Automotive Usage-Based Insurance Market : Current Analysis and Forecast (2020-2026): Emphasis on Package (Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD)), Technology (On-Board Diagnostics (OBD), Smartphone, Black Box, Embedded Telematics), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles) and Region/Country
- UNI4065929
- 149 Pages
- August 2020
- Automotive and Transportation
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.
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.
“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.
Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
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.
1.1 Market Definition 14
1.2 Objective of the Study 14
1.3 Limitation 14
1.4 Stakeholders 15
1.5 Currency used in the Report 15
1.6 Scope of the Global Automotive Usage-Based Insurance (UBI) Market Study 15
2. RESEARCH METHODOLOGY OR ASSUMPTION 16
2.1 Research Methodology for the Automotive Usage-Based Insurance (UBI) Market Study 16
2.1.1 Main objective of the Automotive Usage-Based Insurance (UBI) Market Study 17
3. INDUSTRY PERFORMANCE 18
4. EXECUTIVE SUMMARY 19
5. MARKET OVERVIEW 22
5.1 Introduction 22
5.2 Market Dynamics 23
5.2.1 Market Trend & Drivers 23
5.2.1.1 Growth of the Automobile Industry 23
5.2.1.2 Significant Adoption of Mobility as a Service (MaaS) 24
5.2.1.3 Growth in the Number of the Connected Cars Bringing New UBI Opportunities 24
5.2.1.4 Rapid Use of UBI By Insurance Companies to Improve Profitability 25
5.2.1.5 Growing trend of Try-Before-You-Buy (TBYB) insurance model 25
5.2.2 Market Restraints 26
5.2.2.1 Data Security & Privacy Concerns 26
5.2.2.2 Lack of Telematics Insurance Awareness 26
5.2.3 Market Opportunities 27
5.2.3.1 Increasing Partnerships among Telematics & Insurance Companies 27
5.2.3.2 Evolution of the New Value Chain Ecosystem of the Automotive Industry 27
6. LEGAL & REGULATORY FRAMEWORK 28
6.1 General Overview 28
7. DEMAND AND SUPPLY SIDE ANALYSIS 29
7.1 Demand Side Analysis 29
7.2 Supply Side Analysis 31
7.2.1 Top Product Launches 32
7.2.2 Top Business Partnerships 32
8. VALUE CHAIN ANALYSIS 33
8.1 Value Chain Analysis 33
9. MARKET INSIGHTS BY PACKAGE 34
9.1 General Overview 34
9.1.1 Pay-As-You-Drive (PAYD) 36
9.1.2 Pay-How-You-Drive (PHYD) 37
9.1.3 Manage-How-You-Drive (MHYD) 38
10. MARKET INSIGHTS BY TECHNOLOGY 39
10.1 General Overview 39
10.1.1 On-Board Diagnostics (OBD) 41
10.1.2 Smartphone 42
10.1.3 Black Box 43
10.1.4 Embedded Telematics 44
11. MARKET INSIGHTS BY VEHICLE TYPE 45
11.1 General Overview 45
11.1.1 Passenger Vehicles 47
11.1.2 Light Commercial Vehicle 47
12. MARKET INSIGHTS BY REGION 49
12.1 General Overview 49
12.2 North America Automotive Usage-Based Insurance (UBI) Market 53
12.2.1 North America Automotive Usage-Based Insurance (UBI) Market, by Package 53
12.2.2 North America Automotive Usage-Based Insurance (UBI) Market, by Technology 54
12.2.3 North America Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 54
12.2.4 North America Automotive Usage-Based Insurance (UBI) Market, by Country 55
12.2.4.1 United States Automotive Usage-Based Insurance (UBI) Market 55
12.2.4.1.1 US Automotive Usage-Based Insurance (UBI) Market, by Package 56
12.2.4.1.2 US Automotive Usage-Based Insurance (UBI) Market by Technology 56
12.2.4.1.3 US Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 57
12.2.4.2 Canada Automotive Usage-Based Insurance (UBI) Market 58
12.2.4.2.1 Canada Automotive Usage-Based Insurance (UBI) Market by Package 58
12.2.4.2.2 Canada Automotive Usage-Based Insurance (UBI) Market by Technology 59
12.2.4.2.3 Canada Automotive Usage-Based Insurance (UBI) Market by Vehicle Type 59
12.2.4.3 Rest of North America Automotive Usage-Based Insurance (UBI) Market 60
12.2.4.3.1 Rest of North America Automotive Usage-Based Insurance (UBI) Market by Package 60
12.2.4.3.2 Rest of North America Automotive Usage-Based Insurance (UBI) Market, by Technology 61
12.2.4.3.3 Rest of North America Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 61
12.3 Europe Automotive Usage-Based Insurance (UBI) Market 62
12.3.1 Europe Automotive Usage-Based Insurance (UBI) Market, by Package 62
12.3.2 Europe Automotive Usage-Based Insurance (UBI) Market, by Technology 63
12.3.3 Europe Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 63
12.3.4 Europe Automotive Usage-Based Insurance (UBI) Market, by Country 65
12.3.4.1 Germany Automotive Usage-Based Insurance (UBI) Market 65
12.3.4.1.1 Germany Automotive Usage-Based Insurance (UBI) Market, by Package 66
12.3.4.1.2 Germany Automotive Usage-Based Insurance (UBI) Market, by Technology 66
12.3.4.1.3 Germany Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 67
12.3.4.2 United Kingdom Automotive Usage-Based Insurance (UBI) Market 68
12.3.4.2.1 UK Automotive Usage-Based Insurance (UBI) Market, by Package 69
12.3.4.2.2 UK Automotive Usage-Based Insurance (UBI) Market, by Technology 69
12.3.4.2.3 UK Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 70
12.3.4.3 France Automotive Usage-Based Insurance (UBI) Market 71
12.3.4.3.1 France Automotive Usage-Based Insurance (UBI) Market by Package 71
12.3.4.3.2 France Automotive Usage-Based Insurance (UBI) Market by Technology 72
12.3.4.3.3 France Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 72
12.3.4.4 Italy Automotive Usage-Based Insurance (UBI) Market 74
12.3.4.4.1 Italy Automotive Usage-Based Insurance (UBI) Market, by Package 74
12.3.4.4.2 Italy Automotive Usage-Based Insurance (UBI) Market, by Technology 75
12.3.4.4.3 Italy Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 75
12.3.4.5 Rest of Europe Automotive Usage-Based Insurance (UBI) Market 77
12.3.4.5.1 Rest of Europe Automotive Usage-Based Insurance (UBI) Market, by Package 77
12.3.4.5.2 Rest of Europe Automotive Usage-Based Insurance (UBI) Market, by Technology 78
12.3.4.5.3 Rest of Europe Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 78
12.4 Asia-Pacific Automotive Usage-Based Insurance (UBI) Market 80
12.4.1 Asia-Pacific Automotive Usage-Based Insurance (UBI) Market, by Package 80
12.4.2 Asia-Pacific Automotive Usage-Based Insurance (UBI) Market, by Technology 81
12.4.3 Asia-Pacific Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 81
12.4.4 Asia-Pacific Automotive Usage-Based Insurance (UBI) Market, by Country 82
12.4.4.1 China Automotive Usage-Based Insurance (UBI) Market 82
12.4.4.1.1 China Automotive Usage-Based Insurance (UBI) Market, by Package 83
12.4.4.1.2 China Automotive Usage-Based Insurance (UBI) Market, by Technology 83
12.4.4.1.3 China Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 84
12.4.4.2 Japan Automotive Usage-Based Insurance (UBI) Market 85
12.4.4.2.1 Japan Automotive Usage-Based Insurance (UBI) Market, by Package 86
12.4.4.2.2 Japan Automotive Usage-Based Insurance (UBI) Market, by Technology 86
12.4.4.2.3 Japan Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 87
12.4.4.3 Australia Automotive Usage-Based Insurance (UBI) Market 88
12.4.4.3.1 Australia Automotive Usage-Based Insurance (UBI) Market, by Package 88
12.4.4.3.2 Australia Automotive Usage-Based Insurance (UBI) Market, by Technology 89
12.4.4.3.3 Australia Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 89
12.4.4.4 India Automotive Usage-Based Insurance (UBI) Market 90
12.4.4.4.1 India Automotive Usage-Based Insurance (UBI) Market, by Package 90
12.4.4.4.2 India Automotive Usage-Based Insurance (UBI) Market, by Technology 91
12.4.4.4.3 India Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 91
12.4.4.5 Rest of Asia-Pacific Automotive Usage-Based Insurance (UBI) Market 92
12.4.4.5.1 Rest of Asia-Pacific Automotive Usage-Based Insurance (UBI) Market, by Package 92
12.4.4.5.2 Rest of Asia-Pacific Automotive Usage-Based Insurance (UBI) Market, by Technology 93
12.4.4.5.3 Rest of Asia-Pacific Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 93
12.5 Rest of World Automotive Usage-Based Insurance (UBI) Market 95
12.5.1 Rest of World Automotive Usage-Based Insurance (UBI) Market, by Package 95
12.5.2 Rest of World Automotive Usage-Based Insurance (UBI) Market, by Technology 96
12.5.3 Rest of World Automotive Usage-Based Insurance (UBI) Market, by Vehicle Type 96
13. COMPETITIVE SCENARIO 98
13.1 Porter’s Five forces analysis 98
13.1.1 Bargaining power of Supplier 99
13.1.2 Bargaining power of Buyer 99
13.1.3 Industry Rivalry 99
13.1.4 Availability of Substitute 99
13.1.5 Threat of new Entrants 100
13.2 Competitive Landscape 100
13.2.1 Market Share of Key Players in Automotive Usage-Based Insurance (UBI) Market, 2019 101
14. TOP COMPANY PROFILES 102
14.1 Allstate Corporation 102
14.1.1 Key Facts 102
14.1.2 Business Description 103
14.1.3 Key Product/Services Offerings 103
14.1.4 Growth Strategy 104
14.1.5 SWOT Analysis 105
14.1.6 Key Financials 106
14.1.6.1 Revenue Split, by Region and Segment 107
14.1.7 Recent Developments 107
14.1.7.1 Product Launches 107
14.1.7.2 Partnerships (Strategic Alliance) 108
14.1.7.3 Business Expansions, Investment and Divestitures 108
14.2 Allianz SE 109
14.3 Assicurazioni Generali S.P.A. 114
14.4 AXA 119
14.5 Cambridge Mobile Telematics 124
14.6 Metromile 127
14.7 Octo Telematics 130
14.8 Sierra Wireless 133
14.9 TomTom International BV 138
14.10 Vodafone Automotive SpA 143
TABLE 2 Top Business Partnerships 31
TABLE 3 Allstate Corporation Key Facts 101
TABLE 4 Allstate Corporation Ownership Structure 101
TABLE 5 Product segmentation of AllState Corporation 102
TABLE 6 AllState Corporation Growth Strategy 103
TABLE 7 Allstate Corporation Product Launches 106
TABLE 8 Allstate Corporation Partnerships 107
TABLE 9 Allstate Corporation Business Expansions, Investment and Divestitures 107
TABLE 10 Allianz SE Key Facts 108
TABLE 11 Product segmentation of Allianz SE 108
TABLE 12 Allianz SE Product Launches 112
TABLE 13 Allianz SE Partnerships 112
TABLE 14 Allianz SE Business Expansions 112
TABLE 15 Allianz SE Mergers and Acquisitions 112
TABLE 16 Assicurazioni Generali S.P.A. Key Facts 113
TABLE 17 Product segmentation of Assicurazioni Generali S.P.A. 113
TABLE 18 Assicurazioni Generali S.P.A. Product Launches 117
TABLE 19 Assicurazioni Generali S.P.A. Partnerships 117
TABLE 20 Assicurazioni Generali S.P.A. Business Expansions 117
TABLE 21 Assicurazioni Generali S.P.A. Mergers and Acquisitions 117
TABLE 22 AXA Key Facts 118
TABLE 23 Product segmentation of AXA 118
TABLE 24 AXA Product Launches 122
TABLE 25 AXA Partnerships 122
TABLE 26 AXA Business Expansions 122
TABLE 27 AXA Mergers and Acquisitions 122
TABLE 28 Cambridge Mobile Telematics Key Facts 123
TABLE 29 Product segmentation of Cambridge Mobile Telematics 123
TABLE 30 Cambridge Mobile Telematics Product Launches 125
TABLE 31 Cambridge Mobile Telematics Partnerships 125
TABLE 32 Cambridge Mobile Telematics Business Expansions 125
TABLE 33 Cambridge Mobile Telematics Mergers and Acquisitions 125
TABLE 34 Metromile Key Facts 126
TABLE 35 Product segmentation of Metromile 126
TABLE 36 Metromile Product Launches 128
TABLE 37 Metromile Partnerships 128
TABLE 38 Metromile Business Expansions 128
TABLE 39 Metromile Mergers and Acquisitions 128
TABLE 40 Octo Telematics Key Facts 129
TABLE 41 Product segmentation of Octo Telematics 129
TABLE 42 Octo Telematics Product Launches 131
TABLE 43 Octo Telematics Partnerships 131
TABLE 44 Octo Telematics Business Expansions 131
TABLE 45 Octo Telematics Mergers and Acquisitions 131
TABLE 46 Sierra Wireless Key Facts 132
TABLE 47 Product segmentation of Sierra Wireless 132
TABLE 48 Sierra Wireless Product Launches 136
TABLE 49 Sierra Wireless Partnerships 136
TABLE 50 Sierra Wireless Business Expansions 136
TABLE 51 Sierra Wireless Mergers and Acquisitions 136
TABLE 52 TomTom International BV Key Facts 137
TABLE 53 Product segmentation of TomTom International BV 137
TABLE 54 TomTom International BV Product Launches 141
TABLE 55 TomTom International BV Partnerships 141
TABLE 56 TomTom International BV Business Expansions 141
TABLE 57 TomTom International BV Mergers and Acquisitions 141
TABLE 58 Vodafone Automotive SpA Key Facts 142
TABLE 59 Product segmentation of Vodafone Automotive SpA 142
TABLE 60 Vodafone Automotive SpA Product Launches 144
TABLE 61 Vodafone Automotive SpA Partnerships 144
TABLE 62 Vodafone Automotive SpA Business Expansions 144
TABLE 63 Vodafone Automotive SpA Mergers and Acquisitions 144
Similar Reports
Heating, ventilation, and air conditioning (HVAC) system in a vehicle is used for controlling the internal temperature of the vehicle cabin. It includes three subsystems, namely, heating, cooling, and air conditioning, that work together to provide purified ai...
- Publish Date: June 15, 2016
- $5370
The global smart transportation market size was valued at $63,667 million in 2015, and is projected to reach $237,701 million by 2022, growing at a CAGR of 18.6% from 2016 to 2022. Smart transport consists of intelligent transportation systems (ITSs) that aim ...
- Publish Date: March 3, 2017
- $5370
Forklift trucks are also referred to as lift trucks. These vehicles are used for transferring goods to a short distance. Forklift trucks were first introduced into the market in the early 20th century. After the World War, II the forklift truck market beg...
- Publish Date: January 1, 2017
- $5370
