Usage-based Insurance Market: Which package type is going to dominate in the future?

The automotive usage-based insurance industry has evolved along with the automotive industry. The demand for usage-based insurance market 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. 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.

Download FREE PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=154621760

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.
Furthermore, ongoing new product developments and partnerships by leading companies are likely to propel the growth of usage-based insurance in the untapped markets for the long forecast.

Request Sample Report@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=154621760

Market Dynamics

Drivers
• Increasing adoption of telematics and connected cars
• Reduction in insurance premium and risk-related costs
• Increasing vehicle sales and parc

Opportunities
• Automotive usage-based insurance ecosystem

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).

Manage-How-You-Drive (MHYD) is expected to be the fastest growing market for usage-based insurance by package type owing to increasing sales of vehicles equipped with telematics unit and connected car services which make it cost-effective to adopt MHYD without any external hardware. Pay-As-You-Drive (PAYD) is estimated to be the largest market during the forecast period owing to reasons such as ease of deployment, no complex algorithms for working, and cost-effectiveness for the insurer as well as consumers.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=154621760

Critical Questions:

• When Asia Oceania going to be a mass adoption market for usage-based insurance?

• Which package type is going to dominate in the future?

• How are the industry players addressing the challenge of data privacy and standardized systems?

Available Customizations

With the given market data, MarketsandMarkets offers customizations in accordance to company-specific needs.

• Usage-based insurance market, by vehicle type, by country
o Light-duty vehicle
o Heavy-duty vehicle
• Usage-based insurance market, by vehicle type, by vehicle age, by region
o The Americas
o EME
o Asia Oceania

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

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 painpoints 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 MicroQuadrants (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’s flagship competitive intelligence and market research platform, "Knowledgestore" 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.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
sales@marketsandmarkets.com

This release was published on openPR.