Explore Details Global Automotive Usage-Based Insurance Market that is projected to Hit XX% CAGR in 2022

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The global automotive UBI market is at a nascent stage and has low penetration in the overall automotive insurance market. The market is seeing an influx of new players owing to its growth potential and the emergence of smartphone app technology in automotive UBI. The competition is expected to intensify during the forecast period because of product extensions and technological innovations. Many international players are expected to grow organically during the forecast period by expanding their customer base and creating differentiated products through partnerships with insurance companies.
Researcher’s analysts forecast the global automotive usage-based insurance market to grow at a CAGR of 7.93% during the period 2017-2022.

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The report covers the present scenario and the growth prospects of the global automotive usage-based insurance market for 2017-2021. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the top four vendors in the market.

Researcher's report Global Automotive Usage-Based Insurance Market 2017-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Commenting on the report, an analyst from Researcher’s team said: “One trend in market is increasing customer retention through wider UBI usage. Customer retention is of prime importance to any organization, and this can be best achieved with broader services under one system for automotive UBI players. The offering from automotive UBI is not limited to UBI alone, as UBI technology can serve as platforms for insurers to participate in a broader value chain.

Currently, the telematics market is fragmented, with the presence of many service providers, which often leads to multiple redundant devices in the vehicle often uploading the same kinds of data to multiple telematic service providers’ platforms. These services include emergency assistance, stolen vehicle tracking, cellular communication and entertainment, navigation system, and satellite radio. The use of a single network connection for all the services through a single OBU will create an effective offering for the customer. Hence, bundling UBI with other value-added services gives insurers and their value-add service partners a compelling package of in-vehicle services.”

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