Usage-Based Insurance Market: Key Players and Production Information Analysis with Forecast 2031

Key Segments Covered

• Policy Type

  • Pay-how-you-drive(PHYD)
  • Pay-as-you-drive(PAYD)
  • Manage-how-you-drive(MHYD)

• Product

  • Black Box
  • OBD Dongle
  • Smartphone
  • Others

• Vehicle

  • Passenger Vehicle
  • Commercial Vehicle

Usage Insurance Market- Scope of Report

A recent study by Fact.MR on the usage insurance market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering usage insurance.

The study also provides the dynamics responsible for influencing the future status of the usage insurance market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the usage insurance market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of usage insurance services across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of usage insurance services during the forecast period. Price point comparison by region with global average price is also considered in the study.

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for usage insurance are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.

Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global usage insurance market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the usage insurance market during the forecast period.

Country-specific valuation on demand for usage insurance has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading providers of usage insurance, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering usage insurance has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the usage insurance domain. Prominent companies operating in this space include Insure the Box Limited, Allstate Insurance Company, State Farm, Uniqa Insurance Group AG, Groupama, Generali Group, UnipolSai Assicurazioni S.p.A, Liberty Mutual Group, Allianz SE and Progressive Corporation among others.

Fact.MR offers an all-inclusive study on the market, highlighting the chief growth driver and key restraints. It also uncovers the hidden prospects for market players. Some of the key takeaways from the report are:

• Adoption of novel technologies are expected to unfold attractive business prospects for the usage brand insurance market. Taking cue from customer preference, insurers are expected to launch various value added services and offer premium discounts to customers, which will bode well for the overall market
• Regionally, North America will continue to lead the global market, trailed by Europe. The large number of vehicles plying on road of North America and willingness of vehicle owners to spend on more rewarding insurance models will aid growth in the region
• Among products available, black box will continue leading the market. The device offers greater accuracy and long term connectivity, which is aiding the expansion of the segment
• On the basis of policy type, the pay-as-you-drive model will emerge dominant. However, over the forecast period the growth witnessed in the pay-how-you-drive model too is likely to be impressive

Advancements in Automotive Sector Supporting Growth

The evolution of insurance available for automotive usage corresponds directly to the advancements witnessed in the automotive sector. It is also directly proportional to sale of connected vehicles. The rising focus on remotely monitoring driving behavior by car insurance providers is expected to bode well for the market.

The demand for usage based insurance is expected to surge in the coming years in response to the rising use of advanced onboard communication devices in vehicles. This will also help in improving real-time connectivity between vehicle and the insurance providers, enabling the latter to accurately diagnose breakdown issues.

With insurance providers launching various lucrative models to gain competitive advantage, the market for usage based insurance is likely to gain significant traction in the coming years.