Usage-based Insurance Market
Usage-based Insurance Market worth $95.81 billion by 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.
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Target audience of Usage-based insurance market target audience: Automotive cloud service providers Automotive electronics hardware and software suppliers Automotive insurance platform providers Automotive insurance providers Automotive original equipment manufacturers In-vehicle telematics service providers Regional automotive insurance associations
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Increasing vehicle with telematics and connected car and reduction in insurance premium as compared to regular insurance would drive the americas usage-based insurance market The 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, vehicle owners can save up to 30% on insurance premiums. Speak to analyst
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Global players: Progressive Corporation (US) Vodafone (UK), Allstate (US) Octo Telematics (UK) Tomtom (Netherlands) Allianz (Germany) AXA (France) Liberty Mutual (US) Verizon (US) Sierra Wireless (Canada). Get 10 % Free Customization
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The report "usage-based insurance market for ICE & electric vehicle by package (PAYD, PHYD, MHYD), technology (OBD-II, smartphone, embedded system, black box), vehicle age (new, on-road), device offering (BYOD, company provided), and region global forecast to 2025"
This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.
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