Automotive Usage Based Insurance Market Estimated to Flourish By 2027 - Leading Key Players Allianz, Metromile, Siera Wireless, Ingenie Service, AXA SA, TomTom Telematics
The key players profiled in the automotive usage based insurance market report includes 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 among others.
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The automotive usage-based insurance industry has evolved along with the automotive industry. The demand for usage-based insurance market is largely influenced by increasing vehicle sales with telematics and connected car services, reduction in insurance as compared to the traditional insurance, and increasing vehicle sales and parc.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.
- To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Automotive Usage Based Insurance Market.
- To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
The report aims to provide an overview of the global automotive usage based insurance market with detailed market segmentation. Also, it analyzes the current automotive usage based insurance market scenario and forecasts the market till 2027. The report covers market dynamics affecting the automotive usage based insurance market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the automotive usage based insurance market with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the automotive usage based insurance market along with their market strategies. The report also provides PEST for all four regions and SWOT analysis for all company profiled in the report.
Presently, insurance providers are inclined to follow either the two routes, i.e. installation of hardware devices, where devices are equipped to the policyholders' cars or the low-priced smartphone app route. Both of these methods of tracking information have their advantages and disadvantages, however, they are not commonly exclusive. An insurance provider might want a customer to download an app and later shift to a plug-in device. To stay competitive in the market, the insurance providers need to build internal capability, i.e. significant investment and efforts are required to establish liaison with telematics service providers.
The report segments the Global Automotive Usage Based Insurance Market as follows:
Global Automotive UBI Market - By Technology Fitted
- Black Box
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
- Asia Pacific (APAC)
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The matured markets in global automotive usage based insurance market accounted for the US, Italy and the UK, owing to which North America led the market followed by Europe. The dominance of North America in global automotive usage based insurance market is due to the fact that, the country houses a large number of automotive OEMs, telematics companies, and insurance companies. Additionally, the trend of adoption of newer technologies and solutions is also high in the country, which has pushed the residents to opt for telematics insurance. Moreover, the region is one of the precursors of mobility-as-a-service across the globe, and the MaaS market has propelled extensively over the years in the region and is also continually witnessing upward trends.
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