According to the latest report by IMARC Group ” Usage-Based Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026 “, The global usage-based insurance market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 19% during the forecast period (2021-2026).
Usage-based insurance refers to a specialized automobile insurance policy that is widely available in pay-how-you-drive (PHYD) and pay-per-mile (PPM) formats. It calculates the premium of the vehicle on the basis of the usage of the vehicle and the consumer driving behavior that can be analyzed via the readings obtained from the telematics device installed in the automobile for monitoring the speed, time, and distance covered.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape
- Strategies of major players and product offerings
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The global market is majorly driven by considerable growth in the automotive sector. With the increasing adoption of remote diagnostics to monitor consumer driving patterns, there has been a significant rise in the demand for usage-based insurance across the globe. The market is further driven by the widespread integration of advanced telematics-based platforms in light-duty vehicles (LDV). Their deployment assists in replacing an additional black box in vehicles for recording relevant data, which is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the rising concerns for driver safety and the continual reductions in the premium rates of usage-based insurance.
Breakup by Type:
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
- Others
Breakup by Technology:
- OBD II
- Black box
- Smartphones
- Others
Breakup by Vehicle Type:
- Light-duty Vehicle (LDV)
- Heavy-duty Vehicle (HDV)
Breakup by Vehicle Age:
- New Vehicles
- Used Vehicles
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- The Middle East and Africa
Competitive Landscape with Key Player:
- Aioi Nissay Dowa Insurance UK Ltd
- Allianz SE
- Allstate Insurance Company
- American International Group Inc.
- Assicurazioni Generali SpA
- AXA
- Liberty Mutual Insurance Company
- Mapfre SA
- Progressive Casualty Insurance Company
- State Farm Automobile Mutual Insurance Company
- TomTom International BV.
- UnipolSai Assicurazioni SpA (Unipol Gruppo SpA).
Key highlights of the Report:
- Market Performance
- Market Outlook
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally, and our estimates about the latest market trends and forecasts, are being done after considering the impact of this pandemic.
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