Usage Based Insurance Market 2023 - Industry Report, Opportunity Analysis, Key Drivers, Share, Size And Forecast To 2032

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.Download our free PDF Brochure and gain crucial industry insights that will help your business grow:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=154621760Increasing vehicle with telematics and connected car services to drive the global usage-based insurance for automotive demand close to USD 96 billion by 2025The insurance for automotive is a method to calculate the insurance premium.

Based on the driving score, automotive insurance providers offer a discount on the insurance premiumAvailable CustomizationsWith the given market data, MarketsandMarkets offers customizations in accordance to company-specific needs.Market, by vehicle type, by countryLight-duty vehicleHeavy-duty vehicleMarket, by vehicle type, by vehicle age, by regionThe AmericasEMEAsia OceaniaRequest for free Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=154621760usage-based insurance market DriversIncreasing adoption of telematics and connected carsReduction in insurance premium and risk-related costsIncreasing vehicle sales and parcTarget AudienceAutomotive cloud service providersAutomotive electronics hardware and software suppliersAutomotive insurance platform providersAutomotive insurance providersAutomotive Original Equipment ManufacturersIn-vehicle telematics service providersRegional automotive insurance associationsRequest for sample:https://www.marketsandmarkets.com/requestsampleNew.asp?id=154621760The 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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The global usage insurance market is slated to grow exponentially amid the forecast period, 2020-2030.

The development of insurance accessible for automotive use reflects directly to the advancements foreseen in the automotive industry.

The growing focus on remotely monitoring driving behaviour by car insurance suppliers is projected to augur well for the market.

"Implementation of new technologies are projected to reveal striking business opportunities for the usage insurance market.

Taking prompt from consumer preference, insurers are projected to launch several VAS and provide premium discounts to consumers, which will auger well for the global market."

says a Fact.MR analyst.Request a report sample to gain comprehensive market insights at: https://www.factmr.com/connectus/sample?flag=S_id=5352 Key TakeawaysPay-as-you-drive (PAYD) policies will be foreseeing high demand among other over the forecast period.The black box segment will remain lucrative among other product type categories.Passenger vehicles will remain the key beneficiary in contrast to commercial vehicle type in the global market.North America to remain key beneficiary in the global market, followed by Europe.DriversProvision for clients to with a scope to sustain less expenses on their insurance policies is boosting the market for usage insurance.Growing sales of connected vehicles is anticipated to boost market growth.Implementation of the telematics technology for precise feedback on driving behaviour is projected to emerge as a key growth driver.ConstraintsApplying for as well as the overall procedure of usage insurance could be very complex, which can limit the adoption.A substantial number of the consumers might not favor sharing their vehicle data with insurance companies, this can hamper the overall market growth.Anticipated Market Impact by COVID-19 OutbreakWhile the insurance industry is normally prepared for unforeseen events, comprising unprecedented outbreak of COVID-19, however, the financial implications of COVID-19 on the usage insurance market may take some time for appraisal.

Global Telematics is poised to show rapid growth

From $12.56 billion in 2015 to $35.35 billion in 2020, the worldwide linked fleet market is anticipated to expand rapidly. As more commercial fleets realize the benefits of IoT / M2M fleet telematics, the company seeks more reliable connectivity across geographic fields with flexible rate plans and seamless coverage.

Onboard telematics solutions help truck fleets to overcome a wide variety of problems that threaten to inhibit cost-effective and effective management. New regulations are placing pressure on executives to comply, including tighter carbon emission rules as well as current driver safety rules. Legislation may mandate clean fleet requirements that may force firms to upgrade or even replace vehicles. The ever-increasing cost of fuel continues to cut margins.

There were around 11 million linked phones for fleet management globally at the end of 2013— by 2023, this number is anticipated to expand to 60 million. These telematics systems are becoming more complicated, extending to demands for mission-critical reliability, connectivity in distant regions. Across national borders, and innovative market differentiation from the natural need to handle location, routing, and fuel expenses.

Looking at fleet telematics alternatives and the most suitable connectivity you need, here are some things you should consider …

1.Longer Miles Driven Requires Better Technology: 

One of the most significant cost savers for fleet management systems can be making dispatch more effective. Location-based techniques allow dispatchers to select the car nearest to freight pick-up and decrease the amount of driven non-billable miles. IoT / M2M solutions that integrate GPS with traffic overlays can calculate precise travel times that differ from a distance. Automatic dispatch can use real-time traffic updates to deliver the most effective paths.

2. More Directives Need Superior Connectivity: 

IoT / M2M solutions that provide ongoing IP meetings across geographies and operators with’ always-on’ capacities can decrease latency and increase user experience consistency. Global telematics is a critical component of addressing multi-country and even intra-country procedures requirements. Long-haul drivers in the UK, for instance, face complex rules for driver logging. Any delays in transmitting driver log data can result in downtime of the driver and higher operating costs.

3. On-Board Systems Requires Better Integration:

Fleet management systems can include route optimization software, tire pressure monitoring systems, in-cab cameras, and other performance surveillance instruments, all of which need to work seamlessly together. To make company choices, the information these distinct sensors and applications monitor must be gathered, processed, and analyzed. Experienced providers of IoT / M2 M solutions should be in place, that can incorporate all the parts together with connectivity management.

Global Telematics Market to be Worth USD 248.64 Billion by 2023

The Global Telematics Market Report was published today by Netscribes, Inc., a worldwide market intelligence company. The worldwide telematics industry is anticipated to expand at a compound annual growth rate (CAGR) of 28.5% between 2017 and 2022 to achieve a global income for USD 233.24 billion by 2022, according to Netscribes.

An enhanced need to track vehicles in real-time and monitor driver behavior is anticipated, to drive the use of telematics technology, in conjunction with increasing demand for onboard infotainment. While the telematics industry is expected to grow worldwide positively, Netscribes points out that there is still a lack of knowledge. Among vehicle owners, the leading in opposition to bear extra expenses of installing new equipment in antique cars and vehicles. A significant section of vehicle owners is still maladaptive about data privacy issues for Usage-Based Insurance (UBI) businesses.

Some of the report’s main highlights are as follows:

• Approximately 80-85% of telematics solutions and devices, including infotainment and Usage-Based Insurance (UBI) for the automotive sector.
• Increasing customer purchasing power has resulted in a preference change for high-end cars (fitted with sophisticated telematics systems) rather than easy transportation machines.
• Governments in several nations have made it compulsory to have an onboard electronic recorder (EOBR) equipped with commercial vehicles, one of the main drivers of telematics acceptance among fleet firms.

Modern fleets are operated with more than one scheme, requiring platform-wide data sharing. In the form of GPS location and vehicle diagnostics information, modern cars store a significant quantity of information. Integrating this information into API-enabled software applications can streamline the process of information collection. Therefore, in the automotive telematics industry, API is gaining popularity.

A Healthy Competition

North America is the highest revenue-generating region for the automotive telematics industry. The telematics market is at a mature stage in countries like the US and Canada, where stable growth is forecasted until 2022. Countries such as China and India are competing to reach heights of the highest revenue-generating region for the automotive telematics industry.

Data bridge Market Research has announced the addition of a new research analysis on the Usage-Based Insurance Market to its vast library, Offering Insights for Usage-Based Insurance Industry Over the Project Time Frame of 2020-2027.This investigation gives a point by point examination of the present status of the Europe Usage-Based Insurance market and figures generally speaking development prospects and key components across key territorial business sectors.

The report contains a tremendous measure of market information gathered with the assistance of different essential and optional examination techniques.

The information is sifted utilizing a few industry-based insightful strategies.Get Download Free Sample Copy @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=europe-usage-based-insurance-marketSignificant Major Market Competitors/Players of this Europe Usage-Based Insurance Market –Allianz SE, AXA S.A., Insure The Box Ltd, Progressive Corporation, Allstate Corporation, Desjardins Insurance, Generali Group, Mapfre S.A., Metromile, Aviva plc., Admiral Group Plc., Ageas S.A./NV, AI Insurance Holdings Pty Ltd., Aioi Nissay Dowa Insurance (ADI), Allstate Corporation and Box Innovation Group Ltd among other domestic playersEurope Usage-Based Insurance Market research report offers:Market definition of the Europe Usage-Based Insurance market along with the analysis of different influencing factors like drivers, restraints, and opportunities.A comprehensive list of key market players operating in the Europe Usage-Based Insurance market.Statistical analysis of some significant economics factsWhich are the key manufacturers in the Usage-Based Insurance market?Europe Usage-Based Insurance Market Segmentation Of the Report –Usage-Based Insurance Market by Package Type -Pay-As-You-Drive (PAYD)Pay-How-You-Drive (PHYD)Manage-How-You-Drive (MHYD)Usage-Based Insurance Market by Vehicle Type –Light-Duty Vehicle (LDV)Heavy-Duty Vehicle (HDV))Vehicle Age (New Vehicle and On-Road Vehicle)Usage-Based Insurance Market by Device Offering –Bring Your Own Device (BYOD) and Company Provided)Electric and Hybrid Vehicle (Battery Electric Vehicle (BEV)Hybrid Electric Vehicle (HEV)Plug-in Hybrid Vehicle (PHEV)Get Detailed Toc and Charts & Tables @ https://www.databridgemarketresearch.com/toc/?dbmr=europe-usage-based-insurance-marketRegional Analysis for Usage-Based Insurance Market:Country (Germany, France, Russia, U.K., Italy, Spain, Netherlands, Belgium, Switzerland, Turkey and Rest of Europe)The report has described profiles of the key players in the Europe market and provided insightful information about the industry, such as business overview, market product segmentation, revenue segmentation, and latest developments.

The report includes Europe Usage-Based Insurance market size, share, key segments, growth, and trends analysis forecast till 2027.Want Full Report?

Enquire Here https://www.databridgemarketresearch.com/reports/europe-usage-based-insurance-marketFollowing key questions addressed through this research report:What are the drivers of the Europe Usage-Based Insurance market?Which factors are restraining the growth of the Europe Usage-Based Insurance market?What are the major key players in the Europe Usage-Based Insurance market?What are the effective sales methodologies?About Us:Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.

We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market.

Asia-Pacific Usage Based Insurance MarketThis Asia-Pacific Usage Based Insurance Market report provides complete analysis of the market on global and regional level.

This Asia-Pacific Usage Based Insurance Market report also offers various methodologies for boosting the presentation of the organizations.Asia-Pacific usage based insurance market is expected to reach a healthy CAGR of 20.6% in the forecast period of 2019 to 2026.Get Sample Analysis of This Market Information: @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=asia-pacific-usage-based-insurance-marketMarket Definition :As name suggested usage based insurance is calculated by how corresponding vehicle is driven.

In other words, usage based insurance is a kind of auto-insurance which totally depends on vehicle used, measured against time, distance, behaviour, place and others.

These all usages can be measure using telematics technology; the technology is available in from of mobile application, pre-installed in the car’s network or it can be installed in USB port of the vehicle.Segmentation: Asia-Pacific Usage Based Insurance MarketAsia-Pacific Usage Based Insurance Market, By Package type (pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD))vehicle type (light-duty vehicle (LDV), heavy-duty vehicles (HDV)), device offering (company provided, bring your own device (BYOD))technology (OBD-II, smartphone, embedded system, black box and others)vehicle age (new vehicles, on-road vehicles)electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV))Countries (Japan, China, South Korea, India, Singapore, Thailand, Malaysia, Australia, Indonesia and Philippines )Topmost Outstanding Market Players Some of the prominent participants operating in this market are Intelligent Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, , TomTom International, Allianz, AXA Equitable Life Insurance Company, , Liberty Mutual Insurance, Verizon, Sierra Wireless, , Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., and UNIPOLSAI ASSICURAZIONI S.P.A.Focal points covered in this Asia-Pacific Usage Based Insurance Market reportThis Asia-Pacific Usage Based Insurance Market report provides pin point analysis of the market outlook and later establishes its comparison with current patterns.

Also it creates a relationship of the market outlook with Porter Five Force AnalysisThis research report is inclusive concept of the market progression.

The market progression considers the components of the present situation and compares the current scenario of the market with future developmental chances.The Asia-Pacific Usage Based Insurance Market research report includes investigation at global and regional levels.

A New Research on the as Usage-Based Insurance Market conducted across a variety of industries in various regions to produce effective and useful reports.

This study is a perfect blend of qualitative and quantitative information that highlights key market developments, gap analysis of industry and competitors, and challenges to new opportunities, and can trend in the market.The Europe Usage-Based Insurance Market Report was produced through extensive primary and secondary studies.

The report also focuses on qualitative and quantitative assessments by analyzing data collected from industry analysts and market participants across key points in the industry's value chain, growth aspects, utilization and manufacturing capabilities.Click HERE To get SAMPLE PDF at https://www.databridgemarketresearch.com/request-a-sample/?dbmr=europe-usage-based-insurance-marketSignificant Major Market Competitors/Players of this Europe Usage-Based Insurance Market –Allianz SE, AXA S.A., Insure The Box Ltd, Progressive Corporation, Allstate Corporation, Desjardins Insurance, Generali Group, Mapfre S.A., Metromile, Aviva plc., Admiral Group Plc., Ageas S.A./NV, AI Insurance Holdings Pty Ltd., Aioi Nissay Dowa Insurance (ADI), Allstate Corporation and Box Innovation Group Ltd among other domestic playersHighlights of the Usage-Based Insurance Market Report:Exact market size and CAGR forecasts for the period 2020-2027.Identification and in-depth assessment of development opportunities in key segments and regions.Complete company profiling of top players of the Usage-Based Insurance market.Exhaustive research on innovation and other trends of the Usage-Based Insurance marketConsistent industry value chain and supply chain analysisComplete examination of key growth drivers, restraints, challenges and development prospects.Europe Usage-Based Insurance Market Segmentation –Package Type is Divided Into:Pay-As-You-Drive (PAYD)Pay-How-You-Drive (PHYD)Manage-How-You-Drive (MHYD)Vehicle Type is Divided Into:Light-Duty Vehicle (LDV)Heavy-Duty Vehicle (HDV))Electric and Hybrid Vehicle is Divided Into:Battery Electric Vehicle (BEV)Hybrid Electric Vehicle (HEV)Plug-in Hybrid Vehicle (PHEV)Browse TOC with Selected illustrations and example pages of Europe Usage-Based Insurance Market @ https://www.databridgemarketresearch.com/toc/?dbmr=europe-usage-based-insurance-marketRegional Analysis for Usage-Based Insurance Market:North America (United States, Canada and Mexico)Europe (Germany, France, UK, Russia and Italy)Asia-Pacific (China, Japan, Korea, India and Southeast Asia)South America (Brazil, Argentina, Colombia etc.

)Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)The Usage-Based Insurance Market provided all measurable data with clear data in the report.

Clear data on financial dynamics, business ups and downs, product demands – supply chain, product sales, Europe market statistics, and market growth accelerators is eloquent.

Descriptions of past, present, and future trends, along with various competitive factors and limitations, show how these factors affect Usage-Based Insurance Market development.Browse Full Report @ https://www.databridgemarketresearch.com/reports/europe-usage-based-insurance-marketMotivations To Buy :-The conveyed report is accumulated using an energetic and concentrated investigation procedureA complete picture of the significant circumstance of "Usage-Based Insurance" promote is depicted by this report.The report contains an immense proportion of data about the continuous thing and inventive headways in the business areas.It similarly gives an absolute evaluation of the ordinary lead about the future market and changing business division circumstance.Settling on an informed business decision is a troublesome assignment; this report offers a couple of indispensable business methods to help you in choosing those choices.To research the overall key areas advance potential and upheld position, opportunity and challenge, limitations and risks.About Us:Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.