Usage Insurance Market
Usage Insurance Market Analysis By Policy Type (Pay-how-you-drive(PHYD), Pay-as-you-drive(PAYD), Manage-how-you-drive(MHYD)), By Product (Black Box, OBD Dongle, Smartphone), By Vehicle, By Region - Global Insights 2021-2031
Analysis of Usage Insurance market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Usage Insurance Market Outlook
The 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 to 2031 forecast period.
Growing complexities in the one-size-fits-all approach associated with general automotive insurance is prompting increased uptake of usage based insurance, which are far more dynamic and accurate in nature. Demand for black box usage insurance is expected to remain most prominent, amid wider connectivity and higher accuracy.
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Usage Insurance Consumption Analysis 2016 to 2020 vs Market Outlook 2021 to 2031
According to Fact.MR- market research and competitive intelligence provider, the global usage insurance industry grew to a value of approximately US$ 30 Bn by 2020. As conventional automotive insurance experiences significant constraints, vehicle owners are increasingly relying on usage-based insurance to optimize costs.
During the COVID-19 pandemic, the global automotive industry experienced a major downswing, attributed to disruptions in the supply chain attributed to the imposition of stringent lockdowns. This led to a drop in usage insurance services sales in the short-term. However, demand remained sustained amidst the increasing popularity of electric vehicles.
A growing trend in automobile insurance is the collection of data about how far individual vehicles have been driven based on the data collected by a particular insurer. Telematics is used in insurance and can either be pre-installed in the vehicle or can be added with a plug-in device. Based on these trends, Fact.MR expects that the global market will surge at a CAGR of over 17% from 2021 to 2031.
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.
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How is Artificial Intelligence Paving Way for Implementing Advanced Usage Insurance Services?
With artificial intelligence, insurance tech companies are conquering new grounds in the digital age. Various industries, including the insurance industry, have been affected by the rise of artificial intelligence. With the help of machine learning, data modeling, and predictive analysis, insurers enhanced bottom lines and improved customer service by applying artificial intelligence across the entire insurance chain.
Unceasing research on digitization of usage-based insurance is leading to the increased demand for sensors, including wearable devices, vehicle sensors, and smart apps used in mobile calls for new insurance services to complement new vehicles.
Country-wise Insights
Why is the U.S an Emerging Hub for Usage Insurance?
According to Fact.MR, usage insurance adoption is likely to be the highest in the U.S, accounting for over 50% of global demand. The nation is moving towards the adoption of usage-based insurance in new and existing vehicles equipped with telematics technology as a result of the higher adoption of vehicles.
As per the National Association of Insurance Commissioners (NAIC), the common feature of new vehicles purchased is in-built telematics. As part of the new insurance regulations, auto insurers must also use telematics for all their vehicles. In addition, many companies provide usage-based insurance with the purchase of each car, which also contributes to market growth.
How Usage Insurance is affecting the European Markets?
It is anticipated that Europe will hold a significant share of the market for UBI. There is a significant rise in the environment due to the increasing number of connected cars with integrated telematics. Embedded systems are more prevalent because of their higher adoption rate.
According to projections put forward by Fact.MR, demand for usage insurance across Europe is anticipated to soar at an impressive 10% CAGR until 2031, with Germany, France and the U.K expected to take the lead across the forecast period.
How will the Asian Market Perform in Forthcoming Years?
Asia is expected to register a growth rate of nearly 15% between 2021 and 2031. The region holds a large share of the automotive telematics market owing to the region's increasing demand.
A key factor driving the growth of the market is the increasing adoption of smartphones and telematics products in major countries, including India and China. Increasing adoption of telematics and IoT is expected to drive market growth in Japan, China, India, and South Korea. UBI solutions are predicted to be in demand in the region as governments ramp up initiatives to improve vehicle safety.
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Category-wise Insights
Which Policy Type Dominates the Market for Usage Insurance?
Pay-as-you-drive auto insurance is expected to remain strong, with an expected share of over 55% across the 2021-2031 assessment period. Benefits such as lower car insurance premiums, customized coverage, free telematics installation and floater coverage for multiple cars is increasing its popularity.
In addition, the policy encourages safe driving since customers are charged more when they don't drive well. In comparison with other types of car insurance, this policy is more affordable.
How is Smartphone-based Usage Insurance Gaining Ground?
A smartphone or any other device can track this information for the purpose of bettering the chances of getting better discounts offered by the insurance companies by using their driving patterns. Sensors on smartphones are used to collect vehicle data to calculate insurance discounts. Insurance companies can significantly reduce risks and better serve policyholders by integrating embedded telematics and smartphone integration into their vehicles.
Smartphone apps have enabled millennials to find out their driving safety or determine their score, and to share it on social media to gain popularity. With an increased demand for telematics technology installed in vehicles and smartphones being the main method of knowing the score, usage-based insurance is growing. A CAGR of 9% is projected for this segment.
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.
Report Scope
| Attributes | Details |
|---|---|
| Market size value in 2020 | USD 30 Billion |
| Market forecast value in 2031 | USD 150 Billion |
| Growth Rate | CAGR of 17% from 2021 to 2031 |
| Forecast Period | 2021 to 2031 |
| Historical Data Available for | 2016 to 2020 |
| Key Companies Profiled | Insure the Box Limited; Allstate Insurance Company; State Farm; Uniqa Insurance Group AG; Groupama; Generali Group; UnipolSai Assicurazioni S.p.A; Liberty Mutual Group; Allianz SE; Progressive Corporation |
| Pricing | Available upon Request |
Key Segments Covered
-
By Policy Type :
- Pay-how-you-drive(PHYD)
- Pay-as-you-drive(PAYD)
- Manage-how-you-drive(MHYD)
-
By Product :
- Black Box
- OBD Dongle
- Smartphone
- Others
-
By Vehicle :
- Passenger Vehicle
- Commercial Vehicle
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Risks and Trends Assessment
- 4. Market Background and Foundation Data Points
- 5. Global Market Value Analysis 2016 to 2020 and Forecast, 2021 to 2031
- 6. Global Market Analysis 2016 to 2020 and Forecast 2021 to 2031, By Policy Type
- 6.1. Pay-how-you-drive (PHYD)
- 6.2. Pay-as-you-drive (PAYD)
- 6.3. Manage-how-you-drive (MHYD)
- 7. Global Market Analysis 2016 to 2020 and Forecast 2021 to 2031, By Product
- 7.1. Black Box
- 7.2. OBD Dongle
- 7.3. Smartphone
- 7.4. Others
- 8. Global Market Analysis 2016 to 2020 and Forecast 2021 to 2031, By Vehicle
- 8.1. Passenger Vehicle
- 8.2. Commercial Vehicle
- 9. Global Market Analysis 2016 to 2020 and Forecast 2021 to 2031, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Europe
- 9.4. Asia Pacific
- 9.5. Middle East and Africa (MEA)
- 10. North America Market Analysis 2016 to 2020 and Forecast 2021 to 2031
- 11. Latin America Market Analysis 2016 to 2020 and Forecast 2021 to 2031
- 12. Europe Market Analysis 2016 to 2020 and Forecast 2021 to 2031
- 13. East Asia Market Analysis 2016 to 2020 and Forecast 2021 to 2031
- 14. South Asia Market Analysis 2016 to 2020 and Forecast 2021 to 2031
- 15. Oceania Market Analysis 2016 to 2020 and Forecast 2021 to 2031
- 16. Middle East and Africa Market Analysis 2016 to 2020 and Forecast 2021 to 2031
- 17. Market Structure Analysis
- 18. Competition Analysis
- 18.1. Insure the Box
- 18.2. AllState Insurance Company
- 18.3. State Farm
- 18.4. Uniqa
- 18.5. Groupama
- 18.6. Generalli
- 18.7. Uniposai
- 18.8. Liberty Mutual
- 18.9. Allianz SE
- 19. Appendix
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List Of Table
Table 01: Global Market Analysis by Policy Type, 2016 to 2031
Table 02: Global Market Value (US$ Mn) by Policy Type, 2016 to 2031
Table 03: Global Market Analysis By Product, 2016 to 2031
Table 04: Global Market Value (US$ Mn) By Product, 2016 to 2031
Table 05: Global Market Analysis by Vehicle, 2016 to 2031
Table 06: Global Market Value (US$ Mn) by Vehicle, 2016 to 2031
Table 07: Global Market Analysis by Region , 2016 to 2031
Table 08: Global Market Value (US$ Mn) by Region , 2016 to 2031
Table 09: North America Market Analysis by Policy Type, 2016 to 2031
Table 10: North America Market Value (US$ Mn) by Policy Type, 2016 to 2031
Table 11: North America Market Analysis By Product, 2016 to 2031
Table 12: North America Market Value (US$ Mn) By Product, 2016 to 2031
Table 13: North America Market Analysis by Vehicle, 2016 to 2031
Table 14: North America Market Value (US$ Mn) by Vehicle, 2016 to 2031
Table 15: North America Market Analysis by Country , 2016 to 2031
Table 16: North America Market Value (US$ Mn) by Country , 2016 to 2031
Table 17: Latin America Market Analysis by Policy Type, 2016 to 2031
Table 18: Latin America Market Value (US$ Mn) by Policy Type, 2016 to 2031
Table 19: Latin America Market Analysis By Product, 2016 to 2031
Table 20: Latin America Market Value (US$ Mn) By Product, 2016 to 2031
Table 21: Latin America Market Analysis by Vehicle, 2016 to 2031
Table 22: Latin America Market Value (US$ Mn) by Vehicle, 2016 to 2031
Table 23: Latin America Market Analysis by Country , 2016 to 2031
Table 24: Latin America Market Value (US$ Mn) by Country , 2016 to 2031
Table 25: Europe Market Analysis by Policy Type, 2016 to 2031
Table 26: Europe Market Value (US$ Mn) by Policy Type, 2016 to 2031
Table 27: Europe Market Analysis By Product, 2016 to 2031
Table 28: Europe Market Value (US$ Mn) By Product, 2016 to 2031
Table 29: Europe Market Analysis by Vehicle, 2016 to 2031
Table 30: Europe Market Value (US$ Mn) by Vehicle, 2016 to 2031
Table 31: Europe Market Analysis by Country , 2016 to 2031
Table 32: Europe Market Value (US$ Mn) by Country , 2016 to 2031
Table 33: East Asia Market Analysis by Policy Type, 2016 to 2031
Table 34: East Asia Market Value (US$ Mn) by Policy Type, 2016 to 2031
Table 35: East Asia Market Analysis By Product, 2016 to 2031
Table 36: East Asia Market Value (US$ Mn) By Product, 2016 to 2031
Table 37: East Asia Market Analysis by Vehicle, 2016 to 2031
Table 38: East Asia Market Value (US$ Mn) by Vehicle, 2016 to 2031
Table 39: East Asia Market Analysis by Country , 2016 to 2031
Table 40: East Asia Market Value (US$ Mn) by Country , 2016 to 2031
Table 41: South Asia & Oceania Market Analysis by Policy Type, 2016 to 2031
Table 42: South Asia & Oceania Market Value (US$ Mn) by Policy Type, 2016 to 2031
Table 43: South Asia & Oceania Market Analysis By Product, 2016 to 2031
Table 44: South Asia & Oceania Market Value (US$ Mn) By Product, 2016 to 2031
Table 45: South Asia & Oceania Market Analysis by Vehicle, 2016 to 2031
Table 46: South Asia & Oceania Market Analysis by End Use Industry, 2016 to 2031
Table 47: South Asia & Oceania Market Value (US$ Mn) by End Use Industry, 2016 to 2031
Table 48: South Asia & Oceania Market Analysis by Country , 2016 to 2031
Table 49: South Asia & Oceania Market Value (US$ Mn) by Country , 2016 to 2031
Table 50: MEA Market Analysis by Policy Type, 2016 to 2031
Table 51: MEA Market Value (US$ Mn) by Policy Type, 2016 to 2031
Table 52: MEA Market Analysis By Product, 2016 to 2031
Table 53: MEA Market Value (US$ Mn) By Product, 2016 to 2031
Table 54: MEA Market Analysis by Vehicle, 2016 to 2031
Table 55: MEA Market Value (US$ Mn) by Vehicle, 2016 to 2031
Table 56: MEA Market Analysis by Country , 2016 to 2031
Table 57: MEA Market Value (US$ Mn) by Country , 2016 to 2031
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List Of Figures
Figure No. 01: Global Market Value (US$ Mn), Forecast and Analysis, 2020 to 2030
Figure No. 01: Global Market Value (US$ Mn), Forecast and Analysis, 2021 to 2031
Figure No. 02: Global Market Share Analysis by Policy Type, 2021 to 2031
Figure No. 03: Global Market Y-o-Y Growth Projections by Policy Type, 2021 to 2031
Figure No. 04: Global Market Attractiveness Analysis by Policy Type, 2021 to 2031
Figure No. 05: Global Market Share Analysis By Product, 2021 to 2031
Figure No. 06: Global Market Y-o-Y Growth Projections By Product, 2021 to 2031
Figure No. 07: Global Market Attractiveness Analysis By Product, 2021 to 2031
Figure No. 08: Global Market Share Analysis by Vehicle, 2021 to 2031
Figure No. 09: Global Market Y-o-Y Growth Projections by Vehicle, 2021 to 2031
Figure No. 10: Global Market Attractiveness Analysis by Vehicle, 2021 to 2031
Figure No. 11: Global Market Share Analysis by End-Use, 2021 to 2031
Figure No. 12: Global Market Share Analysis by Region, 2021 to 2031
Figure No. 13: Global Market Y-o-Y Growth Projections by Region, 2021 to 2031
Figure No. 14: Global Market Attractiveness Analysis by Region, 2021 to 2031
Figure No. 15: North America Market Value (US$ Mn), Forecast and Analysis, 2021 to 2031
Figure No. 16: North America Market Share Analysis by Policy Type, 2021 to 2031
Figure No. 17: North America Market Y-o-Y Growth Projections by Policy Type, 2021 to 2031
Figure No. 18: North America Market Attractiveness Analysis by Policy Type, 2021 to 2031
Figure No. 19: North America Market Share Analysis By Product, 2021 to 2031
Figure No. 20: North America Market Y-o-Y Growth Projections By Product, 2021 to 2031
Figure No. 21: North America Market Attractiveness Analysis By Product, 2021 to 2031
Figure No. 22: North America Market Share Analysis by Vehicle, 2021 to 2031
Figure No. 23: North America Market Y-o-Y Growth Projections by Vehicle, 2021 to 2031
Figure No. 24: North America Market Attractiveness Analysis by Vehicle, 2021 to 2031
Figure No. 25: North America Market Share Analysis by Country, 2021 to 2031
Figure No. 26: North America Market Y-o-Y Growth Projections by Country, 2021 to 2031
Figure No. 27: North America Market Attractiveness Analysis by Country, 2021 to 2031
Figure No. 28: Latin America Market Value (US$ Mn), Forecast and Analysis, 2021 to 2031
Figure No. 29: Latin America Market Share Analysis by Policy Type, 2021 to 2031
Figure No. 30: Latin America Market Y-o-Y Growth Projections by Policy Type, 2021 to 2031
Figure No. 31: Latin America Market Attractiveness Analysis by Policy Type, 2021 to 2031
Figure No. 32: Latin America Market Share Analysis By Product, 2021 to 2031
Figure No. 33: Latin America Market Y-o-Y Growth Projections By Product, 2021 to 2031
Figure No. 34: Latin America Market Attractiveness Analysis By Product, 2021 to 2031
Figure No. 35: Latin America Market Share Analysis by Vehicle, 2021 to 2031
Figure No. 36: Latin America Market Y-o-Y Growth Projections by Vehicle, 2021 to 2031
Figure No. 37: Latin America Market Attractiveness Analysis by Vehicle, 2021 to 2031
Figure No. 38: Latin America Market Share Analysis by Country, 2021 to 2031
Figure No. 39: Latin America Market Y-o-Y Growth Projections by Country, 2021 to 2031
Figure No. 40: Latin America Market Attractiveness Analysis by Country, 2021 to 2031
Figure No. 41: Europe Market Value (US$ Mn), Forecast and Analysis, 2021 to 2031
Figure No. 42: Europe Market Share Analysis by Policy Type, 2021 to 2031
Figure No. 43: Europe Market Y-o-Y Growth Projections by Policy Type, 2021 to 2031
Figure No. 44: Europe Market Attractiveness Analysis by Policy Type, 2021 to 2031
Figure No. 45: Europe Market Share Analysis By Product, 2021 to 2031
Figure No. 46: Europe Market Y-o-Y Growth Projections By Product, 2021 to 2031
Figure No. 47: Europe Market Attractiveness Analysis By Product, 2021 to 2031
Figure No. 48: Europe Market Share Analysis by Vehicle, 2021 to 2031
Figure No. 49: Europe Market Y-o-Y Growth Projections by Vehicle, 2021 to 2031
Figure No. 50: Europe Market Attractiveness Analysis by Vehicle, 2021 to 2031
Figure No. 51: Europe Market Share Analysis by Country, 2021 to 2031
Figure No. 52: Europe Market Y-o-Y Growth Projections by Country, 2021 to 2031
Figure No. 53: Europe Market Attractiveness Analysis by Country, 2021 to 2031
Figure No. 54: East Asia Market Value (US$ Mn), Forecast and Analysis, 2021 to 2031
Figure No. 55: East Asia Market Share Analysis by Policy Type, 2021 to 2031
Figure No. 56: East Asia Market Y-o-Y Growth Projections by Policy Type, 2021 to 2031
Figure No. 57: East Asia Market Attractiveness Analysis by Policy Type, 2021 to 2031
Figure No. 58: East Asia Market Share Analysis By Product, 2021 to 2031
Figure No. 59: East Asia Market Y-o-Y Growth Projections By Product, 2021 to 2031
Figure No. 60: East Asia Market Attractiveness Analysis By Product, 2021 to 2031
Figure No. 61: East Asia Market Share Analysis by Vehicle, 2021 to 2031
Figure No. 62: East Asia Market Y-o-Y Growth Projections by Vehicle, 2021 to 2031
Figure No. 63: East Asia Market Attractiveness Analysis by Vehicle, 2021 to 2031
Figure No. 64: East Asia Market Share Analysis by Country, 2021 to 2031
Figure No. 65: East Asia Market Y-o-Y Growth Projections by Country, 2021 to 2031
Figure No. 66: East Asia Market Attractiveness Analysis by Country, 2021 to 2031
Figure No. 67: South Asia & Oceania Market Value (US$ Mn), Forecast and Analysis, 2021 to 2031
Figure No. 68: South Asia & Oceania Market Share Analysis by Policy Type, 2021 to 2031
Figure No. 69: South Asia & Oceania Market Y-o-Y Growth Projections by Policy Type, 2021 to 2031
Figure No. 70: South Asia & Oceania Market Attractiveness Analysis by Policy Type, 2021 to 2031
Figure No. 71: South Asia & Oceania Market Share Analysis By Product, 2021 to 2031
Figure No. 72: South Asia & Oceania Market Y-o-Y Growth Projections By Product, 2021 to 2031
Figure No. 73: South Asia & Oceania Market Attractiveness Analysis By Product, 2021 to 2031
Figure No. 74: South Asia & Oceania Market Share Analysis by Vehicle, 2021 to 2031
Figure No. 75: South Asia & Oceania Market Y-o-Y Growth Projections by Vehicle, 2021 to 2031
Figure No. 76: South Asia & Oceania Market Attractiveness Analysis by Vehicle, 2021 to 2031
Figure No. 77: South Asia & Oceania Market Share Analysis by Country, 2021 to 2031
Figure No. 78: South Asia & Oceania Market Y-o-Y Growth Projections by Country, 2021 to 2031
Figure No. 79: South Asia & Oceania Market Attractiveness Analysis by Country, 2021 to 2031
Figure No. 80: MEA Market Value (US$ Mn), Forecast and Analysis, 2021 to 2031
Figure No. 81: MEA Market Share Analysis by Policy Type, 2021 to 2031
Figure No. 82: MEA Market Y-o-Y Growth Projections by Policy Type, 2021 to 2031
Figure No. 83: MEA Market Attractiveness Analysis by Policy Type, 2021 to 2031
Figure No. 84: MEA Market Share Analysis By Product, 2021 to 2031
Figure No. 85: MEA Market Y-o-Y Growth Projections By Product, 2021 to 2031
Figure No. 86: MEA Market Attractiveness Analysis By Product, 2021 to 2031
Figure No. 87: MEA Market Share Analysis by Vehicle, 2021 to 2031
Figure No. 88: MEA Market Y-o-Y Growth Projections by Vehicle, 2021 to 2031
Figure No. 89: MEA Market Attractiveness Analysis by Vehicle, 2021 to 2031
Figure No. 90: MEA Market Share Analysis by Country, 2021 to 2031
Figure No. 91: MEA Market Y-o-Y Growth Projections by Country, 2021 to 2031
Figure No. 92: MEA Market Attractiveness Analysis by Country, 2021 to 2031
. 02: Global Market Share Analysis by Policy Type, 2020 to 2030
Figure No. 03: Global Market Y-o-Y Growth Projections by Policy Type, 2020 to 2030
Figure No. 04: Global Market Attractiveness Analysis by Policy Type, 2020 to 2030
Figure No. 05: Global Market Share Analysis By Product, 2020 to 2030
Figure No. 06: Global Market Y-o-Y Growth Projections By Product, 2020 to 2030
Figure No. 07: Global Market Attractiveness Analysis By Product, 2020 to 2030
Figure No. 08: Global Market Share Analysis by Vehicle, 2020 to 2030
Figure No. 09: Global Market Y-o-Y Growth Projections by Vehicle, 2020 to 2030
Figure No. 10: Global Market Attractiveness Analysis by Vehicle, 2020 to 2030
Figure No. 11: Global Market Share Analysis by End-Use, 2020 to 2030
Figure No. 12: Global Market Share Analysis by Region, 2020 to 2030
Figure No. 13: Global Market Y-o-Y Growth Projections by Region, 2020 to 2030
Figure No. 14: Global Market Attractiveness Analysis by Region, 2020 to 2030
Figure No. 15: North America Market Value (US$ Mn), Forecast and Analysis, 2020 to 2030
Figure No. 16: North America Market Share Analysis by Policy Type, 2020 to 2030
Figure No. 17: North America Market Y-o-Y Growth Projections by Policy Type, 2020 to 2030
Figure No. 18: North America Market Attractiveness Analysis by Policy Type, 2020 to 2030
Figure No. 19: North America Market Share Analysis By Product, 2020 to 2030
Figure No. 20: North America Market Y-o-Y Growth Projections By Product, 2020 to 2030
Figure No. 21: North America Market Attractiveness Analysis By Product, 2020 to 2030
Figure No. 22: North America Market Share Analysis by Vehicle, 2020 to 2030
Figure No. 23: North America Market Y-o-Y Growth Projections by Vehicle, 2020 to 2030
Figure No. 24: North America Market Attractiveness Analysis by Vehicle, 2020 to 2030
Figure No. 25: North America Market Share Analysis by Country, 2020 to 2030
Figure No. 26: North America Market Y-o-Y Growth Projections by Country, 2020 to 2030
Figure No. 27: North America Market Attractiveness Analysis by Country, 2020 to 2030
Figure No. 28: Latin America Market Value (US$ Mn), Forecast and Analysis, 2020 to 2030
Figure No. 29: Latin America Market Share Analysis by Policy Type, 2020 to 2030
Figure No. 30: Latin America Market Y-o-Y Growth Projections by Policy Type, 2020 to 2030
Figure No. 31: Latin America Market Attractiveness Analysis by Policy Type, 2020 to 2030
Figure No. 32: Latin America Market Share Analysis By Product, 2020 to 2030
Figure No. 33: Latin America Market Y-o-Y Growth Projections By Product, 2020 to 2030
Figure No. 34: Latin America Market Attractiveness Analysis By Product, 2020 to 2030
Figure No. 35: Latin America Market Share Analysis by Vehicle, 2020 to 2030
Figure No. 36: Latin America Market Y-o-Y Growth Projections by Vehicle, 2020 to 2030
Figure No. 37: Latin America Market Attractiveness Analysis by Vehicle, 2020 to 2030
Figure No. 38: Latin America Market Share Analysis by Country, 2020 to 2030
Figure No. 39: Latin America Market Y-o-Y Growth Projections by Country, 2020 to 2030
Figure No. 40: Latin America Market Attractiveness Analysis by Country, 2020 to 2030
Figure No. 41: Europe Market Value (US$ Mn), Forecast and Analysis, 2020 to 2030
Figure No. 42: Europe Market Share Analysis by Policy Type, 2020 to 2030
Figure No. 43: Europe Market Y-o-Y Growth Projections by Policy Type, 2020 to 2030
Figure No. 44: Europe Market Attractiveness Analysis by Policy Type, 2020 to 2030
Figure No. 45: Europe Market Share Analysis By Product, 2020 to 2030
Figure No. 46: Europe Market Y-o-Y Growth Projections By Product, 2020 to 2030
Figure No. 47: Europe Market Attractiveness Analysis By Product, 2020 to 2030
Figure No. 48: Europe Market Share Analysis by Vehicle, 2020 to 2030
Figure No. 49: Europe Market Y-o-Y Growth Projections by Vehicle, 2020 to 2030
Figure No. 50: Europe Market Attractiveness Analysis by Vehicle, 2020 to 2030
Figure No. 51: Europe Market Share Analysis by Country, 2020 to 2030
Figure No. 52: Europe Market Y-o-Y Growth Projections by Country, 2020 to 2030
Figure No. 53: Europe Market Attractiveness Analysis by Country, 2020 to 2030
Figure No. 54: East Asia Market Value (US$ Mn), Forecast and Analysis, 2020 to 2030
Figure No. 55: East Asia Market Share Analysis by Policy Type, 2020 to 2030
Figure No. 56: East Asia Market Y-o-Y Growth Projections by Policy Type, 2020 to 2030
Figure No. 57: East Asia Market Attractiveness Analysis by Policy Type, 2020 to 2030
Figure No. 58: East Asia Market Share Analysis By Product, 2020 to 2030
Figure No. 59: East Asia Market Y-o-Y Growth Projections By Product, 2020 to 2030
Figure No. 60: East Asia Market Attractiveness Analysis By Product, 2020 to 2030
Figure No. 61: East Asia Market Share Analysis by Vehicle, 2020 to 2030
Figure No. 62: East Asia Market Y-o-Y Growth Projections by Vehicle, 2020 to 2030
Figure No. 63: East Asia Market Attractiveness Analysis by Vehicle, 2020 to 2030
Figure No. 64: East Asia Market Share Analysis by Country, 2020 to 2030
Figure No. 65: East Asia Market Y-o-Y Growth Projections by Country, 2020 to 2030
Figure No. 66: East Asia Market Attractiveness Analysis by Country, 2020 to 2030
Figure No. 67: South Asia & Oceania Market Value (US$ Mn), Forecast and Analysis, 2020 to 2030
Figure No. 68: South Asia & Oceania Market Share Analysis by Policy Type, 2020 to 2030
Figure No. 69: South Asia & Oceania Market Y-o-Y Growth Projections by Policy Type, 2020 to 2030
Figure No. 70: South Asia & Oceania Market Attractiveness Analysis by Policy Type, 2020 to 2030
Figure No. 71: South Asia & Oceania Market Share Analysis By Product, 2020 to 2030
Figure No. 72: South Asia & Oceania Market Y-o-Y Growth Projections By Product, 2020 to 2030
Figure No. 73: South Asia & Oceania Market Attractiveness Analysis By Product, 2020 to 2030
Figure No. 74: South Asia & Oceania Market Share Analysis by Vehicle, 2020 to 2030
Figure No. 75: South Asia & Oceania Market Y-o-Y Growth Projections by Vehicle, 2020 to 2030
Figure No. 76: South Asia & Oceania Market Attractiveness Analysis by Vehicle, 2020 to 2030
Figure No. 77: South Asia & Oceania Market Share Analysis by Country, 2020 to 2030
Figure No. 78: South Asia & Oceania Market Y-o-Y Growth Projections by Country, 2020 to 2030
Figure No. 79: South Asia & Oceania Market Attractiveness Analysis by Country, 2020 to 2030
Figure No. 80: MEA Market Value (US$ Mn), Forecast and Analysis, 2020 to 2030
Figure No. 81: MEA Market Share Analysis by Policy Type, 2020 to 2030
Figure No. 82: MEA Market Y-o-Y Growth Projections by Policy Type, 2020 to 2030
Figure No. 83: MEA Market Attractiveness Analysis by Policy Type, 2020 to 2030
Figure No. 84: MEA Market Share Analysis By Product, 2020 to 2030
Figure No. 85: MEA Market Y-o-Y Growth Projections By Product, 2020 to 2030
Figure No. 86: MEA Market Attractiveness Analysis By Product, 2020 to 2030
Figure No. 87: MEA Market Share Analysis by Vehicle, 2020 to 2030
Figure No. 88: MEA Market Y-o-Y Growth Projections by Vehicle, 2020 to 2030
Figure No. 89: MEA Market Attractiveness Analysis by Vehicle, 2020 to 2030
Figure No. 90: MEA Market Share Analysis by Country, 2020 to 2030
Figure No. 91: MEA Market Y-o-Y Growth Projections by Country, 2020 to 2030
Figure No. 92: MEA Market Attractiveness Analysis by Country, 2020 to 2030
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How much is the usage insurance market worth?
As of 2020, value of the usage insurance market amounted to nearly US$ 30 Bn as per Fact.MR
What was the last 5 years CAGR for usage insurance?
From 2016 to 2020, the global market for usage insurance surged at around 10% CAGR
What is the expected valuation for the usage insurance industry by 2031?
By 2031, Fact.MR projects the usage insurance industry to be valued at US$ 150 Bn
How much will the global market for usage insurance expand?
From 2021 to 2031, the global market for usage insurance is poised to expand 5x
What is currently driving demand for usage insurance?
Rising complexities regarding the one-size-fits-all approach of conventional vehicle insurance and rapid digitization is spurring usage insurance popularity
What are the growth prospects for the U.S market?
Nearly 50% of global usage insurance coverage is likely to occur across the U.S market
By how much is the European market expected to grow?
According to Fact.MR, usage insurance demand in Europe will likely surge at a CAGR of 10%
How opportunistic is the market across Asia?
The Asian market for usage insurance is expected to surge at around 15% CAGR until 2031
Which is the most prominent category of usage insurance?
Pay-as-you-drive (PAYD) usage insurance will remain most sought after, capturing 55% of the market
Usage Insurance Market