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 2021-2031 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 2016-2020 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 |
2021-2031 |
|
Historical Data Available for |
2016-2020 |
|
Key Companies Profiled |
|
|
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 1.1. Global Market Outlook 1.2. Summary of Statistics 1.3. Summary of Key Findings 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Risks and Trends Assessment 3.1. Risk Assessment 3.1.1. COVID-19 Crisis and Impact on Usage Based Insurance Sales 3.1.2. COVID-19 Crisis and Impact on Usage Based Insurance Prices 3.1.3. COVID-19 Impact Benchmark with Previous Crisis 3.1.3.1. Change in Usage Based Insurance Sales 3.1.3.2. Before and After COVID-19 Crisis (Projected) 3.1.3.3. Before and After Sub-prime Crisis – 2008 (Actual) 3.1.3.4. Change in Sales post Recovery Period (After Each Crisis) 3.1.4. Impact on Market Value (US$ Mn) 3.1.4.1. Likely Loss of Value in 2021 3.1.4.2. Mid-term and Long Term Forecast 3.1.4.3. Quarter by Quarter Sales and Recovery Assessment 3.1.5. Anticipated Sales and Value Recovery Curve 3.1.5.1. Likelihood of U-Shape Recovery 3.1.5.2. Likelihood of L-Shape Recovery 3.1.6. Recovery Period Assessment by Key Countries 3.1.7. Recovery Assessment by Key Market Segments 3.1.8. Action Points and Recommendation for Suppliers 3.2. Key Trends Impacting the Market 3.3. Formulation and Policy Type Development Trends 4. Market Background and Foundation Data Points 4.1. Automotive Market Outlook 4.2. Regulatory Landscape 4.3. Automotive Decision of Manufacturers 4.4. Scenario based Growth Forecast 4.5. Value Chain Analysis 4.5.1. List of Key Manufacturers 4.5.2. List of Channel Partners 4.5.3. Operating Margins 4.5.4. Notes on Value Added at Each Node in the Value Chain 4.6. Macro-Economic Factors 4.6.1. Global GDP Growth Outlook 4.6.2. Global Automotive Industry Outlook 4.6.3. Global Employment Outlook 4.6.4. Per Capita Disposable Income 4.7. Forecast Factors - Relevance & Impact 4.7.1. Top Companies Historical Growth 4.7.2. Global GDP Growth Analysis 4.7.3. Industrial Growth Impact 4.8. Market Dynamics 4.8.1. Market Driving Factors and Impact Assessment 4.8.2. Prominent Market Challenges and Impact Assessment 4.8.3. Usage Based Insurance Market Opportunities 4.8.4. Prominent Trends in the Global Market & Their Impact Assessment 5. Global Usage Based Insurance Market Value Analysis 2016-2020 and Forecast, 2021-2031 5.1. Historical Market Value (US$ Mn) Analysis, 2016-2020 5.2. Current and Future Market Value (US$ Mn) Projections, 2021-2031 5.2.1. Y-o-Y Growth Trend Analysis 5.2.2. Absolute $ Opportunity Analysis 6. Global Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031, By Policy Type 6.1. Introduction / Key Findings 6.2. Historical Market Size (US$ Mn) By Policy Type, 2016-2020 6.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Policy Type, 2021 - 2031 6.3.1. Pay-how-you-drive (PHYD) 6.3.2. Pay-as-you-drive (PAYD) 6.3.3. Manage-how-your-drive (MHYD) 6.4. Market Attractiveness Analysis By Policy Type 7. Global Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031, By Product 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ Mn) Analysis By Product, 2016-2020 7.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Product, 2021 - 2031 7.3.1. Black Box 7.3.2. OBD Dongle 7.3.3. Smartphone 7.3.4. Others 7.4. Market Attractiveness Analysis By Product 8. Global Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031, By Vehicle 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Mn) Analysis By Vehicle, 2016-2020 8.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Vehicle, 2021 - 2031 8.3.1. Passenger Vehicle 8.3.2. Commercial Vehicle 8.4. Market Attractiveness Analysis By Vehicle 9. Global Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031, by Region 9.1. Introduction 9.2. Historical Market Size (US$ Mn) Analysis By Region, 2016-2020 9.3. Current Market Size (US$ Mn) Analysis and Forecast By Region, 2021 - 2031 9.3.1. North America 9.3.2. Latin America 9.3.3. Europe 9.3.4. Asia Pacific 9.3.5. Middle East and Africa (MEA) 9.4. Market Attractiveness Analysis By Region 10. North America Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031 10.1. Introduction 10.2. Pricing Analysis 10.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2016-2020 10.4. Market Size (US$ Mn) Forecast By Market Taxonomy, 2021 - 2031 10.4.1. By Country 10.4.1.1. U.S. 10.4.1.2. Canada 10.4.2. By Policy Type 10.4.3. By Product 10.4.4. By Vehicle 10.5. Market Attractiveness Analysis 10.5.1. By Country 10.5.2. By Policy Type 10.5.3. By Product 10.5.4. By Vehicle 11. Latin America Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031 11.1. Introduction 11.2. Pricing Analysis 11.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2016-2020 11.4. Market Size (US$ Mn) Forecast By Market Taxonomy, 2021 - 2031 11.4.1. By Country 11.4.1.1. Brazil 11.4.1.2. Mexico 11.4.1.3. Argentina 11.4.1.4. Chile 11.4.1.5. Peru 11.4.1.6. Rest of Latin America 11.4.2. By Country 11.4.3. By Policy Type 11.4.4. By Product 11.4.5. By Vehicle 11.5. Market Attractiveness Analysis 11.5.1. By Country 11.5.2. By Policy Type 11.5.3. By Product 11.5.4. By Vehicle 12. Europe Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031 12.1. Introduction 12.2. Pricing Analysis 12.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2016-2020 12.4. Market Size (US$ Mn) Forecast By Market Taxonomy, 2021 - 2031 12.4.1. By Country 12.4.1.1. Germany 12.4.1.2. France 12.4.1.3. Italy 12.4.1.4. Spain 12.4.1.5. U.K. 12.4.1.6. BENELUX 12.4.1.7. Rest of Europe 12.4.2. By Country 12.4.3. By Policy Type 12.4.4. By Product 12.4.5. By Vehicle 12.5. Market Attractiveness Analysis 12.5.1. By Country 12.5.2. By Policy Type 12.5.3. By Product 12.5.4. By Vehicle 13. East Asia Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031 13.1. Introduction 13.2. Pricing Analysis 13.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2016-2020 13.4. Market Size (US$ Mn) Forecast By Market Taxonomy, 2021 - 2031 13.4.1. By Country 13.4.1.1. China 13.4.1.2. Japan 13.4.1.3. South Korea 13.4.2. By Country 13.4.3. By Policy Type 13.4.4. By Product 13.4.5. By Vehicle 13.5. Market Attractiveness Analysis 13.5.1. By Country 13.5.2. By Policy Type 13.5.3. By Product 13.5.4. By Vehicle 14. South Asia Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2016-2020 14.4. Market Size (US$ Mn) Forecast By Market Taxonomy, 2021 - 2031 14.4.1. By Country 14.4.1.1. India 14.4.1.2. Thailand 14.4.1.3. Indonesia 14.4.1.4. Malaysia 14.4.1.5. Rest of South Asia 14.4.2. By Country 14.4.3. By Policy Type 14.4.4. By Product 14.4.5. By Vehicle 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By Policy Type 14.5.3. By Product 14.5.4. By Vehicle 15. Oceania Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2016-2020 15.4. Market Size (US$ Mn) Forecast By Market Taxonomy, 2021 - 2031 15.4.1. By Country 15.4.1.1. Australia 15.4.1.2. New Zealand 15.4.2. By Country 15.4.3. By Policy Type 15.4.4. By Product 15.4.5. By Vehicle 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By Policy Type 15.5.3. By Product 15.5.4. By Vehicle 16. Middle East and Africa Usage Based Insurance Market Analysis 2016-2020 and Forecast 2021-2031 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2016-2020 16.4. Market Size (US$ Mn) Forecast By Market Taxonomy, 2021 - 2031 16.4.1. By Country 16.4.1.1. GCC Countries 16.4.1.2. South Africa 16.4.1.3. Turkey 16.4.1.4. Iran 16.4.1.5. Israel 16.4.1.6. Rest of Middle East and Africa 16.4.2. By Country 16.4.3. By Policy Type 16.4.4. By Product 16.4.5. By Vehicle 16.5. Market Attractiveness Analysis 16.5.1. By Country 16.5.2. By Policy Type 16.5.3. By Product 16.5.4. By Vehicle 17. Market Structure Analysis 17.1. Market Analysis by Tier of Companies 17.2. Market Concentration 17.3. Market Share Analysis of Top Players 17.4. Market Presence Analysis 17.4.1. By Regional footprint of Players 17.4.2. Policy Type footprint by Players 17.4.3. Channel footprint by Players 18. Competition Analysis 18.1. Competition Dashboard 18.2. Competition Benchmarking 18.3. Competition Deep Dive (Indicative List) 18.3.1. Insure the Box 18.3.1.1. Overview 18.3.1.2. Policy Type Portfolio 18.3.1.3. Sales Footprint 18.3.1.4. Strategy Overview 18.3.2. AllState Insurance Company 18.3.2.1. Overview 18.3.2.2. Policy Type Portfolio 18.3.2.3. Sales Footprint 18.3.2.4. Strategy Overview 18.3.3. State Farm 18.3.3.1. Overview 18.3.3.2. Policy Type Portfolio 18.3.3.3. Sales Footprint 18.3.3.4. Strategy Overview 18.3.4. Uniqa 18.3.4.1. Overview 18.3.4.2. Policy Type Portfolio 18.3.4.3. Sales Footprint 18.3.4.4. Strategy Overview 18.3.5. Groupama 18.3.5.1. Overview 18.3.5.2. Policy Type Portfolio 18.3.5.3. Sales Footprint 18.3.5.4. Strategy Overview 18.3.6. Generalli 18.3.6.1. Overview 18.3.6.2. Policy Type Portfolio 18.3.6.3. Sales Footprint 18.3.6.4. Strategy Overview 18.3.7. Uniposai 18.3.7.1. Overview 18.3.7.2. Policy Type Portfolio 18.3.7.3. Sales Footprint 18.3.7.4. Strategy Overview 18.3.8. Liberty Mutual 18.3.8.1. Overview 18.3.8.2. Policy Type Portfolio 18.3.8.3. Sales Footprint 18.3.8.4. Strategy Overview 18.3.9. Allian SE 18.3.9.1. Overview 18.3.9.2. Policy Type Portfolio 18.3.9.3. Sales Footprint 18.3.9.4. Strategy Overview 19. Appendix
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List Of Table
Table 01: Global Usage Based Insurance Market Analysis by Policy Type, 2016-2031
Table 02: Global Usage Based Insurance Market Value (US$ Mn) by Policy Type, 2016-2031
Table 03: Global Usage Based Insurance Market Analysis By Product, 2016-2031
Table 04: Global Usage Based Insurance Market Value (US$ Mn) By Product, 2016-2031
Table 05: Global Usage Based Insurance Market Analysis by Vehicle, 2016-2031
Table 06: Global Usage Based Insurance Market Value (US$ Mn) by Vehicle, 2016-2031
Table 07: Global Usage Based Insurance Market Analysis by Region , 2016-2031
Table 08: Global Usage Based Insurance Market Value (US$ Mn) by Region , 2016-2031
Table 09: North America Usage Based Insurance Market Analysis by Policy Type, 2016-2031
Table 10: North America Usage Based Insurance Market Value (US$ Mn) by Policy Type, 2016-2031
Table 11: North America Usage Based Insurance Market Analysis By Product, 2016-2031
Table 12: North America Usage Based Insurance Market Value (US$ Mn) By Product, 2016-2031
Table 13: North America Usage Based Insurance Market Analysis by Vehicle, 2016-2031
Table 14: North America Usage Based Insurance Market Value (US$ Mn) by Vehicle, 2016-2031
Table 15: North America Usage Based Insurance Market Analysis by Country , 2016-2031
Table 16: North America Usage Based Insurance Market Value (US$ Mn) by Country , 2016-2031
Table 17: Latin America Usage Based Insurance Market Analysis by Policy Type, 2016-2031
Table 18: Latin America Usage Based Insurance Market Value (US$ Mn) by Policy Type, 2016-2031
Table 19: Latin America Usage Based Insurance Market Analysis By Product, 2016-2031
Table 20: Latin America Usage Based Insurance Market Value (US$ Mn) By Product, 2016-2031
Table 21: Latin America Usage Based Insurance Market Analysis by Vehicle, 2016-2031
Table 22: Latin America Usage Based Insurance Market Value (US$ Mn) by Vehicle, 2016-2031
Table 23: Latin America Usage Based Insurance Market Analysis by Country , 2016-2031
Table 24: Latin America Usage Based Insurance Market Value (US$ Mn) by Country , 2016-2031
Table 25: Europe Usage Based Insurance Market Analysis by Policy Type, 2016-2031
Table 26: Europe Usage Based Insurance Market Value (US$ Mn) by Policy Type, 2016-2031
Table 27: Europe Usage Based Insurance Market Analysis By Product, 2016-2031
Table 28: Europe Usage Based Insurance Market Value (US$ Mn) By Product, 2016-2031
Table 29: Europe Usage Based Insurance Market Analysis by Vehicle, 2016-2031
Table 30: Europe Usage Based Insurance Market Value (US$ Mn) by Vehicle, 2016-2031
Table 31: Europe Usage Based Insurance Market Analysis by Country , 2016-2031
Table 32: Europe Usage Based Insurance Market Value (US$ Mn) by Country , 2016-2031
Table 33: East Asia Usage Based Insurance Market Analysis by Policy Type, 2016-2031
Table 34: East Asia Usage Based Insurance Market Value (US$ Mn) by Policy Type, 2016-2031
Table 35: East Asia Usage Based Insurance Market Analysis By Product, 2016-2031
Table 36: East Asia Usage Based Insurance Market Value (US$ Mn) By Product, 2016-2031
Table 37: East Asia Usage Based Insurance Market Analysis by Vehicle, 2016-2031
Table 38: East Asia Usage Based Insurance Market Value (US$ Mn) by Vehicle, 2016-2031
Table 39: East Asia Usage Based Insurance Market Analysis by Country , 2016-2031
Table 40: East Asia Usage Based Insurance Market Value (US$ Mn) by Country , 2016-2031
Table 41: South Asia & Oceania Usage Based Insurance Market Analysis by Policy Type, 2016-2031
Table 42: South Asia & Oceania Usage Based Insurance Market Value (US$ Mn) by Policy Type, 2016-2031
Table 43: South Asia & Oceania Usage Based Insurance Market Analysis By Product, 2016-2031
Table 44: South Asia & Oceania Usage Based Insurance Market Value (US$ Mn) By Product, 2016-2031
Table 45: South Asia & Oceania Usage Based Insurance Market Analysis by Vehicle, 2016-2031
Table 46: South Asia & Oceania Usage Based Insurance Market Analysis by End Use Industry, 2016-2031
Table 47: South Asia & Oceania Usage Based Insurance Market Value (US$ Mn) by End Use Industry, 2016-2031
Table 48: South Asia & Oceania Usage Based Insurance Market Analysis by Country , 2016-2031
Table 49: South Asia & Oceania Usage Based Insurance Market Value (US$ Mn) by Country , 2016-2031
Table 50: MEA Usage Based Insurance Market Analysis by Policy Type, 2016-2031
Table 51: MEA Usage Based Insurance Market Value (US$ Mn) by Policy Type, 2016-2031
Table 52: MEA Usage Based Insurance Market Analysis By Product, 2016-2031
Table 53: MEA Usage Based Insurance Market Value (US$ Mn) By Product, 2016-2031
Table 54: MEA Usage Based Insurance Market Analysis by Vehicle, 2016-2031
Table 55: MEA Usage Based Insurance Market Value (US$ Mn) by Vehicle, 2016-2031
Table 56: MEA Usage Based Insurance Market Analysis by Country , 2016-2031
Table 57: MEA Usage Based Insurance Market Value (US$ Mn) by Country , 2016-2031
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List Of Figures
Figure No. 01: Global Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2020-2030
Figure No. 01: Global Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2021-2031
Figure No. 02: Global Usage Based Insurance Market Share Analysis by Policy Type, 2021-2031
Figure No. 03: Global Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2021-2031
Figure No. 04: Global Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2021-2031
Figure No. 05: Global Usage Based Insurance Market Share Analysis By Product, 2021-2031
Figure No. 06: Global Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2021-2031
Figure No. 07: Global Usage Based Insurance Market Attractiveness Analysis By Product, 2021-2031
Figure No. 08: Global Usage Based Insurance Market Share Analysis by Vehicle, 2021-2031
Figure No. 09: Global Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2021-2031
Figure No. 10: Global Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2021-2031
Figure No. 11: Global Usage Based Insurance Market Share Analysis by End-Use, 2021-2031
Figure No. 12: Global Usage Based Insurance Market Share Analysis by Region, 2021-2031
Figure No. 13: Global Usage Based Insurance Market Y-o-Y Growth Projections by Region, 2021-2031
Figure No. 14: Global Usage Based Insurance Market Attractiveness Analysis by Region, 2021-2031
Figure No. 15: North America Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2021-2031
Figure No. 16: North America Usage Based Insurance Market Share Analysis by Policy Type, 2021-2031
Figure No. 17: North America Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2021-2031
Figure No. 18: North America Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2021-2031
Figure No. 19: North America Usage Based Insurance Market Share Analysis By Product, 2021-2031
Figure No. 20: North America Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2021-2031
Figure No. 21: North America Usage Based Insurance Market Attractiveness Analysis By Product, 2021-2031
Figure No. 22: North America Usage Based Insurance Market Share Analysis by Vehicle, 2021-2031
Figure No. 23: North America Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2021-2031
Figure No. 24: North America Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2021-2031
Figure No. 25: North America Usage Based Insurance Market Share Analysis by Country, 2021-2031
Figure No. 26: North America Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2021-2031
Figure No. 27: North America Usage Based Insurance Market Attractiveness Analysis by Country, 2021-2031
Figure No. 28: Latin America Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2021-2031
Figure No. 29: Latin America Usage Based Insurance Market Share Analysis by Policy Type, 2021-2031
Figure No. 30: Latin America Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2021-2031
Figure No. 31: Latin America Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2021-2031
Figure No. 32: Latin America Usage Based Insurance Market Share Analysis By Product, 2021-2031
Figure No. 33: Latin America Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2021-2031
Figure No. 34: Latin America Usage Based Insurance Market Attractiveness Analysis By Product, 2021-2031
Figure No. 35: Latin America Usage Based Insurance Market Share Analysis by Vehicle, 2021-2031
Figure No. 36: Latin America Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2021-2031
Figure No. 37: Latin America Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2021-2031
Figure No. 38: Latin America Usage Based Insurance Market Share Analysis by Country, 2021-2031
Figure No. 39: Latin America Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2021-2031
Figure No. 40: Latin America Usage Based Insurance Market Attractiveness Analysis by Country, 2021-2031
Figure No. 41: Europe Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2021-2031
Figure No. 42: Europe Usage Based Insurance Market Share Analysis by Policy Type, 2021-2031
Figure No. 43: Europe Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2021-2031
Figure No. 44: Europe Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2021-2031
Figure No. 45: Europe Usage Based Insurance Market Share Analysis By Product, 2021-2031
Figure No. 46: Europe Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2021-2031
Figure No. 47: Europe Usage Based Insurance Market Attractiveness Analysis By Product, 2021-2031
Figure No. 48: Europe Usage Based Insurance Market Share Analysis by Vehicle, 2021-2031
Figure No. 49: Europe Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2021-2031
Figure No. 50: Europe Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2021-2031
Figure No. 51: Europe Usage Based Insurance Market Share Analysis by Country, 2021-2031
Figure No. 52: Europe Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2021-2031
Figure No. 53: Europe Usage Based Insurance Market Attractiveness Analysis by Country, 2021-2031
Figure No. 54: East Asia Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2021-2031
Figure No. 55: East Asia Usage Based Insurance Market Share Analysis by Policy Type, 2021-2031
Figure No. 56: East Asia Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2021-2031
Figure No. 57: East Asia Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2021-2031
Figure No. 58: East Asia Usage Based Insurance Market Share Analysis By Product, 2021-2031
Figure No. 59: East Asia Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2021-2031
Figure No. 60: East Asia Usage Based Insurance Market Attractiveness Analysis By Product, 2021-2031
Figure No. 61: East Asia Usage Based Insurance Market Share Analysis by Vehicle, 2021-2031
Figure No. 62: East Asia Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2021-2031
Figure No. 63: East Asia Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2021-2031
Figure No. 64: East Asia Usage Based Insurance Market Share Analysis by Country, 2021-2031
Figure No. 65: East Asia Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2021-2031
Figure No. 66: East Asia Usage Based Insurance Market Attractiveness Analysis by Country, 2021-2031
Figure No. 67: South Asia & Oceania Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2021-2031
Figure No. 68: South Asia & Oceania Usage Based Insurance Market Share Analysis by Policy Type, 2021-2031
Figure No. 69: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2021-2031
Figure No. 70: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2021-2031
Figure No. 71: South Asia & Oceania Usage Based Insurance Market Share Analysis By Product, 2021-2031
Figure No. 72: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2021-2031
Figure No. 73: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis By Product, 2021-2031
Figure No. 74: South Asia & Oceania Usage Based Insurance Market Share Analysis by Vehicle, 2021-2031
Figure No. 75: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2021-2031
Figure No. 76: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2021-2031
Figure No. 77: South Asia & Oceania Usage Based Insurance Market Share Analysis by Country, 2021-2031
Figure No. 78: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2021-2031
Figure No. 79: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis by Country, 2021-2031
Figure No. 80: MEA Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2021-2031
Figure No. 81: MEA Usage Based Insurance Market Share Analysis by Policy Type, 2021-2031
Figure No. 82: MEA Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2021-2031
Figure No. 83: MEA Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2021-2031
Figure No. 84: MEA Usage Based Insurance Market Share Analysis By Product, 2021-2031
Figure No. 85: MEA Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2021-2031
Figure No. 86: MEA Usage Based Insurance Market Attractiveness Analysis By Product, 2021-2031
Figure No. 87: MEA Usage Based Insurance Market Share Analysis by Vehicle, 2021-2031
Figure No. 88: MEA Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2021-2031
Figure No. 89: MEA Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2021-2031
Figure No. 90: MEA Usage Based Insurance Market Share Analysis by Country, 2021-2031
Figure No. 91: MEA Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2021-2031
Figure No. 92: MEA Usage Based Insurance Market Attractiveness Analysis by Country, 2021-2031
. 02: Global Usage Based Insurance Market Share Analysis by Policy Type, 2020-2030
Figure No. 03: Global Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2020-2030
Figure No. 04: Global Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2020-2030
Figure No. 05: Global Usage Based Insurance Market Share Analysis By Product, 2020-2030
Figure No. 06: Global Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2020-2030
Figure No. 07: Global Usage Based Insurance Market Attractiveness Analysis By Product, 2020-2030
Figure No. 08: Global Usage Based Insurance Market Share Analysis by Vehicle, 2020-2030
Figure No. 09: Global Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2020-2030
Figure No. 10: Global Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2020-2030
Figure No. 11: Global Usage Based Insurance Market Share Analysis by End-Use, 2020-2030
Figure No. 12: Global Usage Based Insurance Market Share Analysis by Region, 2020-2030
Figure No. 13: Global Usage Based Insurance Market Y-o-Y Growth Projections by Region, 2020-2030
Figure No. 14: Global Usage Based Insurance Market Attractiveness Analysis by Region, 2020-2030
Figure No. 15: North America Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2020-2030
Figure No. 16: North America Usage Based Insurance Market Share Analysis by Policy Type, 2020-2030
Figure No. 17: North America Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2020-2030
Figure No. 18: North America Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2020-2030
Figure No. 19: North America Usage Based Insurance Market Share Analysis By Product, 2020-2030
Figure No. 20: North America Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2020-2030
Figure No. 21: North America Usage Based Insurance Market Attractiveness Analysis By Product, 2020-2030
Figure No. 22: North America Usage Based Insurance Market Share Analysis by Vehicle, 2020-2030
Figure No. 23: North America Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2020-2030
Figure No. 24: North America Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2020-2030
Figure No. 25: North America Usage Based Insurance Market Share Analysis by Country, 2020-2030
Figure No. 26: North America Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2020-2030
Figure No. 27: North America Usage Based Insurance Market Attractiveness Analysis by Country, 2020-2030
Figure No. 28: Latin America Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2020-2030
Figure No. 29: Latin America Usage Based Insurance Market Share Analysis by Policy Type, 2020-2030
Figure No. 30: Latin America Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2020-2030
Figure No. 31: Latin America Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2020-2030
Figure No. 32: Latin America Usage Based Insurance Market Share Analysis By Product, 2020-2030
Figure No. 33: Latin America Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2020-2030
Figure No. 34: Latin America Usage Based Insurance Market Attractiveness Analysis By Product, 2020-2030
Figure No. 35: Latin America Usage Based Insurance Market Share Analysis by Vehicle, 2020-2030
Figure No. 36: Latin America Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2020-2030
Figure No. 37: Latin America Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2020-2030
Figure No. 38: Latin America Usage Based Insurance Market Share Analysis by Country, 2020-2030
Figure No. 39: Latin America Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2020-2030
Figure No. 40: Latin America Usage Based Insurance Market Attractiveness Analysis by Country, 2020-2030
Figure No. 41: Europe Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2020-2030
Figure No. 42: Europe Usage Based Insurance Market Share Analysis by Policy Type, 2020-2030
Figure No. 43: Europe Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2020-2030
Figure No. 44: Europe Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2020-2030
Figure No. 45: Europe Usage Based Insurance Market Share Analysis By Product, 2020-2030
Figure No. 46: Europe Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2020-2030
Figure No. 47: Europe Usage Based Insurance Market Attractiveness Analysis By Product, 2020-2030
Figure No. 48: Europe Usage Based Insurance Market Share Analysis by Vehicle, 2020-2030
Figure No. 49: Europe Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2020-2030
Figure No. 50: Europe Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2020-2030
Figure No. 51: Europe Usage Based Insurance Market Share Analysis by Country, 2020-2030
Figure No. 52: Europe Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2020-2030
Figure No. 53: Europe Usage Based Insurance Market Attractiveness Analysis by Country, 2020-2030
Figure No. 54: East Asia Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2020-2030
Figure No. 55: East Asia Usage Based Insurance Market Share Analysis by Policy Type, 2020-2030
Figure No. 56: East Asia Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2020-2030
Figure No. 57: East Asia Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2020-2030
Figure No. 58: East Asia Usage Based Insurance Market Share Analysis By Product, 2020-2030
Figure No. 59: East Asia Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2020-2030
Figure No. 60: East Asia Usage Based Insurance Market Attractiveness Analysis By Product, 2020-2030
Figure No. 61: East Asia Usage Based Insurance Market Share Analysis by Vehicle, 2020-2030
Figure No. 62: East Asia Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2020-2030
Figure No. 63: East Asia Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2020-2030
Figure No. 64: East Asia Usage Based Insurance Market Share Analysis by Country, 2020-2030
Figure No. 65: East Asia Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2020-2030
Figure No. 66: East Asia Usage Based Insurance Market Attractiveness Analysis by Country, 2020-2030
Figure No. 67: South Asia & Oceania Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2020-2030
Figure No. 68: South Asia & Oceania Usage Based Insurance Market Share Analysis by Policy Type, 2020-2030
Figure No. 69: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2020-2030
Figure No. 70: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2020-2030
Figure No. 71: South Asia & Oceania Usage Based Insurance Market Share Analysis By Product, 2020-2030
Figure No. 72: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2020-2030
Figure No. 73: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis By Product, 2020-2030
Figure No. 74: South Asia & Oceania Usage Based Insurance Market Share Analysis by Vehicle, 2020-2030
Figure No. 75: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2020-2030
Figure No. 76: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2020-2030
Figure No. 77: South Asia & Oceania Usage Based Insurance Market Share Analysis by Country, 2020-2030
Figure No. 78: South Asia & Oceania Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2020-2030
Figure No. 79: South Asia & Oceania Usage Based Insurance Market Attractiveness Analysis by Country, 2020-2030
Figure No. 80: MEA Usage Based Insurance Market Value (US$ Mn), Forecast and Analysis, 2020-2030
Figure No. 81: MEA Usage Based Insurance Market Share Analysis by Policy Type, 2020-2030
Figure No. 82: MEA Usage Based Insurance Market Y-o-Y Growth Projections by Policy Type, 2020-2030
Figure No. 83: MEA Usage Based Insurance Market Attractiveness Analysis by Policy Type, 2020-2030
Figure No. 84: MEA Usage Based Insurance Market Share Analysis By Product, 2020-2030
Figure No. 85: MEA Usage Based Insurance Market Y-o-Y Growth Projections By Product, 2020-2030
Figure No. 86: MEA Usage Based Insurance Market Attractiveness Analysis By Product, 2020-2030
Figure No. 87: MEA Usage Based Insurance Market Share Analysis by Vehicle, 2020-2030
Figure No. 88: MEA Usage Based Insurance Market Y-o-Y Growth Projections by Vehicle, 2020-2030
Figure No. 89: MEA Usage Based Insurance Market Attractiveness Analysis by Vehicle, 2020-2030
Figure No. 90: MEA Usage Based Insurance Market Share Analysis by Country, 2020-2030
Figure No. 91: MEA Usage Based Insurance Market Y-o-Y Growth Projections by Country, 2020-2030
Figure No. 92: MEA Usage Based Insurance Market Attractiveness Analysis by Country, 2020-2030
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- 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
Which five companies have the highest market share?
Allianz SE, Allstate Corporation, Aviva, AXA, and Insurethebox are the top five global insurers.
Usage Insurance Market