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Global Automotive Usage Based Insurance Market Size, Share, Growth |Key players MetaSystems, UnipolSai Assicurazioni, AXA Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service
Automotive Usage Based Insurance Market
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.
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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.
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
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