Automotive Usage Based Insurance Market revenue to cross the US$ 105.12 Bn dollar milestone by 2027 - Leading Key Players are Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Liberty Mutual Insurance Company, Allianz Insurance, Vodafone Aut

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.Automotive usage based insurance market is experiencing high growth across the globe, with the increasing adoption of mobility-as-a-service worldwide. Furthermore, the different reward programs offered by insurers is another factor propelling the market growth.

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. Several other companies are also functioning in the market which adds substantial revenues in the market year on year.

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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. Before selecting an appropriate method to track information, an insurance provider needs to make several considerations. Most of the insurance providers use on-board diagnostics systems, i.e. OBDII (black boxes or dongles). However, other providers offer smartphone apps that are easier to access and economical. Comparatively very few of the insurance providers offer both the hardware and smartphone app.

The report focuses on an in-depth segmentation of automotive usage based insurance market based on technology fitted and policy type. The geographic segmentation of the report covers major regions including; North America, Europe, Asia-Pacific (APAC), and Rest of World (RoW). The regional market has been further bifurcated by respective countries. By policy type, Pay-How-You-Drive policy type segment accounted for the largest share of the automotive usage based insurance market in 2018.

Further, owing to the higher disposable income among the individuals, the pattern of procurement of new vehicles is high in the country. Pertaining to the rise in the number of vehicles, several associated technologies and solutions are also increasing rapidly in the US. These factors have positively impacted on the growth of the usage based insurance market in the US

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.

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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.

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