Automotive Usage-Based Insurance Market to 2021 – Trend Analysis of Automotive Usage-Based Insurance Growth, Automotive Usage-Based Insurance Industry Trends
MarketResearchNest.com adds “Global Automotive Usage-Based Insurance Market 2018-2022”new report to its research database. The report spread across 116 pages with table and figures in it.
Research analysts forecast the global Automotive Usage-Based Insurance market to grow at a CAGR of 6.87 % during the period 2018-2022.
About Automotive Usage-Based Insurance
The global automotive insurance market is evolving with the growing automotive industry. With increasing need for safety, the insurance coverage for vehicles is also growing at higher premiums.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive usage-based insurance market for 2018-2022. To calculate the market size, the report considers the e driving mileage and driving behavior.
Browse full table of contents and data tables at
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The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
Technavio's report, Global Automotive Usage-Based Insurance Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio recognizes the following companies as the key players in the global automotive usage-based insurance market: Allianz, Intelligent Mechatronic Systems, Watchstone Group, Octo Telematics, and Sierra Wireless
Commenting on the report, an analyst from Research team said: “The latest trend gaining momentum in the market is shared data plans to reduce data subscribers per user. We expect that the number of connected devices in the ecosystem will grow to more than 55 billion units by 2022 and that every person will have at least seven connected devices on an average. The billing model for the provision of telecom operators is still unclear.”
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According to the report, one of the major drivers for this market is Flexible pricing scheme. The pricing scheme for UBI varies largely from that of traditional auto insurance. Traditional auto insurance relies on historical data such as driving record, credit-based insurance score, garage location, personal characteristics, vehicle type, vehicle use, previous claims, liability limits, and deductibles. The discounts on premium in traditional auto insurance were done by combining different parameters such as insurance on multiple vehicles, insurance with multiple carriers, and the availability of protection devices like airbags. Such kind of policies made traditional auto insurance a fixed cost, which was assessed and was required to be paid annually, semi-annually, or quarterly basis.
Further, the report states that one of the major factors hindering the growth of this market is High cost of telematic device installation. Automotive UBI solutions are very complex as they require extensive data management and analytics capabilities. In addition, embedded UBI solutions require an external device to be integrated into the vehicle, whose cost cannot be passed on to the customers. Insurers struggle to design a system that is best suited to the needs of end-users. Also, telematics being a highly technical process, its cost is expected to increase during the forecast period, which will increase the operating cost and restrain the market growth.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Key questions answered in this report: What will the market size be in 2021 and what will the growth rate be; What are the key market trends; What is driving this market; What are the challenges to market growth; Who are the key vendors in this market space; What are the market opportunities and threats faced by the key vendors; What are the strengths and weaknesses of the key vendors;
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