Usage-based insurance refers to a type of auto insurance, which utilizes in-vehicle communication systems to keep a track of driving behavior and mileage. The use of telematics systems gives precise and accurate feedback on the driving patterns and safety practices of the driver. Telematics refers to a method of vehicle monitoring, which combines onboard diagnostics with the GPS system to track the behavior of the vehicle. Such technology enables the insurance companies to alter the insurance cost based on the risk thus estimated.
Allstate Insurance Company, State Farm Mutual Automobile Insurance Company, UnipolSai Assicurazioni S.p.A, Insure The Box Limited, Intelligent Mechatronic Systems Inc, and Allianz SE are some of the companies dominating the global usage-based insurance market.
Transparency Market Research has come up with an all-inclusive study on the global usage-based insurance market, for the period 2019 to 2027. The report predicts that the global usage-based insurance market is likely to clock a staggering 30% CAGR over the period of review. The market is estimated to reach US$ 200 Bn through 2027.
Get PDF brochure for Industrial Insights and business Intelligence @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=52104
With the Growing Confidence and Awareness, North America is Likely to Lead the Market
The global usage-based insurance market is divided into the key regions of North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe.
It is prophesized that the North American usage-based insurance market is likely to exhibit huge potential in terms of revenue. The lucrativeness of the region lies in the large number of vehicles plying on the road. In addition to that, growing awareness and confidence about the use of usage-based insurance is likely to bolster its regional demand in the years to come. Europe, too, is likely to follow the footsteps of North America, as the usage-based insurance market gathers momentum in Europe as well. Increased innovation in the automotive industry of Europe is likely to pave way for promising growth of the market in Europe in near future.
The usage-based insurance market is likely to witness a promising future in the Middle East and Latin America as well. The market is estimated to clock an impressive growth rate in the region over the timeframe of assessment due to the increased adoption of telematics systems in the region. This has encouraged the adoption of insurance telematics programs across South Africa, Argentina, and Brazil.
Get COVID-19 Analysis @ https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=52104
Growing Interest of Insurance Providers likely to Support Growth of the Market
The evolution of the automotive usage-based insurance industry is directly linked with the advancement of the automotive industry. The demand for automotive insurance is directly proportional to the sale of vehicles fitted with connected car and telematics services. In addition to that, increased focus on remote diagnostics by the providers of insurance is likely to encourage the growth of the global usage-based insurance market. Adoption and use of advanced onboard communication devices to facilitate real-time connectivity between insurance providers and the vehicle help in the diagnosis of breakdown issues.
The expansion of the global usage-based insurance market growth is ascribed to the growing popularity of usage-based insurance solutions amongst insurance enterprises. In order to maximize profitability, insurance providers are taking up this option, which enables them to improve pricing models, increase revenue, and regulate the cost of claims. This factor is likely to trigger the growth of the global usage-based insurance market in the forthcoming years.
Inquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=52104
The information shared in this review is based on a TMR report, bearing the title, “Usage-based insurance market (Policy Type - Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD), and Manage-How-You-Drive (MHYD); Device Type - Black Box, OBD Dongle, and Smartphone; Vehicle Type - Passenger Vehicle and Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 to 2027”
The global usage-based insurance is segmented based on:
- Policy TypePay-How-You-Drive (PHYD)
- Pay-As-You-Drive (PAYD)
- Manage-How-You-Drive (MHYD)
- Device TypeBlack Box
- OBD Dongle
- Smartphone
- Vehicle TypePassenger Vehicle
- Commercial Vehicle
TMR Latest News Publication:
Remote Operated Vehicle (ROV) Market - Remote operated vehicles (ROVs) refer to untethered or tethered underwater vehicles used in marine construction and ocean exploration. While these vehicles are either propelled by ship or self-propelled, they are mainly used in distant viewing of construction or subsea environment, and performing construction or repairing activities of ship hulls, pipes, and others.
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with the ability to track more than one million high-growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making the right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of the right sense of fact-oriented problem-solving methodologies and leveraging existing data repositories.
TMR believes that the unison of solutions for clients-specific problems with the right methodology of research is the key to helping enterprises reach the right decision.
Contact
Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
USA - Canada Toll-Free: 866-552-3453
No comments:
Post a Comment