Market Research Report

Product code

1040726

Usage-Based Insurance Market Forecasts to 2028 - Global Analysis By Vehicle Age (New Vehicle, Used Vehicle), Technology (Black Box, Embedded, Hybrid) and By Geography

Published: November 1, 2021 |

Stratistics Market Research Consulting | 200+ Pages | Delivery time: 2-3 business days

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Description
Table of Contents
List of Tables

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According to Stratistics MRC, the Global Usage-Based Insurance Market is accounted for $15.10 billion in 2020 and is expected to reach $94.16 billion by 2028 growing at a CAGR of 25.7% during the forecast period. An increase in vehicle purchase and adoption of technologies such as connected cars & telematics are the major factor driving the market growth. However, lack of stability and standardization of the regulations are hampering the growth of the market.

The usage-based insurance is a concept or profile of insurance in which the insurance that is paid to the good and services are be determined upon our usage attributes such as duration, limits, and other factors concerning the product. The insurance can be set rendering to the necessities of the user by selecting the best suitable package. This idea of insurance help in fast, easy, and precise redemption and helps in saving money by evading the payments for unwanted.

Based on the package type, the pay-as-you-drive (PAYD) segment is going to have lucrative growth during the forecast period, owing to the simplicity of deployment, no complexity, and cost economic nature is set to motivate the market. Additionally, this insurance package reduces vehicle emissions as it binds consumers to drive accordingly to the package.

By geography, North America is going to have high growth during the forecast period, due to the maximum acceptance rate of usage-based insurance for new and on-road vehicles equipped with technologies. Moreover, the province has top-class vehicle companies and high disposable income which lead to majority purchase of premium cars that upsurges the adoption rate of usage-based insurance due to high fares for regular insurance.

Some of the key players profiled in the Usage-Based Insurance Market include Allianz SE, Allstate Insurance Company, Cambridge Mobile Telematics, Inseego Corporation, insurethebox, Intelligent Mechatronic Systems, Inc., Liberty Mutual Insurance, Mapfre, Modus Group, Octo Telematics Ltd., Progressive Corporation, Sierra Wireless, Inc., The Floow Ltd., TomTom International BV, TrueMotion.

Package Types Covered:

Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)
Manage-How-You-Drive (MHYD)
Distance-based-Insurance (DBI)

Vehicle Types Covered:

Light-Duty Vehicle (LDV)
Heavy-Duty Vehicle (HDV)

Vehicle Ages Covered:

New Vehicle
Used Vehicle

Device Offerings Covered:

Bring Your Own Device (BYOD)
Company Provided

Technologies Covered:

Black Box
Embedded
Hybrid
Metal Forming Market for Automotive
On-Board Diagnostics II (OBD II)
Smartphone

Electric & Hybrid Vehicles Covered:

Battery Electric Vehicle (BEV)
Fuel-Cell Electric Vehicle (FCEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Vehicle (PHEV)

Applications Covered:

Passenger Vehicle
Commercial Vehicle

Regions Covered:

North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
South America
- Argentina
- Brazil
- Chile
- Rest of South America
Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa

What our report offers:

Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Product Code: SMRC21164

1 Executive Summary

2 Preface

2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions

3 Market Trend Analysis

3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis

4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Usage-Based Insurance Market, By Package Type

5.1 Introduction
5.2 Pay-As-You-Drive (PAYD)
- 5.2.1 Device-Based
- 5.2.2 Telematics-Based
5.3 Pay-How-You-Drive (PHYD)
5.4 Manage-How-You-Drive (MHYD)
5.5 Distance-based-Insurance (DBI)

6 Global Usage-Based Insurance Market, By Vehicle Type

6.1 Introduction
6.2 Light-Duty Vehicle (LDV)
6.3 Heavy-Duty Vehicle (HDV)

7 Global Usage-Based Insurance Market, By Vehicle Age

7.1 Introduction
7.2 New Vehicle
7.3 Used Vehicle

8 Global Usage-Based Insurance Market, By Device Offering

8.1 Introduction
8.2 Bring Your Own Device (BYOD)
8.3 Company Provided

9 Global Usage-Based Insurance Market, By Technology

9.1 Introduction
9.2 Black Box
9.3 Embedded
9.4 Hybrid
9.5 Metal Forming Market for Automotive
9.6 On-Board Diagnostics II (OBD II)
9.7 Smartphone

10 Global Usage-Based Insurance Market, By Electric & Hybrid Vehicle

10.1 Introduction
10.2 Battery Electric Vehicle (BEV)
10.3 Fuel-Cell Electric Vehicle (FCEV)
10.4 Hybrid Electric Vehicle (HEV)
10.5 Plug-in Hybrid Vehicle (PHEV)

11 Global Usage-Based Insurance Market, By Application

11.1 Introduction
11.2 Passenger Vehicle
11.3 Commercial Vehicle

12 Global Usage-Based Insurance Market, By Geography

12.1 Introduction
12.2 North America
- 12.2.1 US
- 12.2.2 Canada
- 12.2.3 Mexico
12.3 Europe
- 12.3.1 Germany
- 12.3.2 UK
- 12.3.3 Italy
- 12.3.4 France
- 12.3.5 Spain
- 12.3.6 Rest of Europe
12.4 Asia Pacific
- 12.4.1 Japan
- 12.4.2 China
- 12.4.3 India
- 12.4.4 Australia
- 12.4.5 New Zealand
- 12.4.6 South Korea
- 12.4.7 Rest of Asia Pacific
12.5 South America
- 12.5.1 Argentina
- 12.5.2 Brazil
- 12.5.3 Chile
- 12.5.4 Rest of South America
12.6 Middle East & Africa
- 12.6.1 Saudi Arabia
- 12.6.2 UAE
- 12.6.3 Qatar
- 12.6.4 South Africa
- 12.6.5 Rest of Middle East & Africa

13 Key Developments

13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies

14 Company Profiling

14.1 Allianz SE
14.2 Allstate Insurance Company
14.3 Cambridge Mobile Telematics
14.4 Inseego Corporation
14.5 insurethebox
14.6 Intelligent Mechatronic Systems, Inc.
14.7 Liberty Mutual Insurance
14.8 Mapfre
14.9 Modus Group
14.10 Octo Telematics Ltd.
14.11 Progressive Corporation
14.12 Sierra Wireless, Inc.
14.13 The Floow Ltd.
14.14 TomTom International BV
14.15 TrueMotion

List of Tables

Table 1 Global Usage-Based Insurance Market Outlook, By Region (2019-2028) (US $MN)
Table 2 Global Usage-Based Insurance Market Outlook, By PackageType (2019-2028) (US $MN)
Table 3 Global Usage-Based Insurance Market Outlook, By Pay-As-You-Drive (PAYD) (2019-2028) (US $MN)
Table 4 Global Usage-Based Insurance Market Outlook, By Device-Based (2019-2028) (US $MN)
Table 5 Global Usage-Based Insurance Market Outlook, By Telematics-Based (2019-2028) (US $MN)
Table 6 Global Usage-Based Insurance Market Outlook, By Pay-How-You-Drive (PHYD) (2019-2028) (US $MN)
Table 7 Global Usage-Based Insurance Market Outlook, By Manage-How-You-Drive (MHYD) (2019-2028) (US $MN)
Table 8 Global Usage-Based Insurance Market Outlook, By Distance-based-Insurance (DBI) (2019-2028) (US $MN)
Table 9 Global Usage-Based Insurance Market Outlook, By Vehicle Type (2019-2028) (US $MN)
Table 10 Global Usage-Based Insurance Market Outlook, By Light-Duty Vehicle (LDV) (2019-2028) (US $MN)
Table 11 Global Usage-Based Insurance Market Outlook, By Heavy-Duty Vehicle (HDV) (2019-2028) (US $MN)
Table 12 Global Usage-Based Insurance Market Outlook, By Vehicle Age (2019-2028) (US $MN)
Table 13 Global Usage-Based Insurance Market Outlook, By New Vehicle (2019-2028) (US $MN)
Table 14 Global Usage-Based Insurance Market Outlook, By Used Vehicle (2019-2028) (US $MN)
Table 15 Global Usage-Based Insurance Market Outlook, By Device Offering (2019-2028) (US $MN)
Table 16 Global Usage-Based Insurance Market Outlook, By Bring Your Own Device (BYOD) (2019-2028) (US $MN)

Table17 Global Usage-Based Insurance Market Outlook, By Company Provided (2019-2028) (US $MN)

Table 18 Global Usage-Based Insurance Market Outlook, By Technology (2019-2028) (US $MN)
Table 19 Global Usage-Based Insurance Market Outlook, By Black Box (2019-2028) (US $MN)
Table 20 Global Usage-Based Insurance Market Outlook, By Embedded (2019-2028) (US $MN)
Table 21 Global Usage-Based Insurance Market Outlook, By Hybrid (2019-2028) (US $MN)
Table 22 Global Usage-Based Insurance Market Outlook, By Metal Forming Market for Automotive (2019-2028) (US $MN)
Table 23 Global Usage-Based Insurance Market Outlook, By On-Board Diagnostics II (OBD II) (2019-2028) (US $MN)
Table 24 Global Usage-Based Insurance Market Outlook, By Smartphone (2019-2028) (US $MN)
Table 25 Global Usage-Based Insurance Market Outlook, By Electric & Hybrid Vehicle (2019-2028) (US $MN)
Table 26 Global Usage-Based Insurance Market Outlook, By Battery Electric Vehicle (BEV) (2019-2028) (US $MN)
Table 27 Global Usage-Based Insurance Market Outlook, By Fuel-Cell Electric Vehicle (FCEV) (2019-2028) (US $MN)
Table 28 Global Usage-Based Insurance Market Outlook, By Hybrid Electric Vehicle (HEV) (2019-2028) (US $MN)
Table 29 Global Usage-Based Insurance Market Outlook, By Plug-in Hybrid Vehicle (PHEV) (2019-2028) (US $MN)
Table 30 Global Usage-Based Insurance Market Outlook, By Application (2019-2028) (US $MN)
Table 31 Global Usage-Based Insurance Market Outlook, By Passenger Vehicle (2019-2028) (US $MN)
Table 32 Global Usage-Based Insurance Market Outlook, By Commercial Vehicle (2019-2028) (US $MN)

Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.