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.

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.

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Top Key Players:- Vodafone Automotive, Liberty Mutual Insurance Company, Allianz SE, TomTom Telematics, Allstate Insurance, Octo Telematics, Metromile, Siera Wireless, Ingenie Service Ltd., AXA SA

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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 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, 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.

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In the recent few years, automotive UBI market has noticed noteworthy M&A and partnership activity. Some of the significant deals include Trak Global Group's acquisition of Intelligent Mechatronic Systems Inc. in 2018 and Octo Telematics acquisition of Willis Towers Watson's DriveAbility solution and the DriveAbility Marketplace in 2017. Also, in 2018, Vodafone and Generali Spain joined forces with an aim to promote digital transformation in the telematics insurance segment. Moreover, in 2016, Intact Financial Corporation invested in Metromile, a car insurance company based in San Francisco.

Table of Contents:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Automotive Usage Based Insurance Market Landscape

5. Automotive Usage Based Insurance Market - Key Market Dynamics

6. Automotive Usage Based Insurance Market - Global Market Analysis

7. Automotive Usage Based Insurance Market - Revenue and Forecasts to 2027 - Product Type

8. Automotive Usage Based Insurance Market - Revenue and Forecasts to 2027 - Application

9. Automotive Usage Based Insurance Market - Revenue and Forecasts to 2027 - Compound

10. Automotive Usage Based Insurance Market Revenue and Forecasts to 2027 - Geographical Analysis

11. Industry Landscape

12. Automotive Usage Based Insurance Market, Key Company Profiles

13. Appendix

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