Increasing Adoption of Telematics in Auto Insurance Key Pivot for Revenue Gains in Usage Based Insurance Market, Global Valuation to Touch US$ 200 Bn in 2027

ALBANY, N.Y., Oct. 6, 2020 -- Growing popularity of telematics and other real-time monitoring technologies in the auto sector has bolstered the market potential of usage based insurance. As risk-based insurance coverage gather steam among target consumers as well as policy providers, the automotive industry will also gear toward new changes. Automakers are increasingly adopting connected car and telematics services.

Customers consider it safe to share vehicle data with insurance providers to get the best deal on premium to be paid. On the other side of the spectrum, insurance providers utilize the model to make the pricing and revenue models more profitable.

Garnering CAGR of 30% from 2019 to 2027, the global usage based insurance market is expected to reach US$ 200 Bn through 2027-end.

Download PDF Brochure – https://www.transparencymarketresearch.com/sample/sample.php

Key Findings of Usage Based Insurance Market

Of the various policy types, pay-as-you-drive (PAYD) is projected to be the leading segment during 2019 – 2027
Of the various device types, black box is expected to be the leading segment
Among the various vehicle types, passenger vehicles are expected to see rapid rise in opportunities through 2027
Geographically, North America is expected to witness leading revenue potential during the forecast period
Europe is the next leading regional market

Explore 300 pages of top-notch research, incisive insights, and detailed country-level projections on Usage based Insurance Market (Policy Type - Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD), Manage-How-You-Drive (MHYD); Device Type - Black Box, OBD Dongle, Smartphone; Vehicle Type - Passenger Vehicle, Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/usage-based-insurance-market.html

Usage Based Insurance Market: Key Driving Factors and Promising Avenues

Growing acceptance of in-vehicle communication systems to track driving behavior and mileage is a key trend boosting the demand for usage-based insurance.
Automakers are increasing promoting the use of on-board diagnostics with the GPS system.
Growing number of vehicles with these systems in developed world has helped spur revenue prospect of the usage based insurance market
Rising safety concerns in passenger vehicles has also stimulated the need for real-time monitoring through telematics.
Growing acceptance of connected car technologies among consumers has presented providers of usage based insurance a vast canvas to market their services.
Pay-how-you-drive (PHYD) segment is gathering steam among insurance clients, thus boosting the usage based insurance market.
In developing world, in recent years, awareness about the benefits of usage based insurance to auto insurance policy holders is also fueling the expansion of auto insurance market.
Rise in adoption of on-board diagnostics to identify trends in vehicle breakdowns has made usage based insurance policies popular among fleet owners.
A growing number of insurance companies for the auto sector are finding immense potential in the usage based insurance to roll out new premium models.

Analyze global usage based insurance market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study

Usage Based Insurance Market: Regional Assessment

North America has been a highly lucrative regions. Strides in telematics and connected vehicle technologies have spurred the revenue potential of the regional market.
The auto insurance sector has made giant strides in the adoption of new technologies that favor both insurance providers and clients.
The need for adopting new pricing models is a key trend boosting the adoption of usage based insurance policies in the region.
Consumers in the region are become increasingly confident about the use of telematics.
Europe is also a lucrative regional market.
Increasing trend of connected vehicle system in Middle East and Latin America is likely to fuel the revenue potential of usage based insurance in those regions.
However, stakeholders in the emerging markets have to face legal hurdles, given the marked complexity of usage based insurance models.

Request the Covid19 Impact Analysis across Industry –

https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=52104

The Usage Based Insurance Market can be segmented as follows:

Policy Type

Pay-How-You-Drive (PHYD)
Pay-As-You-Drive (PAYD)
Manage-How-You-Drive (MHYD)

Device Type

Black Box
OBD Dongle
Smartphone

Vehicle Type

Passenger Vehicle
Commercial Vehicle

Region

North America

US
Canada

Europe

Germany
France
Italy
Spain
U.K.
Rest of Europe

Middle East and Africa

GCC Countries
South Africa
Rest of Middle East and Africa

Asia Pacific

China
Japan
India
Australia and New Zealand
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Explore Transparency Market Research's award-winning coverage of the Global Automotive & Transport Industry:

Automotive Seat Cover Market – The global automotive seat cover market is expected to grow at a moderate CAGR of ~4% during the forecast period. The market growth can be primarily driven by the booming automotive sector in developing regions, growing demand for automotive seat covers made from environment-friendly and sustainable materials, growing demand for premium vehicles, and increasing focus on automotive interiors.

Luxury Shuttle Bus Market – The global luxury shuttle bus market is expected to grow at an impressive CAGR of ~9% during the forecast period. The market growth can be primarily attributed to growing consumer awareness pertaining to the benefits of using public transportation services, increasing focus on improving the aesthetics and performance of luxury shuttle buses, advancements in technology, and entry of a number of manufacturers in the market.

Automotive Speaker Market – The global automotive speaker market is expected to expand at a steady CAGR of ~4% during the forecast period. The market growth is primarily driven by the booming automotive sector in developing regions, growing sales of automotive vehicles worldwide, technological advancements, and increasing market competition due to which, innovations have accelerated at a rapid pace. Market players should focus on product innovation and leverage the benefits of new technologies to develop advanced products.

Access TMR Upcoming Reports - https://www.transparencymarketresearch.com/upcoming.htm

Access Recently Published Reports by TMR - https://www.transparencymarketresearch.com/latest.htm

About Transparency Market Research

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact

Mr Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
USA - Canada
Toll Free: 866-552-3453
Email: [email protected]
Website: http://www.transparencymarketresearch.com
Press Release Source: https://www.transparencymarketresearch.com/pressrelease/usage-based-insurance-market.htm
Blog: https://tmrblog.com/

SOURCE Transparency Market Research