      • 8.8.3.    Product Portfolio
      • 8.8.4.    Business Strategy
      • 8.8.5.    Recent Development
    • 8.9.    Mapfre, S.A.
      • 8.9.1.    Overview
      • 8.9.2.    Financials
      • 8.9.3.    Product Portfolio
      • 8.9.4.    Business Strategy
      • 8.9.5.    Recent Development
    • 8.10.    AXA
      • 8.10.1.    Overview
      • 8.10.2.    Financials
      • 8.10.3.    Product Portfolio
      • 8.10.4.    Business Strategy
      • 8.10.5.    Recent Development
    • 8.11.    Metromile Inc
      • 8.11.1.    Overview
      • 8.11.2.    Financials
      • 8.11.3.    Product Portfolio
      • 8.11.4.    Business Strategy
      • 8.11.5.    Recent Development
    • 8.12.    Intelligent Mechatronic Systems Inc
      • 8.12.1.    Overview
      • 8.12.2.    Financials
      • 8.12.3.    Product Portfolio
      • 8.12.4.    Business Strategy
      • 8.12.5.    Recent Development
    • 8.13.    Octo Technology Nationwide
      • 8.13.1.    Overview
      • 8.13.2.    Financials
      • 8.13.3.    Product Portfolio
      • 8.13.4.    Business Strategy
      • 8.13.5.    Recent Development
    • 8.14.    State Farm Mutual Automobile Insurance Company
      • 8.14.1.    Overview
      • 8.14.2.    Financials
      • 8.14.3.    Product Portfolio
      • 8.14.4.    Business Strategy
      • 8.14.5.    Recent Development
    • 8.15.    Insure The Box Limited
      • 8.15.1.    Overview
      • 8.15.2.    Financials
      • 8.15.3.    Product Portfolio
      • 8.15.4.    Business Strategy
      • 8.15.5.    Recent Development
    • 8.16.    Progressive Casualty Insurance Company
      • 8.16.1.    Overview
      • 8.16.2.    Financials
      • 8.16.3.    Product Portfolio
      • 8.16.4.    Business Strategy
      • 8.16.5.    Recent Development
    • 8.17.    TomTom International BV
      • 8.17.1.    Overview
      • 8.17.2.    Financials
      • 8.17.3.    Product Portfolio
      • 8.17.4.    Business Strategy
      • 8.17.5.    Recent Development
    • 8.18.    Sierra Wireless
      • 8.18.1.    Overview
      • 8.18.2.    Financials
      • 8.18.3.    Product Portfolio
      • 8.18.4.    Business Strategy
      • 8.18.5.    Recent Development
    • 8.19.    Zubie, Inc.
      • 8.19.1.    Overview
      • 8.19.2.    Financials
      • 8.19.3.    Product Portfolio
      • 8.19.4.    Business Strategy
      • 8.19.5.    Recent Development
    • 8.20.    Vodafone Automotive S.p.A.
      • 8.20.1.    Overview
      • 8.20.2.    Financials
      • 8.20.3.    Product Portfolio
      • 8.20.4.    Business Strategy
      • 8.20.5.    Recent Development
Note: Product cover images may vary from those shown
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