COVID-19: Significant Shift in Strategy of Global Automotive Usage-Based Insurance Market 2020–2024 | Flexible Pricing Schemes to Boost Growth | Technavio
Technavio has been monitoring the global automotive usage-based insurance market and it is poised to grow by 37.25 million units during 2020–2024, progressing at a CAGR of almost 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report
The market is concentrated, and the degree of concentration will accelerate during the forecast period. Allianz SE, AXA Group, Liberty Mutual Holding Co. Inc., OCTO Group Spa, Sierra Wireless Inc., The Progressive Corp., Trak Global Group, Verizon Communications Inc., Vodafone Group Plc, and Watchstone Group Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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The flexible pricing schemes have been instrumental in driving the growth of the market. However, the security issues of telematics in vehicles might hamper the market growth.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. https://www.technavio.com/report/automotive-usage-based-insurance-market-industry-analysis
Automotive Usage-Based Insurance Market 2020–2024: Segmentation
Automotive Usage-Based Insurance Market is segmented as below:
- End-user
- Application
- Geographic Landscape
- Pay-how-you-drive
- Pay-as-you-drive
- Manage-how-you-drive
- Automotive Embedded UBI
- Automotive App-based UBI
- APAC
- Europe
- MEA
- North America
- South America
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40064
Automotive Usage-Based Insurance Market 2020–2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The automotive usage-based insurance market report covers the following areas:
- Automotive Usage-Based Insurance Market Size
- Automotive Usage-Based Insurance Market Trends
- Automotive Usage-Based Insurance Market Industry Analysis
This study identifies the increase in LTE data connections in cars to support ethernet adoption as one of the prime reasons driving the automotive usage-based insurance market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
