P&S Intelligence published a new research report, “Usage-Based Insurance Market: Global Industry Analysis and Forecast till 2030, (The global usage-based insurance market is projected to grow significantly during the forecast period (2020–2030). Usage-based insurance is a type of vehicle insurance, which leverages in-vehicle communication systems to track driving behavior and vehicle mileage. The automotive insurance market is highly influenced by growing sales of automobiles, which are equipped with telematics and connected car services. Furthermore, rising penetration of smartphones integrated with vehicle connectivity systems, and rapid use of usage-based insurance by insurance companies to improve profitability are other substantial factors for the market growth).”
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Geographically, North America is expected to hold the largest share in the usage-based insurance market during the forecast period. The region has the highest adoption rate of usage-based insurance, due to higher regular vehicle insurance premiums, along with increasing adoption of connected cars. Black box insurance technology is widely used in the region and has the presence of several vehicle insurance companies that uses black box technology to monitor driving habits. Such device gathers detailed information for vehicle insurance companies and enables them to estimate insurance risk levels more precisely.
Key players functioning in the global usage-based insurance market includes Progressive Corporation, Allstate Insurance Company, Vodafone Group Plc, Octo Telematics SpA, Allianz SE, TomTom N.V., AXA S.A., Verizon Wireless Services LLC, Liberty Mutual Group, and Sierra Wireless Inc.
The report covers country-wise usage-based insurance market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Russia, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Thailand, Malaysia, Brazil, Mexico, South Africa, the U.A.E., Iran, and Saudi Arabia.
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This market research report provides a comprehensive overview of the Usage-Based Insurance Market.
This study covers
- Historical and the present size of the Usage-Based Insurance Market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential