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Usage-based Insurance Market worth $95.81 billion by 2025 By Aaron Smith

  in Automotive | Published 2019-02-12 10:14:35 | 20 Reads | Unrated

Summary

The global usage-based insurance market for automotive was valued to be USD 21.86 billion in 2017 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95%, during the forecast period

Full Content

The usage-based insurance market for automotive is estimated to be USD 28.43 billion in 2018 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95% from 2018 to 2025. The increasing number of vehicles with telematics and connected car services and a reduction in insurance premiums as compared to regular insurance are projected to drive the usage-based insurance market.

Browse 78 market data Tables and 48 Figures spread through 157 Pages and in-depth TOC on “Usage-based Insurance Market”

View detailed Table of Content

here –

https://www.marketsandmarkets.com/Market-Reports/usage-based-insurance-market-154621760.html

Some of the key Players in Usage-based Insurance Market:

  • Progressive Corporation (US)
  • Vodafone (UK), Allstate (US)
  • Octo Telematics (UK)
  • TomTom (Netherlands)
  • Allianz (Germany)
  • AXA (France)
  • Liberty Mutual (US)
  • Verizon (US)
  • Sierra Wireless (Canada)

Increasing vehicle with telematics and connected car services to drive the global usage-based insurance for automotive demand close to USD 96 billion by 2025

The usage-based insurance for automotive is a method to calculate the insurance premium. The amount of insurance premium is decided on the basis of a driving score which is calculated by considering factors such as vehicle usage, location, speeding, braking, cornering, night driving, and distracted driving. Based on the driving score, automotive insurance providers offer a discount on the insurance premium.

Ambiguity over regulations and legislative environments are acting as a restraint for the usage-based insurance market as usage-based insurance providers need to plan new product for different states with in a country.

Free PDF Sample Report –

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=154621760

Pay-As-You-Drive (PAYD) package type is projected to have the largest market in the usage-based insurance market

Pay-As-You-Drive (PAYD) package type is estimated to be the largest market for usage-based insurance, by package type, during the forecast period. Various factors affecting the dominance of PAYD are ease of deployment, no complex algorithms for working, and cost-effectiveness for the insurer as well as consumers. Secondly, PAYD insurance encourages consumers to drive less and drive green. This reduces vehicle emissions and contributes to the worldwide environmental efforts. As people drive less, the accidental risks associated with drivers reduce.

On-road vehicles are estimated to have the fastest growth in the usage-based insurance market

The number of on-road vehicles is very high when compared to new vehicles sold for a particular year, as on-road vehicles is a collective total. The penetration of usage-based insurance is lower in on-road vehicles as compared to new vehicles; however, owing to the huge difference in new vehicle sales and on-road vehicles, the usage-based insurance market for on-road vehicles is the highest in 2018 and is projected to be the largest market by 2025 as well. The increase of usage-based insurance in new vehicles will also drive the market for on-road vehicles as the usage-based insurance service providers offer discounts and loyalty bonus for renewals. Hence, multiple car owners are expected to continue using usage-based insurance as their vehicle gets older.

About MarketsandMarkets™ –

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets flagship competitive intelligence and market research platform, “Knowledge store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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MarketsandMarkets™ INC.
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