Europe Usage-Based Insurance Market, By Package Type (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), Technology (OBD-II, Smartphone, Black Box, Embedded, Others), Vehicle Type (Light-Duty Vehicle (LDV), Heavy-Duty Vehicle (HDV)), Vehicle Age (New Vehicle, On-Road Vehicle), Device Offering (Bring Your Own Device (BYOD), Company Provided), Electric and Hybrid Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Vehicle (PHEV)), Country (Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe) Industry Trends and Forecast to 2028.
Market Analysis and Insights : Europe Usage-Based Insurance Market
Data Bridge Market Research analyses that Europe usage-based insurance market would exhibit a CAGR of 22.5% for the forecast period and is expected to reach USD 59.63 billion by the year 2028.
Insurance is a type of risk management that protects you against financial loss. Usage-based insurance is a type of insurance in which the premium is directly related to the product's usage. This sort of insurance is often referred to as telematics insurance, and it is highly convenient because the premium may be customized, and the gadget attached to it gives driving assistance. This premium is determined by the insurer's driving habits and behavior, as well as the possibility of making a claim. The implementation of this type of insurance is supported by insurance regulatory organizations all over the world.
The global usage-based insurance market is growing due to the increasing popularity of usage-based insurance among end users due to its many characteristics such as providing reliable and quick data gathering methods and customizable insurance prices. Furthermore, considerations such as a high probability of the vehicle being retrieved in the event of theft and decreased fuel usage have aided the market's growth. Also, technological advancement and growing awareness among youth are the factors that will accelerate the market growth.
Moreover, adoption of advanced technology such as smartphone-based UBI and hybrid-based UBI, and rising concerns about driver safety around the world, are projected to provide lucrative opportunities for market expansion.
However, rise in the installation cost of telematics and various data security problems will hamper the market growth rate. Also, uncertainty over regulations and legislative environment will pose a major challenge to the usage-based insurance market growth.
This Europe usage-based insurance market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Europe usage-based insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Europe Usage-Based Insurance Market Scope and Market Size
The Europe usage-based insurance market is segmented on the basis of package type, technology, vehicle type, vehicle age, device offering and electric and hybrid vehicle. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of package type, the usage-based insurance market is segmented into package type pay-as-you-drive (PAYD), pay-how-you-drive (PHYD) and manage-how-you-drive (MHYD).
- On the basis of technology, the usage-based insurance market is segmented into OBD-II, smartphone, black box, embedded and others.
- On the basis of vehicle type, the usage-based insurance market is segmented into light-duty vehicle (LDV) and heavy-duty vehicle (HDV).
- On the basis of vehicle age, the usage-based insurance market is segmented into new vehicle and on-road vehicle.
- On the basis of device offering, the usage-based insurance market is segmented into bring your own device (BYOD) and company provided.
- On the basis of electric and hybrid vehicle, the usage-based insurance market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV) and plug-in hybrid vehicle (PHEV).
Europe Usage-Based Insurance Market Country Level Analysis
The Europe usage-based insurance market is analysed and market size insights and trends are provided by country, package type, technology, vehicle type, vehicle age, device offering and electric and hybrid vehicle as referenced above.
The countries covered in the Europe usage-based insurance market report are Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, and Rest of Europe.
The country section of the Europe usage-based insurance market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Europe Usage-Based Insurance Market Share Analysis
The Europe usage-based insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Europe usage-based insurance market.
The major players covered in Europe usage-based insurance market report are Allianz, AXA, insurethebox, Allstate Insurance Company, Progressive Corporation, ASSICURAZIONI GENERALI S.P.A., Desjardins Insurance, MAPFRE S.A., Aioi Nissay Dowa Insurance Co., Ltd., AI Insurance Holdings Pty Limited, Ageas, Admiral Group Plc, Aviva, Metromile Inc., among other. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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