rechal dey Submitted 2019-03-06 10:19:08 According to the new market research report usage-based insurance market for ICE & Electric Vehicle by Package (PAYD Cheap Vancouver Canucks Jersey , PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System Jay Beagle Jersey Youth , Black Box), Vehicle Age (New, On-Road), Device Offering (BYOD, Company Provided) Tanner Pearson Jersey Youth , and Region - Global Forecast to 2025. The usage-based insurance market for automotive is estimated to be USD 28.43 billion in 2018 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95% from 2018 to 2025. The increasing number of vehicles with telematics and connected car services and a reduction in insurance premiums as compared to regular insurance are projected to drive the usage-based insurance market.
Don鈥檛 miss out on business opportunities in usage-based insurance market. Download our PDF Brochure and gain crucial industry insights that will help your business grow: (PAYD) package type is projected to have the largest market in the usage-based insurance market Pay-As-You-Drive (PAYD) package type is estimated to be the largest market for usage-based insurance, by package type, during the forecast period. Various factors affecting the dominance of PAYD are ease of deployment, no complex algorithms for working Tim Schaller Jersey Youth , and cost-effectiveness for the insurer as well as consumers. Secondly, PAYD insurance encourages consumers to drive less and drive green. This reduces vehicle emissions and contributes to the worldwide environmental efforts. As people drive less, the accidental risks associated with drivers reduce.
Browse and in-depth TOC on 鈥渦sage-based insurance market鈥?
78 - Tables 48 - Figures 157 鈥?Pages
View more detailed TOC @ vehicles are estimated to have the fastest growth in the usage-based insurance market The number of on-road vehicles is very high when compared to new vehicles sold for a particular year, as on-road vehicles is a collective total. The penetration of usage-based insurance is lower in on-road vehicles as compared to new vehicles, however Sven Baertschi Jersey Youth , owing to the huge difference in new vehicle sales and on-road vehicles, the usage-based insurance market for on-road vehicles is the highest in 2018 and is projected to be the largest market by 2025 as well. The increase of usage-based insurance in new vehicles will also drive the market for on-road vehicles as the usage-based insurance service providers offer discounts and loyalty bonus for renewals. Hence, multiple car owners are expected to continue using usage-based insurance as their vehicle gets older.
Request Sample Copy @ Americas is projected to lead the usage-based insurance market for automotive during the forecast period owing to the highest adoption rate of usage-based insurance for new and on-road vehicles equipped with either OBD-II or OE-fitted telematics unit. Most of the cars sold in North America, especially the US and Canada, belong to the premium segment. The dominance of premium cars increases the adoption rate of usage-based insurance as their regular insurance is very high. Through usage-based insurance Justin Bailey Jersey Youth , vehicle owners can save up to 30% on insurance premiums.
The usage-based insurance market consists of companies such as Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands) Jacob Markstrom Jersey Youth , Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), and Sierra Wireless (Canada).
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