Press release
2027 Automotive Usage Based Insurance Market Demand and Analysis of Key Players Allianz, Intelligent Mechatronic Systems, Watchstone Group, Octo Telematics, Sierra Wireless, Hubio, Baseline Telematics and Masternaut
Automotive Usage Based Insurance Market
The Automotive Usage Based Insurance Market is estimated to reach US$ 105.12 Bn by 2027 from US$ US$ 15.62 Bn in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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.
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Top Dominating Key Players:
1. Vodafone Automotive
2. Liberty Mutual Insurance Company
3. Allianz SE
4. TomTom Telematics
5. Allstate Insurance
6. Octo Telematics
7. Metromile
8. Siera Wireless
9. Ingenie Service Ltd.
10. AXA SA
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).
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.
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.
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.
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)
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Reason to Buy:
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Automotive Usage Based Insurance Market
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Automotive Usage Based Insurance Market, thereby allowing players to develop effective long term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
Contact Us:
The Insight partners,
Phone: +1-646-491-9876
Email: sales@theinsightpartners.com
Website: www.theinsightpartners.com
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