Global Automotive Usage-Based Insurance (UBI) Market, Industry Insights by Technology, Package Type, Vehicle Type, Device Offering, Vehicle Age, and Electric & Hybrid Vehicle - Forecast to 2025

The global automotive usage-based insurance (UBI) market is estimated to be USD 40.3 billion in 2020 and is predicted to reach USD 53.5 billion by 2025, growing at a CAGR of 5.0 % during the forecast period.

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Rapidly evolving telematics technique and increasing government regulation on telematics are the key trends that are expected to bolster the growth of global automotive usage-based insurance (UBI) market. The technological advancement being undertaken in telematics technique is used in order to closely monitor the behavior of automotive insurance customers. Furthermore, with the help of this technique insurance providers are able to depict the actual picture of the driving of their clients.

On the basis of vehicle type, the global automotive usage-based (UBI) insurance market is subdivided into Heavy-duty Vehicle (HDV) and Light-duty Vehicle (LDV). Amongst these segments, light-duty vehicle (LDV) is anticipated to generate larger revenue by 2025 due to increasing demand observed for LDVs equipped telematics-based platforms in order to monitor driving habit of the clients in order to prevent any sudden failures.

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Geographically, North America is the largest revenue contributor in automotive usage-based insurance market due to high popularity of mobility as a service along with extensive collaborations between insurance and telematics companies. Furthermore, these companies are enhancing their solution offers and are providing improved schemes and packages to the insurance providers.

Moreover, automotive-based insurance (UBI) market in Asia-pacific is expected to witness highest CAGR during the forecast period due to increasing acceptance of telematics and IoT in Japan, China, India and South Korea.

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Some of the key players operating in the global automotive usage-based insurance (UBI) market include UnipolSai Assicurazioni S.p.A, Danlaw, Assicurazioni Generali S.P.A, Allianz SE, Mapfre, S.A, Desjardins Group, Octo Technology Nationwide, Cambridge Mobile Telematics, Liberty Mutual Insurance, Progressive Casualty Insurance Company, Allstate Insurance Company, Intelligent Mechatronic Systems Inc., Vodafone Automotive S.p.A, State Farm Mutual Automobile Insurance Company, Metromile Inc., AXA, TomTom International BV, Sierra Wireless, Zubie, Inc., and Insure The Box Limited.

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