23+% CAGR to be Achieved by Automotive Usage Based Insurance Market to 2027: Top Key Vendors- Vodafone Automotive, Allianz Insurance, TomTom Telematics, Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service

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.

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.

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The "Global Automotive Usage Based Insurance Market Analysis to 2027" is a specialized and in-depth study of the Automotive Usage Based Insurance industry with a focus on the global market trend. The report aims to provide an overview of the Global Automotive Usage Based Insurance Market with detailed market segmentation by type, service, destination, end user, and geography. The Global Automotive Usage Based Insurance Market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market. It also provides market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.

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.

Key Benefits-
• 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)

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 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.

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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