Usage Based Insurance Market seeing Strong Fundamentals; Expansion Continues

Pune, Maharashtra -- (SBWire) -- 10/18/2023 --HTF MI introduces new research on Usage Based Insurance covering the micro level of analysis by competitors and key business segments (2023-2029). The Usage Based Insurance explores a comprehensive study of various segments like opportunities, size, development, innovation, sales, and overall growth of major players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing.

Some of the major key players profiled in the study are Allstate Insurance, Progressive Corporation, State Farm, Liberty Mutual, Nationwide, Verizon, Travellers, Vodafone, Octo Telematics, AXA, Sierra Wireless, TomTom, Allianz, Intellimec.

The global Usage Based Insurance market size is expanding at robust growth of 25.1%, sizing up market trajectory from USD 19.6 Billion in 2023 to USD 66.8 Billion by 2029.

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Definition:
Usage-Based Insurance (UBI) is a type of auto insurance policy that uses telematics technology to track and analyze a driver's behavior, such as their speed, acceleration, braking, and distance traveled. This data is then used to calculate the driver's insurance premiums based on their actual usage patterns, rather than relying on general demographic and statistical information. UBI policies are also commonly referred to as Pay-As-You-Drive (PAYD) or Pay-How-You-Drive (PHYD) policies, as they offer a more personalized approach to auto insurance pricing. The UBI market has been growing rapidly in recent years, driven by advances in telematics technology and a growing demand for more affordable and flexible auto insurance options.

On the off chance that you are engaged with the industry or expect to be, at that point this investigation will give you a complete perspective. It's crucial you stay up with the latest sectioned by Applications [OBD-ll, Smartphone, Embedded System, Black Box, Others], Product Types [Passenger Vehicle, Commercial Vehicle] and some significant parts of the business.

Market Trends:
? Trend of Try-Before-You-Buy (TBYB) Insurance Model

Market Drivers:
? Significant Growth in the Automotive Industry

Market Opportunities:
? Rising Penetration of Smartphones Integrated With Vehicle Connectivity Systems

Market Restraints:
? Rising Penetration of Smartphones Integrated With Vehicle Connectivity Systems

Market Challenges:
? Rising Penetration of Smartphones Integrated With Vehicle Connectivity Systems

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Usage Based Insurance Market by Key Players: Allstate Insurance, Progressive Corporation, State Farm, Liberty Mutual, Nationwide, Verizon, Travellers, Vodafone, Octo Telematics, AXA, Sierra Wireless, TomTom, Allianz, Intellimec

Usage Based Insurance Market by Geographical Analysis:

- APAC (Japan, China, South Korea, Australia, India, and the Rest of APAC; the Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (U.S., Canada, and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, UAE, South Africa)

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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)

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