NEW YORK, January 11, 2022 / PRNewswire / – The “Auto Insurance Market Based On Usage By Geography (Europe, North America, APAC, MEA and South America), Application (Integrated UBI and Application Based UBI) and Other 1 (PHYD, PAYD and MHYD) – Forecast and Analysis 2021-2025“has been added to Technavio’s offerings. With ISO 9001: 2015 certification, Technavio is proud to have partnered with more than 100 Fortune 500 companies for over 16 years.
The difference in potential growth for the usage-based auto insurance market between 2020 and 2025 is 46.50 million units. To get the exact annual growth variance and the growth rate YOY, Talk to our analyst.
Key market dynamics:
-
Market engine
-
Market challenges
The growth of programs compatible with smartphones and their use is one of the main drivers of the market. Automotive OEMs are increasingly collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. The growing demand for electric vehicles (EVs) has also encouraged the development of applications that allow consumers to connect their smartphones to their cars and check the status of vehicle batteries in real time.
However, factors such as high installation cost of telematics devices will challenge the growth of the market.
Find out more about the main drivers, trends and additional challenges available with Technavio. Read our FREE sample report now!
Market segmentation
The Usage Based Auto Insurance Market report is segmented by geography (Europe, North America, APAC, MEA and South America), the app (integrated UBI and app-based UBI) and the pricing system (PHYD, PAYD and MHYD).
By geography, Europe will be the first region with 44% of the market growth during the forecast period. Germany, the United Kingdom and France are the key countries for the usage-based auto insurance market in Europe. However, the growth of the market in Europe is expected to be slower than the market growth in other regions. Strong demand for luxury electric cars will drive the growth of UBI automotive market by Europe during the forecast period.
The growth in auto insurance market share based on the use of PHYD segment will be significant during the forecast period. Continued growth in the number of vehicle owners, increasing customer demand for vehicles, advancements in technology and growth in data availability are some of the key factors that will propel the growth of the PHYD segment.
See our sample report for additional information on the contribution of all segments and regional opportunities in the report.
Some companies mentioned with their offers
-
To access more supplier profiles with their key offers available with Technavio, Click here
Associated reports:
-
Car rental market in Europe by type and geography – Forecast and analysis 2021-2025: The size of the railcar rental market in Europe should reach a value of $ 254.04 million from 2020 to 2025 at a CAGR of 4.21%. Download a free sample report
-
Car Rental Market by Type, Method of Booking, Rental Category and Geography – Forecast and Analysis 2021-2025: The size of the car rental market has the potential to grow by $ 66.62 billion from 2020 to 2025, and the market growth dynamics will accelerate at a CAGR of 18.11%. Download a free sample report
|
Scope of the usage-based auto insurance market |
|
|
Cover of the report |
Details |
|
Page number |
120 |
|
Year of reference |
2020 |
|
Forecast period |
2021-2025 |
|
Growth dynamics and CAGR |
Accelerate to a CAGR of over 7% |
|
Market growth 2021-2025 |
46.50 mn of units |
|
Market structure |
Fragmented |
|
Annual growth (%) |
6.46 |
|
Regional analysis |
Europe, North America, APAC, MEA and South America |
|
Efficient contribution to the market |
Europe at 44% |
|
Main consumer countries |
Germany, United Kingdom, France, United States and Canada |
|
Competitive landscape |
Leading companies, competitive strategies, reach of consumer engagement |
|
Profiled companies |
Allianz Partners SAS, AXA Group, Howden Broking Group Plc, Liberty Mutual Holding Co. Inc., OCTO Group Spa, Sierra Wireless Inc., The Progressive Corp., Trak Global Group, Verizon Communications Inc. and Vodafone Group Plc |
|
Market dynamics |
Parent Market Analysis, Market Growth Drivers and Obstacles, Analysis of Fast Growing and Slow Growing Segments, Impact of COVID-19 and Future Consumer Dynamics, Analysis of Market Conditions for the Forecast Period. |
|
Customization |
If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments. |
Main topics covered:
-
Summary
-
Market landscape
-
Market sizing
-
Five forces analysis
-
Market segmentation
-
Customer landscape
-
Geographic landscape
-
Supplier landscape
-
Supplier analysis
-
appendix
About Us
Technavio is one of the world’s leading technology research and consulting companies. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With more than 500 specialist analysts, Technavio’s report library. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market intelligence to identify opportunities in existing markets. and potentials and assess their competitive positions in changing market scenarios.
Contact
Technavio research
Jesse maida
Communication and Marketing Officer
United States: +1 844 364 1100
United Kingdom: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-usage-based-insurance-market-to-grow-by-46-50-mn-units-growth-in-smartphone-enabled-programs-and- their-use-to-boost-market-growth-17-000-technavio-research-reports-301457203.html
SOURCE Technavio
More Stories
Press release: ASECNA will expand the use of Aireon data
Energy consumption during the month of June could go down in history, according to Entergy
Ericsson says average monthly data usage per device will reach 50GB by 2027 with 5G in India