Usage-based Insurance Market for ICE & Electric Vehicle, 2025 by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System, Black Box), Vehicle Age, Device (BYOD, Company Provided) - ResearchAndMarkets.com
Sep. 13, 2018
DUBLIN--(BUSINESS WIRE)--Sep 13, 2018--The "Usage-based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System, Black Box), Vehicle Age, Device Offering (BYOD, Company Provided) & Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The usage based insurance market 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 demand for usage-based insurance is driven by the reduction in insurance premiums as compared to regular insurance and risk-related cost and increasing vehicle sales and on-road vehicles. Ambiguity over regulations and legislative environments are acting as a restraining factor for the usage-based insurance market.
Embedded systems refer to the inbuilt (embedded) telematics inside a vehicle. Embedded system is used to collect vehicle data and analyze the driver behaviour to calculate insurance premiums. Embedded telematics is very accurate at capturing vehicle data as it is an integrated part of the system and does not require external calibration to register data.
Light-duty vehicles constitute passenger cars and light commercial vehicles, and account for almost 96% of the total global vehicle sales in 2017, as per OICA. The adoption rate of UBI is higher in LDVs than it is in HDVs. LDVs can be easily fitted with OBD-II, black box or other devices to access the usage-based insurance plans. Additionally, LDVs are generally driven by a single person, hence UBI plans based on driver behaviour are more prominent for LDVs, while the same is not true for HDVs as they have multiple drivers.
The usage-based insurance market consists of companies such as Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands), Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), and Sierra Wireless (Canada).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Technological Overview
7 Usage-based Insurance Market for Automotive, By Package Type
8 Usage-based Insurance Market for Automotive, By Technology
9 Usage-based Insurance Market for Automotive, By Vehicle Type
10 Usage-based Insurance Market for Automotive, By Vehicle Age
11 Usage-based Insurance Market, By Device Offering
12 Usage-based Insurance Market for Automotive, By Electric and Hybrid Vehicle
13 Usage-based Insurance Market for Automotive, By Region
14 Competitive Landscape
15 Company ProfilesAXA Allianz Allstate Assicurazioni Generali Cambridge Mobile Telematics Inseego Insure the Box Intelligent Mechatronic Systems Liberty Mutual Mapfre Metromile Modus Group Movitrack Viasat Octo Telematics Progressive Corporation Sierra Wireless The Floow Tomtom Truemotion Unipolsai Assicurazioni Verizon Vodafone For more information about this report visit https://www.researchandmarkets.com/research/s9nnhp/usagebased?w=4
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Related Topics:Automotive Insurance,Electric and Hybrid Vehicles
INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE PROFESSIONAL SERVICES INSURANCE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 09/13/2018 09:26 AM/DISC: 09/13/2018 09:26 AM