The global usage insurance market is slated to grow exponentially amid the forecast period, 2020-2030. The development of insurance accessible for automotive use reflects directly to the advancements foreseen in the automotive industry. It is further directly proportional to sales of connected vehicles. The growing focus on remotely monitoring driving behaviour by car insurance suppliers is projected to augur well for the market.
“Implementation of new technologies are projected to reveal striking business opportunities for the usage insurance market. Taking prompt from consumer preference, insurers are projected to launch several VAS and provide premium discounts to consumers, which will auger well for the global market.” says a Fact.MR analyst.
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- Pay-as-you-drive (PAYD) policies will be foreseeing high demand among other over the forecast period.
- The black box segment will remain lucrative among other product type categories.
- Passenger vehicles will remain the key beneficiary in contrast to commercial vehicle type in the global market.
- North America to remain key beneficiary in the global market, followed by Europe.
- Provision for clients to with a scope to sustain less expenses on their insurance policies is boosting the market for usage insurance.
- Growing sales of connected vehicles is anticipated to boost market growth.
- Implementation of the telematics technology for precise feedback on driving behaviour is projected to emerge as a key growth driver.
- Applying for as well as the overall procedure of usage insurance could be very complex, which can limit the adoption.
- A substantial number of the consumers might not favor sharing their vehicle data with insurance companies, this can hamper the overall market growth.
Anticipated Market Impact by COVID-19 Outbreak
While the insurance industry is normally prepared for unforeseen events, comprising unprecedented outbreak of COVID-19, however, the financial implications of COVID-19 on the usage insurance market may take some time for appraisal. As majority of market players have business continuity plans, the usage insurance market may not be completely aware about indefinite variables of the crisis of a scale such as the COVID-19.
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Key players operating in the global usage insurance market comprises Insure the Box, State Farm, AllState Insurance Company, Groupama, Uniqa, Uniposai, Generalli, Allianz SE and Liberty Mutual. Market players are operating in the market are at present focusing on strategic collaborations as well as fortifying their research and development (R&D) capabilities to attain competitive edge over others.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the usage insurance market. The market is scrutinized on the basis of policy type (pay-how-you drive, pay-as-you-drive, and manage-how-you-drive), product (black box, OBD dongle, smartphone, and others), and vehicle (passenger vehicle and commercial vehicle), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).