As per the research report, Global Automotive Usage-Based Insurance Market is expected to reach the market valuation of US$ 93 billion by 2026 expanding at a reasonable CAGR of 24.39% during the forecast period (2021-2026) from US$ 24.5 billion in 2019. The demand is being driven by factors such as flexible insurance premiums, lower crash and auto theft possibilities, reliable and timely data collection, and lower fuel usage. Automotive Usage-Based Insurance is a form of insurance that is based on the number of miles a consumer travels as well as other factors including location, speed, and driver behaviour. It uses telematics software to capture vehicle-operating data that insurance providers can use to more reliably market insurance premiums, review claims, and even replay crashes for study. Since drivers save money on their car insurance and automotive telematics technology is quickly improving, there has been an increase in UBI loyalty and retention. The hardware and software used by insurance agencies to monitor driver actions in a clean, stable, and precise manner.
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The internet and smartphones have altered the way people buy insurance nowadays. The insurance landscape has become simple, comfortable, and easy thanks to technological advancements. The emphasis now is on switching from generalisation to personalization, which can be accomplished by telematics or usage-based car insurance. UBI is the most popular use of big data adaptation in the insurance industry. The demand has grown rapidly in recent years, especially in the United States and Europe. UBI products can accomplish accurate risk segmentation and increase the insurance company's service level by observing actual driving behaviour. UBI goods may also provide a number of value-added services. The primary motivation for insurers to implement UBI is to incorporate a practical and correct measurability in order to determine the risk to which their customers are vulnerable and charge a risk-based rate recommended by an actuary. Although car-telematics systems are officially optional in almost all markets, regulators in many countries intend to make them mandatory in many situations. For example, the European Union is looking for e-assistance programmes in the event of an accident. The eCall framework, which became obligatory for all new EU vehicles in March 2018, is expected to cut emergency response times by 40% in cities and 50% in rural areas, resulting in a reduction of at least 4% in casualties.
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 customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst package type, Pay-How-You-Drive (PHYD) segment holds the major share”
The industry is divided into three types of packages: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). Due to increased customer demand for convenience and luxury, as well as increased competition among OEMs to provide such driver assistance features, Pay-How-You-Drive (PHYD) dominated the industry with a share of 69.9% in 2019 and is expected to retain its dominance throughout the forecast period.
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“Amongst technology type, On-Board Diagnostics (OBD) is expected to dominate the market during the analyzed period”
The market is divided into On-Board Diagnostics (OBD), tablet, black box, and integrated telematics segments based on technology form. On-Board Diagnostics (OBD) accounted for 49.9% of the industry sales in 2019. Due to value-added features such as maintenance alerts, roadside assistance, and accident warnings, On-Board Diagnostics currently dominates the Automotive Usage-Based Insurance industry and is predicted to do so over the studied timeframe. Telematics devices for OBD systems are specifically developed for the platform, collecting impartial data from both populations and vehicle models.
“Amongst vehicle type, passenger vehicles are expected to dominate the market during the analyzed period”
The industry is divided into two segments based on vehicle type: passenger vehicles and commercial vehicles. Passenger automobiles had the largest market share of 82.7 percent in 2019 and are projected to continue to be the leading segment of the Automotive Usage-Based Insurance market over the forecast period. Before the introduction of "black boxes" or machines in many common passenger car models, the speed and braking of the vehicles were calculated by crash reconstruction experts who collected information about the accident to form an opinion about the cars' performance. The speed of passenger cars fitted with data recorders is no longer a point of contention.
“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. Due to an increase in the adoption of Mobility-as-a-Service (MaaS) and the partnerships among telematics companies and insurance companies in the country, North America dominated the market and produced revenue of US$ 10.9 billion in 2019.
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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