According to the new market research report usage-based insurance market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System, Black Box), Vehicle Age (New, On-Road), Device Offering (BYOD, Company Provided), and Region - Global Forecast to 2025. The automotive usage based insurance industry has evolved along with the automotive industry. The demand for market of automotive insurance is largely influenced by increasing vehicle sales with telematics and connected car services, reduction in insurance as compared to the traditional insurance, and increasing vehicle sales and parc.
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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 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.
Furthermore, ongoing new product developments and partnerships by leading companies are likely to propel the growth of Automotive insurance in the untapped markets for the long forecast.
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Usage-based Insurance Market Objectives of the study
• To define, analyze, segment, and forecast the global market (2015–2025), in terms of value (USD million)
• To segment and forecast the market size, by value, by vehicle type, vehicle age, technology, and device offering
• To segment the market and forecast the market size, by value, by package type
• To segment the market and forecast the market size, by value, by electric and hybrid vehicle type
• To segment the market and forecast the market size, by value, by region
• To identify the market dynamics and analyze their impact on the global market
Browse and in-depth TOC on “usage-based insurance market”
78 - Tables
48 - Figures
157 – Pages
A bottom-up approach was used to estimate and validate the size of the global market and the size of various other dependent submarkets in the overall market. The market size, by value, of the market, has been derived by multiplying the country-wise penetration of UBI on the vehicle insurance market, by vehicle type and vehicle age. Summation of country wise market for a specific region gives the regional market and further summation of regional market gives the global market for usage-based insurance. The total market is further segmented by package type, vehicle type, and vehicle age.
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The usage-based insurance market consists of companies such as Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands), Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), and Sierra Wireless (Canada).
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