Press Release / Automotive / Usage-based Insurance Market by technology and vehicle age- 2025
Usage-based Insurance Market by technology and vehicle age- 2025
By rechaldey on June 25 2019 | 810 Views
Usage-based Insurance Market for automotive was valued to be USD 21.86 billion in 2017
The Usage-based Insurance Market for automotive was valued to be USD 21.86 billion in 2017 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95%, during the forecast period. The automotive usage based insurance industry has evolved along with the automotive industry. The demand for market of automotive insurance is largely influenced by increasing vehicle sales with telematics and connected car services, reduction in insurance as compared to the traditional insurance, and increasing vehicle sales and parc.
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Increasing vehicle with telematics and connected car services to drive the global usage-based insurance for automotive demand close to USD 96 billion by 2025
The insurance for automotive is a method to calculate the insurance premium. The amount of insurance premium is decided on the basis of a driving score which is calculated by considering factors such as vehicle usage, location, speeding, braking, cornering, night driving, and distracted driving. Based on the driving score, automotive insurance providers offer a discount on the insurance premium
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usage-based insurance market Drivers
• Increasing adoption of telematics and connected cars
• Reduction in insurance premium and risk-related costs
• Increasing vehicle sales and parc
Target Audience
• Automotive cloud service providers
• Automotive electronics hardware and software
suppliers
• Automotive insurance platform providers
• Automotive insurance providers
• Automotive Original Equipment Manufacturers
• In-vehicle telematics service providers
• Regional automotive insurance associations
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The usage-based insurance market consists of companies such as Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands), Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), and Sierra Wireless (Canada).
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