Usage Based Insurance Market is estimated the US $ 28.12 Bn in 2018 and is expected to reach US$ XX Bn by 2026 at a CAGR of XX%.
Usage-based insurance market pays how you drive. It’s a way for auto insurance companies to set premium based on how safe driving habits of a driver.
The driving factor for the Usage-based Insurance Market is due to the increase in lower accident and vehicle theft possibilities and detection of stolen vehicles through telematics device installed in the vehicle. High installation cost of telematics and its lengthy process will hamper the growth of the market.
Usage-based Insurance Market is segmented into type, technology, Vehicle, and geography. In terms of Type, Manage-How-You-Drive (MHYD) is to grow faster it provides fast-moving advances in technology, there has been a perceptive shift in consumer attitudes and practices, it has higher flexibility and freedom to consumers. In Technology segment, a black box will be growing faster as the increase in accounting number of total market revenue and customer preference for it accurate and timely data collection capabilities will boost the demand in a market.
Among region, Europe is expected to grow at the highest CAGR during the forecast period. A rise in the production of a vehicle and its safety is creating the revenue opportunity in the region. Growing awareness among consumers and technological advancement is boosting the UBI market in Europe. Italy is currently dominating the segment by one-third usage-based insurance market generating the maximum revenue in the Europe region.
Usage-based Insurance Market share is consolidated, as the key multinational players occupy the major industry share. AXA Group, Octo Telematics S.p.A., Intelligent Mechatronic Systems, Allianz SE, AXA S.A., Ensure The Box Ltd, Progressive Corporation, Allstate Corporation, Desjardins Insurance, Generali Group, Mapfre S.A., Metromile, Aviva plc, Watchstone Group and Sierra Wireless with brand portfolio expansion, mergers, collaborations and acquisitions are the key strategies adopted by the top players. For instance, in 2018, AXA buys Bermuda-based XL for $15 billion in latest insurance mega-deal.
The scope of the Usage-Based Insurance Market
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Global Usage-Based Insurance Market, by Type
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
• Distance-based-Insurance (DBI)
Global Usage-Based Insurance Market, by Technology
• Black Box
• Metal Forming Market for Automotive
Global Usage-Based Insurance Market, by Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
Global Usage-Based Insurance Market, by Region
• North America
• Middle East & Africa
• Latin America
Key Players in Usage Based Insurance Market:
• AXA Group
• Octo Telematics S.p.A.
• Intelligent Mechatronic Systems
• Allianz SE
• Insure the Box Ltd
• Progressive Corporation
• Allstate Corporation
• Desjardins Insurance
• Generali Group
• Mapfre S.A.
• Aviva plc
• Watchstone Group
• Sierra Wireless
This Report Is Submitted By : Maximize Market Research Company
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