Global automotive usage-based insurance market likely to drive due to growth of the automobile industry around the world coupled with the rise in adoption of telematics and connected cars
Global automotive usage-based insurance market size valued at USD 29.7 billion in 2019, which expected to reach USD 138.7 billion by 2027, growing at a CAGR of 18.08% during the forecast period, 2020-2027. The primary factors are lower insurance premium compared to regular insurance, the rise in adoption of connected car services, and government regulations on telematics. Additionally, the changing demographic trend, changing driving habits, and the growing number of the affluent middle-class population are estimated to propel the growth of the global automotive usage-based insurance market. Moreover, the surge in the adoption of in-vehicle connected insurance solutions for reducing unanticipated claims and incentivizing safe will accelerate the growth of the automotive usage-based insurance industry.
UBI can encourage car owners with good driving behavior to enjoy preferential car insurance costs. Automotive usage-based insurance can reasonably reflect the insurance and risk costs of drivers, and reflect the fairness of premiums; through price adjustment, improve safe driving behavior and alleviate urban traffic congestion; remote data collection and analysis can also improve the timeliness of accident handling and help track the theft of vehicles. Furthermore, the sales of electric vehicle encouraged the development of applications that allow consumers to connect their smartphones with their cars to check the real-time status of vehicle batteries are expected to fuel the market growth. Also, the upsurge in the adoption of sophisticated onboard communication devices for availing insurance provides real-time connectivity between vehicle and insurance companies to enable them to remotely diagnose vehicle breakdown problems will accelerate the growth of the automotive usage-based insurance industry. Further, the increasing penetration of smartphones along with the development of app-based UBI systems for the automotive industry, such as sensors in smartphones, will support the adoption of app-based automobile UBI solution.
Insurance Type Overview in the Global Automotive usage-based insurance Market
Based on Insurance type, the global automotive usage-based insurance market classified into Pay-how-you drive (PHYD), Pay-as-you-drive (PAYD), Distance-based insurance, and Manage-how-you drive (MHYD). The Pay-as-you-drive (PAYD) segment likely to lead the market by 2027, owing to the PAYD enable motorists to monitor vehicle mileage and pay for insurance based on that mileage. Additionally, the rise in customer demand for vehicles, advancement in technology, and increased availability of data will further escalate the market growth.
Vehicle type Overview in the Global Automotive usage-based insurance market
Based on vehicle type, the global automotive usage-based insurance market segregated into Passenger Cars (Compact Cars, Luxury Cars, and SUVs), Light Commercial Vehicle, and Heavy Commercial Vehicle. The passenger car segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to huge sales growth in passenger cars along with the development of telematics systems, which provide real-time information about the vehicle's health and other parameters such as distance traveled and driving habits.
Technology Overview in the Global Automotive usage-based insurance Market
Based on technology, the global automotive usage-based insurance market classified into OBD-II, Smartphone, Blackbox, and Embedded Telematics. The Embedded Telematics segment projected to lead the market by 2027. It is due to these technology enables insurance providers to leverage the applications of data analytics and collection of vast amounts of data on car driving trends, maintenance requirements, and vehicle performance for deciding insurance premiums and improving driving habits.
Regional Overview in the Global Automotive usage-based insurance Market
By geography, the Global Automotive usage-based insurance Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to the surge in the increasing adoption of Mobility as a service, and the rise in demand for connected cars in the region will accentuate market demand.
Global Automotive usage-based insurance Market: Competitive Landscape
Companies such as Allianz SE, Allstate Insurance Company, ASSICURAZIONI GENERALI SPA, AXA, Cambridge Mobile Telematics, Danlaw, Inc., Desjardins Group, Insure The Box Limited, Intelligent Mechatronic Systems Inc., Liberty Mutual Insurance, Mapfre, S.A., Metromile Inc., Nationwide, Octo Technology, Progressive Casualty Insurance Company, Sierra Wireless, State Farm Mutual Automobile Insurance Company, TomTom International BV, UnipolSai Assicurazioni S.p.A., Vodafone Automotive SpA, and Zubie, Inc are the key players in the global automotive usage-based insurance market.
Global Automotive Usage-Based Insurance Market
Report Content
1. Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
2. Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
3. Executive Summary
4. Market Insights
4.1. Economic Factor Analysis
4.1.1. Drivers
4.1.2. Trends
4.1.3. Opportunities
4.1.4. Challenges
4.2. Technological Landscape
4.3. Competitors & Product Analysis
4.4. Regulatory Framework
4.5. Company market share analysis, 2019
4.6. Porter's Five forces analysis
4.7. New Investment Analysis
4.8. PESTEL Analysis
5. Global Automotive Usage-Based Insurance Market Overview
5.1. Market Size & Forecast, 2016-2027
5.1.1. Demand
5.1.1.1. By Value (USD Million)
5.2. Market Share & Forecast, 2016-2027
5.2.1. By Insurance Type
5.2.1.1. Pay-how-you drive (PHYD)
5.2.1.2. Pay-as-you drive (PAYD)
5.2.1.3. Distance based insurance
5.2.1.4. Manage-how-you drive (MHYD)
5.2.2. By Vehicle Type
5.2.2.1. Passenger Cars
5.2.2.1.1. Compact Cars
5.2.2.1.2. Luxury Cars
5.2.2.1.3. SUVs
5.2.2.2. Light Commercial Vehicle
5.2.2.3. Heavy Commercial Vehicle
5.2.3. By Technology
5.2.3.1. OBD-II
5.2.3.2. Smartphone
5.2.3.3. Blackbox
5.2.3.4. Embedded Telematics
5.2.4. By Vehicle Age
5.2.4.1. New Vehicles
5.2.4.2. On-Road Vehicles
5.2.5. By Region
5.2.5.1. North America
5.2.5.2. Europe
5.2.5.3. Asia Pacific
5.2.5.4. South America
5.2.5.5. Middle East & Africa
6. North America Automotive Usage-Based Insurance Market Overview
6.1. North America Automotive Usage-Based Insurance Market Size & Forecast, 2016-2027
6.1.1. Demand
6.1.1.1. By Value (USD Million)
6.2. North America Automotive Usage-Based Insurance Market Share & Forecast, 2016-2027
6.2.1. By Insurance Type
6.2.1.1. Pay-how-you drive (PHYD)
6.2.1.2. Pay-as-you drive (PAYD)
6.2.1.3. Distance based insurance
6.2.1.4. Manage-how-you drive (MHYD)
6.2.2. By Vehicle Type
6.2.2.1. Passenger Cars
6.2.2.1.1. Compact Cars
6.2.2.1.2. Luxury Cars
6.2.2.1.3. SUVs
6.2.2.2. Light Commercial Vehicle
6.2.2.3. Heavy Commercial Vehicle
6.2.3. By Technology
6.2.3.1. OBD-II
6.2.3.2. Smartphone
6.2.3.3. Blackbox
6.2.3.4. Embedded Telematics
6.2.4. By Vehicle Age
6.2.4.1. New Vehicles
6.2.4.2. On-Road Vehicles
6.2.5. By Country
6.2.5.1. US
6.2.5.2. Canada
6.2.5.3. Mexico
6.2.6. Price-Point Analysis
6.2.7. Company Market Share (Top 3-5)
6.2.8. Economic Impact Study on North America Automotive Usage-Based Insurance Market
7. Europe Automotive Usage-Based Insurance Market Overview
7.1. Europe Automotive Usage-Based Insurance Market Size & Forecast, 2016-2027
7.1.1. Demand
7.1.1.1. By Value (USD Million)
7.2. Europe Automotive Usage-Based Insurance Market Share & Forecast, 2016-2027
7.2.1. By Insurance Type
7.2.1.1. Pay-how-you drive (PHYD)
7.2.1.2. Pay-as-you drive (PAYD)
7.2.1.3. Distance based insurance
7.2.1.4. Manage-how-you drive (MHYD)
7.2.2. By Vehicle Type
7.2.2.1. Passenger Cars
7.2.2.1.1. Compact Cars
7.2.2.1.2. Luxury Cars
7.2.2.1.3. SUVs
7.2.2.2. Light Commercial Vehicle
7.2.2.3. Heavy Commercial Vehicle
7.2.3. By Technology
7.2.3.1. OBD-II
7.2.3.2. Smartphone
7.2.3.3. Blackbox
7.2.3.4. Embedded Telematics
7.2.4. By Vehicle Age
7.2.4.1. New Vehicles
7.2.4.2. On-Road Vehicles
7.2.5. By Country
7.2.5.1. Germany
7.2.5.2. UK
7.2.5.3. France
7.2.5.4. Italy
7.2.5.5. Rest of Europe
7.2.6. Price-Point Analysis
7.2.7. Company Market Share (Top 3-5)
7.2.8. Economic Impact Study on Europe Automotive Usage-Based Insurance Market
8. Asia Pacific Automotive Usage-Based Insurance Market Overview
8.1. Asia Pacific Automotive Usage-Based Insurance Market Size & Forecast, 2016-2027
8.1.1. Demand
8.1.1.1. By Value (USD Million)
8.2. Asia Pacific Automotive Usage-Based Insurance Market Share & Forecast, 2016-2027
8.2.1. By Insurance Type
8.2.1.1. Pay-how-you drive (PHYD)
8.2.1.2. Pay-as-you drive (PAYD)
8.2.1.3. Distance based insurance
8.2.1.4. Manage-how-you drive (MHYD)
8.2.2. By Vehicle Type
8.2.2.1. Passenger Cars
8.2.2.1.1. Compact Cars
8.2.2.1.2. Luxury Cars
8.2.2.1.3. SUVs
8.2.2.2. Light Commercial Vehicle
8.2.2.3. Heavy Commercial Vehicle
8.2.3. By Technology
8.2.3.1. OBD-II
8.2.3.2. Smartphone
8.2.3.3. Blackbox
8.2.3.4. Embedded Telematics
8.2.4. By Vehicle Age
8.2.4.1. New Vehicles
8.2.4.2. On-Road Vehicles
8.2.5. By Country
8.2.5.1. China
8.2.5.2. India
8.2.5.3. Japan
8.2.5.4. Australia
8.2.5.5. Rest of Asia Pacific
8.2.6. Price-Point Analysis
8.2.7. Company Market Share (Top 3-5)
8.2.8. Economic Impact Study on Asia Pacific Automotive Usage-Based Insurance Market
9. South America Automotive Usage-Based Insurance Market Overview
9.1. South America Automotive Usage-Based Insurance Market Size & Forecast, 2016-2027
9.1.1. Demand
9.1.1.1. By Value (USD Million)
9.1.2. Consumption
9.2. South America Automotive Usage-Based Insurance Market Share & Forecast, 2016-2027
9.2.1. By Insurance Type
9.2.1.1. Pay-how-you drive (PHYD)
9.2.1.2. Pay-as-you drive (PAYD)
9.2.1.3. Distance based insurance
9.2.1.4. Manage-how-you drive (MHYD)
9.2.2. By Vehicle Type
9.2.2.1. Passenger Cars
9.2.2.1.1. Compact Cars
9.2.2.1.2. Luxury Cars
9.2.2.1.3. SUVs
9.2.2.2. Light Commercial Vehicle
9.2.2.3. Heavy Commercial Vehicle
9.2.3. By Technology
9.2.3.1. OBD-II
9.2.3.2. Smartphone
9.2.3.3. Blackbox
9.2.3.4. Embedded Telematics
9.2.4. By Vehicle Age
9.2.4.1. New Vehicles
9.2.4.2. On-Road Vehicles
9.2.5. By Country
9.2.5.1. Brazil
9.2.5.2. Argentina
9.2.5.3. Rest of South America
9.2.6. Price-Point Analysis
9.2.7. Company Market Share (Top 3-5)
9.2.8. Economic Impact Study on South America Automotive Usage-Based Insurance Market
10. Middle East & Africa Automotive Usage-Based Insurance Market Overview
10.1. Middle East & Africa Automotive Usage-Based Insurance Market Size & Forecast, 2016-2027
10.1.1. Demand
10.1.1.1. By Value (USD Million)
10.2. Middle East & Africa Automotive Usage-Based Insurance Market Share & Forecast, 2016-2027
10.2.1. By Insurance Type
10.2.1.1. Pay-how-you drive (PHYD)
10.2.1.2. Pay-as-you drive (PAYD)
10.2.1.3. Distance based insurance
10.2.1.4. Manage-how-you drive (MHYD)
10.2.2. By Vehicle Type
10.2.2.1. Passenger Cars
10.2.2.1.1. Compact Cars
10.2.2.1.2. Luxury Cars
10.2.2.1.3. SUVs
10.2.2.2. Light Commercial Vehicle
10.2.2.3. Heavy Commercial Vehicle
10.2.3. By Technology
10.2.3.1. OBD-II
10.2.3.2. Smartphone
10.2.3.3. Blackbox
10.2.3.4. Embedded Telematics
10.2.4. By Vehicle Age
10.2.4.1. New Vehicles
10.2.4.2. On-Road Vehicles
10.2.5. By Country
10.2.5.1. Saudi Arabia
10.2.5.2. UAE
10.2.5.3. South Africa
10.2.5.4. Rest of Middle East & Africa
10.2.6. Price-Point Analysis
10.2.7. Company Market Share (Top 3-5)
10.2.8. Economic Impact Study on Middle East & Africa Automotive Usage-Based Insurance Market
11. Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company Profile
11.7.1. Allianz SE
11.7.2. Allstate Insurance Company
11.7.3. Assicurazioni Generali S.p.A
11.7.4. AXA
11.7.5. Cambridge Mobile Telematics
11.7.6. Danlaw, Inc.
11.7.7. Desjardins Group
11.7.8. Insure The Box Limited
11.7.9. Intelligent Mechatronic Systems Inc.
11.7.10. Liberty Mutual Insurance
11.7.11. Mapfre, S.A.
11.7.12. Metromile Inc.
11.7.13. Nationwide
11.7.14. Octo Technology
11.7.15. Progressive Casualty Insurance Company
11.7.16. Sierra Wireless
11.7.17. State Farm Mutual Automobile Insurance Company
11.7.18. Others Prominent Players
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