ALBANY, N.Y., Oct. 6, 2020
- Usage Based Insurance Market to Clock Impressive CAGR of 30% During 2019 – 2027, pay-as-you-drive segment witnesses massive revenue potential
- Rising traction of connected devices in passenger vehicle segment spur opportunities for providers of usage based insurance policies world over, fleet owners are increasingly harnessing telematics for lowering cost of vehicle operations
ALBANY, N.Y., Oct. 6, 2020 /PRNewswire/ -- Growing popularity of telematics and other real-time monitoring technologies in the auto sector has bolstered the market potential of usage based insurance. As risk-based insurance coverage gather steam among target consumers as well as policy providers, the automotive industry will also gear toward new changes. Automakers are increasingly adopting connected car and telematics services.
Customers consider it safe to share vehicle data with insurance providers to get the best deal on premium to be paid. On the other side of the spectrum, insurance providers utilize the model to make the pricing and revenue models more profitable.
Garnering CAGR of 30% from 2019 to 2027, the global usage based insurance market is expected to reach US$ 200 Bn through 2027-end.
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Key Findings of Usage Based Insurance Market
Explore 300 pages of top-notch research, incisive insights, and detailed country-level projections on Usage based Insurance Market (Policy Type - Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD), Manage-How-You-Drive (MHYD); Device Type - Black Box, OBD Dongle, Smartphone; Vehicle Type - Passenger Vehicle, Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/usage-based-insurance-market.html
Usage Based Insurance Market: Key Driving Factors and Promising Avenues
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Usage Based Insurance Market: Regional Assessment
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The Usage Based Insurance Market can be segmented as follows:
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