Fact.MR uses a bottom-up data collection approach for collecting Usage Insurance market demand side historical and base year data. The historical and base year Usage Insurance market sizing is based on the vehicle production and vehicle parc (fleet on road). For OEM Usage Insurance market analysis, the team tracks the vehicle production across the prominent countries/regions and then cross map the same with the average usage of the product in a type of vehicle (passenger car, light commercial vehicle, heavy commercial vehicle, and two wheeler). For aftermarket, the team tracks the vehicle parc (vehicle-on-road) for prominent countries/regions and cross map the same with the replacement rate of the product in a given year for each vehicle type.
Newly released data from Fact.MR market Analysis shows that global demand of the 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.
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Key Segments Covered
- Policy Type
- Black Box
- OBD Dongle
- Passenger Vehicle
- Commercial Vehicle
A comprehensive estimate of the Usage Insurance market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the Sales of Usage Insurance during the forecast period. Price point comparison by region with the global average price is also considered in the study.
The secondary research includes Usage Insurance market data and information presentations by researchers, institutions, company annual reports, investor presentations, annual filings, scholarly journals, white papers, research documents, trade journals, and other sources such as International Organization of Motor Vehicle Manufacturers (OICA), Society of Indian Automobile Manufacturers (SIAM), Japan Automobile Manufacturers Association, Inc. (JAMA), ASEAN Automotive Federation (AAF), Korea Automobile Manufacturers Association (KAMA), European Automobile Manufacturers Association (ACEA), The Society of Motor Manufacturers and Traders Ltd (SMMT), , The World Bank, International Monetary Fund (IMF), and MarkLines among others.
Some Notable Offerings by Fact.MR Report on Usage Insurance market:
- We will provide you an analysis of the extent to which this Usage Insurance market research report acquires commercial characteristics along with examples or instances of information that helps you to understand it better.
- We will also help to identify customary/ standard terms and conditions, as offers, worthiness, warranty, and others.
- Also, this report will help you to identify any trends to forecast growth rates.
- The analyzed report will forecast the general tendency for supply and demand.
Some of the Usage Insurance Market insights and estimations that make this study unique in approach and effective in guiding stakeholders in understanding the growth dynamics. The study provides:
- Details regarding latest innovations and development in Usage Insurance and how it is gaining customer traction during the forecast period.
- Analysis about the customer demand of the products and how it is likely to evolve in coming years.
- Latest regulations enforced by government bodies and local agencies and their impact on Demand of Usage Insurance Market .
- Insights about adoption of new technologies and its influence on the Usage Insurance market Size.
- Overview of the impact of COVID-19 on Usage Insurance Market and economic disruptions caused by the pandemic.
- Evaluates post-pandemic impact on the Sales of Usage Insurance Market during the forecast period.
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Fact.MR offers an all-inclusive study on the market, highlighting the chief growth driver and key restraints. It also uncovers the hidden prospects for market players. Some of the key takeaways from the report are:
- Adoption of novel technologies are expected to unfold attractive business prospects for the usage brand insurance market. Taking cue from customer preference, insurers are expected to launch various value added services and offer premium discounts to customers, which will bode well for the overall market
- Regionally, North America will continue to lead the global market, trailed by Europe. The large number of vehicles plying on road of North America and willingness of vehicle owners to spend on more rewarding insurance models will aid growth in the region
- Among products available, black box will continue leading the market. The device offers greater accuracy and long term connectivity, which is aiding the expansion of the segment
- On the basis of policy type, the pay-as-you-drive model will emerge dominant. However, over the forecast period the growth witnessed in the pay-how-you-drive model too is likely to be impressive
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.
Read More Trending Reports of Fact.MR: –https://www.globenewswire.com/en/news-release/2018/04/09/1466693/0/en/North-America-to-Lead-the-Global-Auto-Infotainment-Market-During-the-Period-of-Assessment.html
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