The Usage-Based Insurance Market is anticipated to attain a market size of US$45,311.046 billion by 2024

The Usage-Based Insurance Market is anticipated to attain a market size of US$45,311.046 billion by 2024

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new report on “Usage-Based Insurance Market - Forecasts from 2019 to 2024" to their offering.

The Usage-Based Insurance market is estimated to be valued at US$7,559.693 million in 2018 and is projected to expand at a CAGR of 34.78% to reach a market size of US$45,311.046 billion in 2024. Usage-based Insurance employs sensors and other tracking technologies in the insured vehicle. The players in this market analyze the driving patterns of customers and charge for customized premiums. The installed devices will deliver information about the vehicle in terms of distance travelled, speed, braking, etc. The market for usage-based insurance is driven mainly due to the multiple benefits provided to the client in this market. The client is expected to be charged less for driving carefully and for covering fewer miles. It helps in investigating the accidents in an easy and convenient way with more effective results. These factors are expected to boost the demand for usage-based insurance. Besides, tracking of the stolen vehicles also becomes plausible with the equipment installed in them. Rising disposable incomes, growing literacy rate and growth in the demand for automotive are expected to raise the demand for usage-based insurance. Additionally, partnerships among automotive companies and insurance providers are also anticipated to augment the growth of this market. However, such equipment is also a threat to the privacy of the client. Rising data privacy concerns can hamper the growth of this market. On top of it, the lack of standardized rules will also have a negative impact on the growth of this market.

Geographically, the American region is expected to have a significant share of this market due to technological innovations and increased dependence on telematics in the automotive sector in that region. Many automotive companies are also partnering with analytics players to leverage the benefit of usage-based insurance for their businesses. For instance, Hyundai Motor America has come into an agreement with Verisk Data Exchange, a data analytics provider to provide its customers with driving scores to avail discounts under Usage-based Insurance schemes. Asia-Pacific region is also anticipated to grow at a high CAGR during the forecast period. The reason being, rising awareness of insurance products and their benefits sin conjunction with the growing demand for automobiles.

View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/usage-based-insurance-market

Some of the major players covered as part of the report areMetromile Inc., AXA, Aviva, IMS, Octo Group, and Liberty Mutual Insurance., among others.

The Usage-Based Insurance market has been analyzed through the following segments:

By Technology

OBD-II

Smartphone

Embedded System

Black Box

Hybrid

 

By Package Type

Pay-As-You-Drive

Pay-How-You-Drive

 

By Vehicle Type

Passenger Vehicle

Commercial Vehicle

 

By Vehicle Age

New Vehicles

On-Road Vehicles

 

By Geography

North America

USA

Canada

Mexico

 

South America

Brazil

Argentina

Others

 

Europe

UK

Germany

France

Others

 

The Middle East and Africa

Saudi Arabia

UAE

Israel

Others

 

Asia Pacific

Japan

China

India

Others