ROCKVILLE, Md., March 14, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Usage Insurance market is projected to grow at a compound annual rate (CAGR) of 17% between 2021 and 2031. The market is expected to reach US$ 150 Bn by the end of 2031.
The demand for Usage Insurance is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 30 Bn by the end of 2020.
According to the historical performance of the market, usage insurance uptake registered an impressive 10% CAGR to be valued at US$ 30 Bn from as of 2020. Prospects took a temporary dip in the first half of 2020, as the COVID-19 pandemic halted automotive manufacturing and distribution operations. Fortunately, the ever surging EV popularity sustained demand.
For Critical Insights on This Market, Request a Sample Report
https://www.factmr.com/connectus/sample?flag=S&rep_id=5352
In the long-run, usage insurance providers are looking to leverage telematics as an effective technology to offer their services. Telematics-based insurance is highly accurate, as driving data can be instantly collected, enabling insurance providers to provide feedback regarding on-road driver and vehicular performance. Several developments are being witnessed, such as the recent takeover of TrueMotion by Cambridge Mobile Telematics in June 2021. After combining, Cambridge Mobile is to provide telematics services to 21 of the 25 largest auto insurers in the U.S.
How are Good Driving Practices Paving Way for Usage Insurance?
Incentives for better driving habits will increase drivers' motivation to improve their driving behavior. It leads to fewer traffic violations and accidents, resulting in fewer claims for insurance companies. This could prevent most drivers from paying more in rates and thus save them some money.
Implementation of tools for tracking drivers' driving behavior through the use of telematics is acquiring significant traction. The adoption of various technologies, including odometers, smartphones, and OBD dongles, has profoundly affected the driving behavior of consumers.
The coverage provided by usage-based insurance can offer current and ongoing details about driving habits, enabling appropriate calculation of rates and discounts quickly. The maximum discount offered is 25 percent, but most drivers receive a five to ten percent discount after recording driving.
To learn more about Usage Insurance Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=5352
Key Segments Covered in the Usage Insurance Industry Survey
Policy Type
- Pay-how-you-drive(PHYD)
- Pay-as-you-drive(PAYD)
- Manage-how-you-drive(MHYD)
Product
- Black Box
- OBD Dongle
- Smartphone
- Others
Vehicle
- Passenger Vehicle
- Commercial Vehicle
Competitive Landscape
Strategic collaborations enable insurance industries to increase revenue and market share. New products and technologies will enable the growth of usage-based insurance in the insurance industry.
- To accelerate expansion across Europe, insurance tech company bolttech acquired i-surance, a next-generation B2B2C digital insurance platform. Boltech now covers 26 countries across North America, Asia, and Europe following the acquisition of i-surance - including Switzerland, Belgium, Germany, France, Liechtenstein, Monaco, Luxembourg, Netherlands, Portugal, Poland, Spain, and the United Kingdom.
- Bolttech intends to expand its insurance exchange services in Europe to provide both partners and customers with more choices.
Get Customization on this Report for Specific Research Solutions
https://www.factmr.com/connectus/sample?flag=RC&rep_id=5352
Key players in the Usage Insurance Market
- Insure the Box Limited
- Allstate Insurance Company
- State Farm
- Uniqa Insurance Group AG
- Groupama
- Generali Group
- UnipolSai Assicurazioni S.p.A
Key Takeaways from the Market Study
- Global usage insurance market to surge 5x until 2031 as compared to 2021
- Demand for pay-as-you-drive (PAYD) to account for 55% of global market revenue
- Smartphone-based usage insurance likely to expand at a CAGR of 9% through 2031
- By vehicle, commercial usage insurance to garner significant momentum, growing at 7% CAGR
- U.S to capture half of the global usage insurance demand across the decade
- Europe likely to register an expansion rate of 10% in value CAGR terms through 2031
- Asia to account for a growth rate of a staggering 15% from 2021 to 2031
Explore Fact.MR's Coverage on the Automotive Domain –
Work Barges Market Analysis- With increased investments in the development of minor ports and canal networks around the world, the market for work barges has exploded in recent years. The market for work barges is expected to develop due to the increasing adoption of intermodal transportation services across various sectors. Manufacturers are concentrating on updating old products, which might boost the profitability of the work barge industry. The expansion of the work barges market is directly influenced by the increasing prevalence of a broad network of barges for carrying bulk materials across countries.
Platform Supply Vessel Market Forecast- Offshore oil and gas exploration, as well as logistical needs from offshore facilities, drive the platform supply vessel market. The majority of platform supply vessels are currently deployed in shallow water logistical operations, despite the fact that they are designed to work in deep water. Oil and gas exploration companies have been compelled to move beyond onshore and shallow water facilities to deep and ultra-deep water exploration as global energy demand has increased. In addition, the growing number of offshore exploration and production activities throughout the world is driving up demand for platform supply vessels.
Ship/boat Keel Market Growth- Tourism growth and vessel replacements are two major demand drivers for ship/boat keels. Excess capacity and supply of shipyards and boats are another structural aspect of the marine sector. In addition, in the coming years, port infrastructure developments and a diverse variety of projects are expected to boost demand for ship/boat keels. As a result, the strong demand for ship/boat keels in the region has been mirrored. Although there has been a recent reduction in the growth ratio of trade to gross domestic product (GDP), the link between economic output and cruise tourism appears to be altering.
About Us:
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: sales@factmr.com
Tel: +1 (628) 251-1583
