Press release
Automotive Usage-Based Insurance Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2026)
Automotive Usage-Based Insurance Market
As per the research report, Global Automotive Usage-Based Insurance (UBI) market was valued US$ 24.5 billion in 2019 and is projected to expand significantly with the CAGR of 24.39% from 2021 to 2026. The flexible insurance premium, lower accident & vehicle theft possibilities, accurate & timely data collection, and lower fuel consumption are the major factors driving the market.
Automotive Usage-Based Insurance provides insurance coverage based on the actual miles a customer drives and other driving variables, such as location, speed, and driver behavior. It relies on telematics devices to collect vehicle-operating data that insurance companies can analyze to price insurance policies more accurately, assess claims, and even recreate accidents for analysis. There have been rising satisfaction and retention in UBI owing to the drivers saving money on their automotive insurance, and rapidly evolving automotive telematics technology. The hardware and software involved in helping insurance companies track driver behavior in a safe, secure, and accurate way.
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Today, the internet and smartphones have changed the way people purchase insurance. Technology has made the insurance ecosystem simple, convenient, and easy. Now, the focus is on moving from generalization to personalization and Telematics or Usage-based Car Insurance will make it happen. In the insurance industry, UBI is the most popular use case of big data adaptation. In recent years, the market has been developing rapidly, especially in the American and Europe. By analyzing the real driving behavior, UBI products can achieve the precise risk segmentation and improve the service quality of the insurance company. In addition, UBI products can provide a variety of value-added services. The primary reason for insurers to introduce UBI is to bring in some realistic and correct measurability to ascertain the risk where the customers are exposed to and charge a risk-based premium suggested by an actuary. While virtually all markets currently feature voluntary car-telematics systems, regulators in many countries want to mandate the technology in specific circumstances. For instance, the European Union seeks e-assistance systems in case of accidents. The eCall system, mandatory for all new EU vehicles as of March 2018, should speed up emergency-response times by 40% in cities and 50% in rural areas in the process reducing the number of fatalities by at least 4%.
Allstate Insurance Company, Allianz SE, Assicurazioni Generali S.P.A., Sierra Wireless Inc., Octo Telematics, Cambridge Mobile Telematics, TomTom International BV, Vodafone Automotive SpA, Metromile, Inc., AXA are some of the prominent players operating in the global Automotive Usage-Based Insurance market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
For a detailed analysis of the market drivers in Automotive Usage-Based Insurance (UBI) Market browse through - https://univdatos.com/report/automotive-usage-based-insurance-market-current-analysis-and-forecast-2020-2026
Insights Presented in the Report
“Amongst package type, Pay-How-You-Drive (PHYD) segment holds the major share”
Based on package type, the market is fragmented into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). Pay-How-You-Drive (PHYD) dominated the market with a share of 69.9% in 2019 and is expected to maintain its dominance during the forecast period owing to the increased consumer preference towards comfort and luxury, and increased competition between OEMs to offer such driver assistance features.
“Amongst technology type, On-Board Diagnostics (OBD) is expected to dominate the market during the analyzed period”
Based on the market segment by technology type, the market is segmented into On-Board Diagnostics (OBD), smartphone, black box, and embedded telematics. In 2019, On-Board Diagnostics (OBD) accounted for 49.9% of market revenue share. Currently, On-Board Diagnostics dominated the Automotive Usage-Based Insurance market and is expected to remain dominant during the analyzed period owing to the value-added services, including maintenance reminders, roadside assistance, and crash notifications. The telematics devices designed to be used with OBD systems are specially targeted at that platform with unbiased data collection across all demographics and vehicle types.
For a detailed analysis of the opportunities in Automotive Usage-Based Insurance (UBI) Market browse through - https://univdatos.com/report/automotive-usage-based-insurance-market-current-analysis-and-forecast-2020-2026
“Amongst vehicle type, passenger vehicles are expected to dominate the market during the analyzed period”
Based on the market segment by vehicle type, the market is fragmented into passenger vehicles and commercial vehicles. In 2019, the passenger vehicles accounted for the maximum market share with 82.7% and is expected to be the leading segment of the Automotive Usage-Based Insurance market during the forecast period. Before “black boxes” or computers in many popular models of passenger cars, the speed and braking of the vehicles were determined by accident reconstruction experts who gathered facts related to the accident to come up with an opinion as to the speed of the cars. For passenger cars equipped with the data recorders, how fast they were going is no longer in dispute.
“North America represents one of the largest markets of Automotive Usage-Based Insurance market”
For a better understanding of the market dynamics of the Automotive Usage-Based Insurance market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC) and Rest of the World has been conducted. North America dominated the market and generated revenue of US$ 10.9 billion in 2019 owing to the increase in the implementation of Mobility-as-a-Service (MaaS) and increasing collaborations among telematics companies and insurance companies in the region.
Customization Options:
The Automotive Usage-Based Insurance Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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UnivDatos Market Insights (UMI), is a passionate market research firm and a subsidiary of Universal Data Solutions. Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.
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