Automotive Usage Based Insurance Market Global Analysis and forecasts by Technology, Size, Share, Growth, Leading Players TomTom Telematics, Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service Ltd., AXA Insurance, UnipolSai Assicurazioni

The global automotive usage based insurance market for the technology fitted is fragmented into smartphones, black box, dongles, and others. The black box segment is expected to dominate the market in 2027. A black box is a small device that is installed in the customer's car to measure vehicle location, speed, driving frequency, distance travelled, and time of the day or night the vehicle is in motion. Further, other driving behaviors can also be measured which includes monitoring braking, and cornering. This helps in building a comprehensive profile of the driver. The data gathered on driving behaviors provides information on how safe the driving pattern is. This information is then converted into a score that is used by the car insurance provider for creating a customized premium for the driver. Also, an insurance provider can reward a driver securing high score with a lower premium rate. However, issues related to data privacy is a major concern among customers. Sharing personally identifiable information of customers gathered from black boxes with third parties such as law enforcement agencies or banks may result in invasion of privacy. This may hinder the market growth to certain extent.

Global Automotive Usage Based Insurance Market is expected to grow from US$ 15.62 Bn in 2018 to US$ 105.12 Bn in 2027 at a CAGR of 23.6% between 2019 and 2027.

Further, the smartphones segment is also expected to gain market share during the forecast period. . Smartphone apps are suitable for insurance providers that are targeting particular groups hence, acquiring niche market share. As their UBI business grows, insurance providers may invest in OBDII and offer this on a long-term basis to specific customer segments.

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What the report features:-

  • Global analysis of Automotive Usage Based Insurance market from 2018 – 2027 illustrating the progression of the market.
  • Forecast and analysis of Automotive Usage Based Insurance market by Dosage, Route of Administration and Application from 2018 – 2027
  • Forecast and analysis of Automotive Usage Based Insurance market in five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America

Leading key market players mentioned in the report:-

Vodafone Automotive, Liberty Mutual Insurance Company, Allianz Insurance, TomTom Telematics, Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service Ltd., AXA Insurance, UnipolSai Assicurazioni S.p.A., and MetaSystems.

In the recent few years, automotive UBI market has noticed noteworthy M&A and partnership activity. Some of the significant deals include Trak Global Group's acquisition of Intelligent Mechatronic Systems Inc. in 2018 and Octo Telematics acquisition of Willis Towers Watson's DriveAbility solution and the DriveAbility Marketplace in 2017. Also, in 2018, Vodafone and Generali Spain joined forces with an aim to promote digital transformation in the telematics insurance segment. Moreover, in 2016, Intact Financial Corporation invested in Metromile, a car insurance company based in San Francisco.

The report segments the Global Automotive Usage Based Insurance Market as follows:

Global Automotive UBI Market - By Technology Fitted 

Smartphones
Black Box
Dongles
Others

Global Automotive UBI Market - By Policy Type 

Pay-As-You-Drive (PAYD)
Pay-How-You-Drive (PHYD)

Global Automotive UBI Market - By Geography

North America
U.S.
Canada
Mexico

Europe

Germany
Italy
UK
Rest of Europe

Asia Pacific (APAC)

Australia
China
Singapore
Rest of Asia-Pacific

Rest of World (RoW)

South Africa
Rest of RoW

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Reasons to Buy the Report:

  • Learn about the driving factors, affecting the market growth.
  • Imbibe the advancements and progress in the market during the forecast period.
  • Understand where the market opportunities lies.
  • Compare and evaluate various options affecting the market.
  • Pick up on the leading market players within the market.
  • Envision the restrictions and restrains that are likely to hamper the market.

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