North America Usage-Based Insurance Market 2020 Analysis and Precise Outlook: Revenue Analysis, Technological Adoption and Developments, Major Trends, and Market Overview
Data Bridge Market research has recently released expansive research report with titled “North America Usage-Based Insurance Market”. The report helps out the clients to tackle every strategic aspect including product development, product specification, exploring niche growth opportunities, application modelling, and new geographical markets. North America Usage-Based Insurance Market report has used numerical and statistical data brought together to produce this report is mostly denoted with the 100+ market data Tables, Pie Charts, graphs, tables and infographics which make this report more user-friendly. All the data and statistics encompassed in this North America Usage-Based Insurance business document are backed up by latest and proven tools and techniques such as SWOT analysis and Porter’s Five Forces Analysis.
Leading Players operating in the North America Usage-Based Insurance Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Allstate Insurance Company,
- Octo Group,
- TomTom International,
- Cambridge Mobile Telematics
North America usage based insurance market is growing with healthy CAGR of 19.3% in the forecast period of 2019 to 2026.
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The 2020 Annual North America Usage-Based Insurance Market offers:
=> 100+ charts exploring and analyzing the North America Usage-Based Insurance market from critical angles including retail forecasts, consumer demand, production and more
=> 10+ profiles of top North America Usage-Based Insurance producing states, with highlights of market conditions and retail trends
=> Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
=> Benchmark wholesale prices, market position, plus prices for raw materials involved in North America Usage-Based Insurance type
Key Segmentation: North America Usage-Based Insurance Market
By Package type (pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD)), vehicle type (light-duty vehicle (LDV), heavy-duty vehicles (HDV)), Device offering (company provided, bring your own device (BYOD)), Technology (OBD-II, smartphone, embedded system, black box and others), Vehicle age (new vehicles, on-road vehicles), Electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV)), Country (U.S., Canada, Mexico)
Rapid Business Growth Factors
In addition, the market is growing at a fast pace and the report shows us that there are a couple of key factors behind that. The most important factor that’s helping the market grow faster than usual is the tough competition.
Points Which Are Focused In the Report
The report offers market share appraisals for regional and global levels
Potential and niche segments/regions exhibiting promising growth
What are the challenges being faced by the new entrants
Future trends to elucidate imminent investment pockets.
This report provides pin-point analysis for changing competitive dynamics
Comprehensive analysis of the factors that drive and restrict the market growth is provided in the report
Major Industry Competitors: North America Usage-Based Insurance Market
Some of the prominent participants operating in this market are Intelligent Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, , TomTom International, Allianz, AXA Equitable Life Insurance Company, , Liberty Mutual Insurance, Verizon, Sierra Wireless, , Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., and UNIPOLSAI ASSICURAZIONI S.P.A.
What Porter’s Five Forces of Competitive Analysis Provides?
Competitive rivalry:- The main driver is the number and capability of competitors in the market. Many competitors, offering undifferentiated products and services, will reduce market attractiveness.
Threat of substitution:- Where close substitute products exist in a market, it increases the likelihood of customers switching to alternatives in response to price increases. This reduces both the power of suppliers and the attractiveness of the market.
Threat of new entry:- Profitable markets attract new entrants, which erodes profitability. Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, then profitability will decline to a competitive rate.
Supplier power:- An assessment of how easy it is for suppliers to drive up prices. This is driven by the: number of suppliers of each essential input; uniqueness of their product or service; relative size and strength of the supplier; and cost of switching from one supplier to another.
Buyer power:- An assessment of how easy it is for buyers to drive prices down. This is driven by the: number of buyers in the market; importance of each individual buyer to the organisation; and cost to the buyer of switching from one supplier to another. If a business has just a few powerful buyers, they are often able to dictate terms.
Five forces analysis helps organizations to understand the factors affecting profitability in a specific industry, and can help to inform decisions relating to: whether to enter a specific industry; whether to increase capacity in a specific industry; and developing competitive strategies.
Key Developments in the Market:
In September 2018, Allstate launched a product for life insurance which will pay on monthly basis rather than lump sum amount. This is consumer driven product which will help the company to cover more market share and to aware the people about life insurance.
In October 2018, The Floow launches FlowFleet for the insurer who deals in commercial line. This helped the insurance company to better manage the risk and to provide the optimal premium price to their customer in the high premium rising market.
In June 2018, Allstate launched pay per mile i.e. usage based insurance in New Jersey. This insurance gives more control to customer about their insurance premium and plans for using telematics services for better management in their insurance segment.
In March 2018, Octo Telematics entered into partnership with Renault finance company to provide data analytics and services to its customer globally. This will increase the global market share of the company.
Some extract from Table of Contents
Overview of North America Usage-Based Insurance Market
Usage-Based Insurance Size (Sales Volume) Comparison by Type
Usage-Based Insurance Size (Consumption) and Market Share Comparison by Application
Usage-Based Insurance Size (Value) Comparison by Region
Usage-Based Insurance Sales, Revenue and Growth Rate
Usage-Based Insurance Competitive Situation and Trends
Strategic proposal for estimating availability of core business segments
Players/Suppliers, Sales Area
Analyze competitors, including all important parameters of North America Usage-Based Insurance
Global North America Usage-Based Insurance Manufacturing Cost Analysis
The most recent innovative headway and supply chain pattern mapping
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Key Research Methodology Used By Data Bridge market Research
Why Is Data Triangulation Important In Qualitative Research?
This involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. Triangulation is one method used while reviewing, synthesizing and interpreting field data. Data triangulation has been advocated as a methodological technique not only to enhance the validity of the research findings but also to achieve ‘completeness’ and ‘confirmation’ of data using multiple methods
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