Usage-Based Insurance Market (By Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD); By Technology: OBD-II, Smartphone, Hybrid, and Black Box; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024
As per the latest report published by Variant Market Research, Global Usage-Based Insurance Market is estimated to reach $252.8 Billion by 2024; growing at a CAGR of 38.1% from 2016 to 2024. Usage-based insurance (UBI) also termed as pay-as-you-drive, pay-how-you-drive, and manage-how-you-drive, is a telematic based insurance, where premiums are based on the driving performance of the customers, comprising type of vehicle used, measured against time, distance, and place. They pose various advantages promoting the usage-based insurance market, such as more responsible and less unnecessary driving causing to social and environmental benefits, potential cost-savings for customers, and commercial reimbursements to the insurance company from better alignment of insurance with actual risk.
Lower risk associated with accidents and vehicle theft possibilities, enhancing customer loyalty, and reducing claims costs are the primary factors that drives the growth of global usage-based insurance market. Although, privacy concerns, and high telematics installation cost are the major restraints which are limiting the market growth. Nonetheless, advancement in technology to make process easier coupled with reduced service rate would unfold attractive business opportunities for the market in the given forecast timeframe.
Type, technology, and geography, are the major segments considered in the global usage-based insurance market. On the basis of type, the classification is given as pay as you drive (PAYD), pay how you drive (PHYD), and manage how you drive (MHYD). On the basis of technology, the categorization comprises OBD-II, hybrid, smartphone, and black box.
Based on geography, usage-based insurance is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., and Rest of North America whereas Europe consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into Australia, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The leading companies profiled in the report include Allianz SE, Allstate Corporation, Aviva plc., Etiqa, Insure The Box Ltd, Generali Group AXA S.A., Mapfre S.A., Progressive Corporation, and Desjardins Insurance, among others.
The key takeaways from the report
Type Segments
Lower risk associated with accidents and vehicle theft possibilities, enhancing customer loyalty, and reducing claims costs are the primary factors that drives the growth of global usage-based insurance market. Although, privacy concerns, and high telematics installation cost are the major restraints which are limiting the market growth. Nonetheless, advancement in technology to make process easier coupled with reduced service rate would unfold attractive business opportunities for the market in the given forecast timeframe.
Type, technology, and geography, are the major segments considered in the global usage-based insurance market. On the basis of type, the classification is given as pay as you drive (PAYD), pay how you drive (PHYD), and manage how you drive (MHYD). On the basis of technology, the categorization comprises OBD-II, hybrid, smartphone, and black box.
Based on geography, usage-based insurance is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., and Rest of North America whereas Europe consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into Australia, Japan, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The leading companies profiled in the report include Allianz SE, Allstate Corporation, Aviva plc., Etiqa, Insure The Box Ltd, Generali Group AXA S.A., Mapfre S.A., Progressive Corporation, and Desjardins Insurance, among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Usage-Based Insurance Market with respect to major segments such as type, technology
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Usage-Based Insurance Market has been included in the report
- Profile of the key players in the Global Usage-Based Insurance Market will be provided, which include key financials, product & services, new developments and business strategies
Type Segments
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
- OBD-II
- Hybrid
- Smartphone
- Black Box
- North America
- U.S.
- Rest of North America
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- Australia
- Japan
- Rest of Asia-Pacific
- RoW
- South America
- Middle East
- Africa
CHAPTER 1 PREFIX
1.1 Market Scope
1.2 Report Description
1.3 Research Methodology
1.3.1 Primary Research
1.3.2 Secondary Research
1.3.3 In-house Data Modeling
CHAPTER 2 EXECUTIVE SUMMARY
CHAPTER 3 MARKET OUTLINE
3.1 Market Inclination, Trend, Outlook and Viewpoint
3.2 Market Share Analysis: Company’s Competitive Scenario
3.3 Market Dynamics
3.3.1 Drivers
3.3.1.1 Impact Analysis
3.3.2 Restraints
3.3.2.1 Impact Analysis
3.3.3 Opportunities
CHAPTER 4 GLOBAL USAGE-BASED INSURANCE MARKET BY TYPE: MARKET SIZE AND FORECAST, 2015 – 2024
4.1 Overview
4.2 Pay-As-You-Drive (PAYD)
4.2.1 Current Trend and Analysis
4.2.2 Market Size and Forecast
4.3 Pay-How-You-Drive (PHYD)
4.3.1 Current Trend and Analysis
4.3.2 Market Size and Forecast
4.4 Manage-How-You-Drive (MHYD)
4.4.1 Current Trend and Analysis
4.4.2 Market Size and Forecast
CHAPTER 5 GLOBAL USAGE-BASED INSURANCE MARKET BY TECHNOLOGY: MARKET SIZE AND FORECAST, 2015 – 2024
5.1 Overview
5.2 OBD-II
5.2.1 Current Trend and Analysis
5.2.2 Market Size and Forecast
5.3 Smartphone
5.3.1 Current Trend and Analysis
5.3.2 Market Size and Forecast
5.4 Hybrid
5.4.1 Current Trend and Analysis
5.4.2 Market Size and Forecast
5.5 Black Box
5.5.1 Current Trend and Analysis
5.5.2 Market Size and Forecast
CHAPTER 6 GLOBAL USAGE-BASED INSURANCE MARKET BY GEOGRAPHY: MARKET SIZE AND FORECAST, 2015 – 2024
6.1 Overview
6.2 North America
6.2.1 Current Trend and Analysis
6.2.2 Market Size and Forecast
6.2.3 US
6.2.3.1 Market Size and Forecast
6.2.4 Rest of North America
6.2.4.1 Market Size and Forecast
6.3 Europe
6.3.1 Current Trend and Analysis
6.3.2 Market Size and Forecast
6.3.3 United Kingdom
6.3.3.1 Market Size and Forecast
6.3.4 Germany
6.3.4.1 Market Size and Forecast
6.3.5 France
6.3.5.1 Market Size and Forecast
6.3.6 Italy
6.3.6.1 Market Size and Forecast
6.3.7 Rest of Europe
6.3.7.1 Market Size and Forecast
6.4 Asia-Pacific
6.4.1 Current Trend and Analysis
6.4.2 Market Size and Forecast
6.4.3 Australia
6.4.3.1 Market Size and Forecast
6.4.4 Japan
6.4.4.1 Market Size and Forecast
6.4.5 Rest of Asia-Pacific
6.4.5.1 Market Size and Forecast
6.5 RoW
6.5.1 Current Trend and Analysis
6.5.2 Market Size and Forecast
6.5.3 Middle East
6.5.3.1 Market Size and Forecast
6.5.4 South America
6.5.4.1 Market Size and Forecast
6.5.5 Africa
6.5.5.1 Market Size and Forecast
CHAPTER 7 COMPANY PROFILES
7.1 Allianz SE
7.2 Insure The Box Ltd
7.3 Allstate Corporation
7.4 AXA S.A.
7.5 Mapfre S.A
7.6 Progressive Corporation
7.7 Desjardins Insurance
7.8 Aviva plc.
7.9 Metromile
7.10 Generali Group
1.1 Market Scope
1.2 Report Description
1.3 Research Methodology
1.3.1 Primary Research
1.3.2 Secondary Research
1.3.3 In-house Data Modeling
CHAPTER 2 EXECUTIVE SUMMARY
CHAPTER 3 MARKET OUTLINE
3.1 Market Inclination, Trend, Outlook and Viewpoint
3.2 Market Share Analysis: Company’s Competitive Scenario
3.3 Market Dynamics
3.3.1 Drivers
3.3.1.1 Impact Analysis
3.3.2 Restraints
3.3.2.1 Impact Analysis
3.3.3 Opportunities
CHAPTER 4 GLOBAL USAGE-BASED INSURANCE MARKET BY TYPE: MARKET SIZE AND FORECAST, 2015 – 2024
4.1 Overview
4.2 Pay-As-You-Drive (PAYD)
4.2.1 Current Trend and Analysis
4.2.2 Market Size and Forecast
4.3 Pay-How-You-Drive (PHYD)
4.3.1 Current Trend and Analysis
4.3.2 Market Size and Forecast
4.4 Manage-How-You-Drive (MHYD)
4.4.1 Current Trend and Analysis
4.4.2 Market Size and Forecast
CHAPTER 5 GLOBAL USAGE-BASED INSURANCE MARKET BY TECHNOLOGY: MARKET SIZE AND FORECAST, 2015 – 2024
5.1 Overview
5.2 OBD-II
5.2.1 Current Trend and Analysis
5.2.2 Market Size and Forecast
5.3 Smartphone
5.3.1 Current Trend and Analysis
5.3.2 Market Size and Forecast
5.4 Hybrid
5.4.1 Current Trend and Analysis
5.4.2 Market Size and Forecast
5.5 Black Box
5.5.1 Current Trend and Analysis
5.5.2 Market Size and Forecast
CHAPTER 6 GLOBAL USAGE-BASED INSURANCE MARKET BY GEOGRAPHY: MARKET SIZE AND FORECAST, 2015 – 2024
6.1 Overview
6.2 North America
6.2.1 Current Trend and Analysis
6.2.2 Market Size and Forecast
6.2.3 US
6.2.3.1 Market Size and Forecast
6.2.4 Rest of North America
6.2.4.1 Market Size and Forecast
6.3 Europe
6.3.1 Current Trend and Analysis
6.3.2 Market Size and Forecast
6.3.3 United Kingdom
6.3.3.1 Market Size and Forecast
6.3.4 Germany
6.3.4.1 Market Size and Forecast
6.3.5 France
6.3.5.1 Market Size and Forecast
6.3.6 Italy
6.3.6.1 Market Size and Forecast
6.3.7 Rest of Europe
6.3.7.1 Market Size and Forecast
6.4 Asia-Pacific
6.4.1 Current Trend and Analysis
6.4.2 Market Size and Forecast
6.4.3 Australia
6.4.3.1 Market Size and Forecast
6.4.4 Japan
6.4.4.1 Market Size and Forecast
6.4.5 Rest of Asia-Pacific
6.4.5.1 Market Size and Forecast
6.5 RoW
6.5.1 Current Trend and Analysis
6.5.2 Market Size and Forecast
6.5.3 Middle East
6.5.3.1 Market Size and Forecast
6.5.4 South America
6.5.4.1 Market Size and Forecast
6.5.5 Africa
6.5.5.1 Market Size and Forecast
CHAPTER 7 COMPANY PROFILES
7.1 Allianz SE
7.2 Insure The Box Ltd
7.3 Allstate Corporation
7.4 AXA S.A.
7.5 Mapfre S.A
7.6 Progressive Corporation
7.7 Desjardins Insurance
7.8 Aviva plc.
7.9 Metromile
7.10 Generali Group
