What is Automotive Usage Based Insurance Market Scope?
Automotive usage based insurance tracks mileage and driving behaviour like speeding and harsh braking. It can allow insurers to monitor directly while the person drives with more closely aligned driving behaviours with premium rates. Telematics is useful to track, store, and transfer driving-related data. The data is useful to understand driving behaviour and charge appropriate vehicle insurance rates.
Influencing Trend:
Rising Accidents of Automobiles over the Globe and Need for the Safety Measures for the Drivers
Market Growth Drivers:
Growing Urbanization and Rising per Capita Disposable Income and Rising Offerings and Benefits of Insurance Policies
Challenges:
Regulations on the Insurance Providers
Restraints:
Unavailability of Tranceperancy Regarding Automotive Usage Based Insurance
Opportunities:
Growing Adoption of Automobiles can create Opportunities for Market Growth
The Automotive Usage Based Insurance market study is being classified by Type (Pay as You Drive, Pay How You Drive, Pay as You Go, Distance-based Insurance and Others), by Application and major geographies with country level break-up.
Global Automotive Usage Based Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Forbes Advisor (United States), GSMA (United Kingdom), IMS (India), Zendrive (India), Allianz SE (Germany), Nationwide Mutual Insurance Company (United States), AXA (France), Aviva (United Kingdom), Liberty Mutual (United States) and Allstate Insurance Company (United States) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Automotive Usage Based Insurance market by Type, Application and Region.
On the basis of geography, the market of Automotive Usage Based Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
In 2020, Allianz SE has acquired an automobile and other Property-Casualty businesses from SulAmérica. The acquisition boosts the serving offerings for customers.
On 2020. IMS has launched a toolset. The new tools enable insurers and mobility operators to expand the ways they can interact with usage-based insurance (UBI) customers.
As per the Insurance Regulatory and Development Authority (IRDA) guidelines the general insurers offering motor insurance should adhere to at all times.
Key Target Audience
Automotive Usage Based Insurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
Automotive Usage Based Insurance Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Automotive Usage Based Insurance Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Automotive Usage Based Insurance industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.