Usage-Based Insurance Market to Hit $28B in 2018
Sept. 13, 2018—The increasing vehicle sales with telematics and connected car services will drive the global usage-based insurance market for automotive, according to a report.
The usage-based insurance market is estimated to be $28.43 billion in 2018 and is projected to reach $95.81 billion by 2025, at a CAGR of 18.95% from 2018 to 2025.
The demand for usage-based insurance is driven by the reduction in insurance premiums as compared to regular insurance and risk-related cost and increasing vehicle sales and on-road vehicles. Ambiguity over regulations and legislative environments are acting as a restraining factor for the usage-based insurance market.
The report provides insights with reference to the following points:
- Market Size, by technology: The report offers in-depth market sizing and forecast up to 2025, by technology such as OBD-II, smartphone, embedded system, black box, and others. The market sizing for technology is covered for all regions.
- Market Size, by package type: The report offers in-depth market sizing and forecast up to 2025, by package type such as pay-as-you-drive, pay-how-you-drive, and manage-how-you-drive. The market sizing for package type is covered for all countries considered in the study
- Market Size, by vehicle type: The report offers in-depth market sizing and forecast up to 2025, by vehicle type such as light-duty vehicle and heavy-duty vehicle. The market sizing for vehicle age is covered for all countries considered in the study
- The report covers the usage-based insurance market for “Electric and Hybrid Vehicles” at a regional level, by vehicle type.
- The report provides “Market Share” of the leading players in the usage-based insurance market.
- Market Development: The report provides comprehensive information about lucrative emerging markets for usage-based insurance across regions.
- Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the usage-based insurance market.