Latest industry analysis by Fact MR, predicts sales of Usage Insurance to swell at propelled CAGR through 2031, as automotive sales gradually recover across the world. The report is intended at presenting insights into hidden growth opportunities and challenges. It also offers recommendations to help businesses to prep for unforeseen challenges.
The market intelligence study therefore includes demographics analysis so market players can plan their product and marketing strategy. It offers sales outlook in 20+ countries. It identifies the most lucrative segments to assist companies in creating winning strategies for future.
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Newly released data from Fact.MR market Analysis shows that global demand of the overall Usage Insurance market accounted for almost US$ 30 Bn in 2020 and is projected to reach nearly US$ 150 Bn by 2031, expanding 5x across the 2021-2031 forecast period.
The report offers actionable and valuable market insights of Usage Insurance. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Usage Insurance Market across various industries and regions.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Usage Insurance market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Usage Insurance
This newly published and insightful report sheds light on Market Insights of Usage Insurance, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Usage Insurance Market.
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Key Segments Covered
- 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
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Competitive Landscape
Major players with a prominent share in the market are focusing on expanding their customer base.
- Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurers and banks announced its acquisition of AI-Powered telematics provider Driveway Software Corporation’s assets. It will be joined by Driveways’ strong and highly capable team of domain-rich experts.
- On June 16, 2020, USAA is expected to acquire Noblr, a digital insurer offering behavior-based auto insurance. Dedicated to military personnel and their families, the company says its acquisition will help make it more competitive by upgrading its services. Financial strength was also cited as a factor as to why the company could acquire companies in this space and accelerate innovation.
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
“A variety of benefits can be derived from usage-based insurance and telematics, including reverse gear indicator, speed threshold tracking, seat belt usage, harsh braking, acceleration control, and voice guidance. All of these benefits contribute to the reduction of road accidents,” says Fact.MR analyst.
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Report Benefits & Key Questions Answered
- Usage Insurance Company & brand share analysis: The report offers in-depth Usage Insurance brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
- Usage Insurance Historical volume analysis: The report offers a comparative analysis between historic sales of Usage Insurance and projected sales performance for 2021-2031
- Usage Insurance Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
- Usage Insurance Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
- Post COVID consumer spending on Usage Insurance: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power
More Valuable Insights on Usage Insurance Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Usage Insurance, Sales and Demand of Usage Insurance, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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