Usage-based Insurance Market Size, Share, Report, Analysis, Trends & Forecast to 2026

According to Stratistics MRC, the Global Usage-Based Insurance Market is accounted for $20.26 billion in 2017 and is expected to reach $112.18 billion by 2026 growing at a CAGR of 20.9% during the forecast period.

Gaithersburg, Maryland, United States - January 2, 2019 /MarketersMedia/ —

Increase in vehicle purchase and adoption of technologies such as connected car & telematics are set to impel the growth of the market. However, lack of stability and standardization of the regulations are hampering the market.

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The usage-based insurance is a concept or profile of insurance in which the insurance that is paid to the good and services are depended upon our usage attributes such as duration, limits and other factors with respect to the product. The insurance can be set according to the requirements of the user by selecting the best suitable package. This concept of insurance help in fast, easy and accurate redemption and help in saving the money by avoiding the payments for unwanted.

Pay-As-You-Drive (PAYD) amongst the package type is expected to be spurring the markets for usage-based insurance. The cost economic nature, ease of deployment and no complexity is set to drive the market. In addition, this insurance package reduces vehicle emissions as it binds consumers to drive accordingly to the package.

By geography, North America is estimated to pilot the usage-based insurance market throughout the forecast period. The attributes responsible for the growth rate are the highest adoption rate of usage-based insurance for new and on-road vehicles equipped with technologies such as telematics. In addition, the region has top class automobile companies and high disposable income which leads to majority purchase of premium cars that increases the adoption rate of usage-based insurance due to high fares for regular insurance.

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Some of the key players in the Usage-Based Insurance market are Aioi Nissay Dowa Insurance (ADI), Progressive Corporation, Vodafone, Tomtom, Allianz, Verizon, AXA, Liberty Mutual, Sierra Wireless, Modus Group, Allstate Corporation, Metromile, OctoTelematics, Wunelli, Intelligent Mechatronic Systems, Watchstone Group, and CCC DRIVE.

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Technologies Covered:
• Embedded System
• Black Box
• Smartphone
• On-Board Diagnostics (OBD) -II
• Other Technologies

Package Types Covered:
• Manage-How-You-Drive (MHYD)
• Pay-How-You-Drive (PHYD)
• Pay-As-You-Drive (PAYD)

Device Offerings Covered:
• Company Provided
• Bring Your Own Device (BYOD)

Vehicle Ages Covered:
• On-Road Vehicles
• New Vehicles

Vehicle Types Covered:
• Heavy-Duty Vehicles (HDV)
• Light-Duty Vehicle (LDV)

Electric and Hybrid Vehicle:
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Vehicle (PHEV)
• Battery Electric Vehicle (BEV)

Applications Covered:
• App Based Usage Based Insurance

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

What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- 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

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About Stratistics MRC
We offer wide spectrum of research and consulting services with in-depth knowledge of different industries. We are known for customized research services, consulting services and Full Time Equivalent (FTE) services in the research world. We explore the market trends and draw our insights with valid assessments and analytical views. We use advanced techniques and tools among the quantitative and qualitative methodologies to identify the market trends.

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