The new report by Expert Market Research titled, ‘Global Automotive Usage Based Insurance Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive usage-based insurance market, assessing the market based on its segments like packages, vehicle types, technologies, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 21.4%
Benefits of usage-based insurance (UBI) include improved driving, possibly lower premiums, possible reduction in road accidents, enhanced road safety, and better insurance products with the help of the right kind of data. Such benefits are driving the global market growth.
The increasing popularity of smartphones has provided insurance providers access to means to enhance and strengthen their relationships with clients, thereby propelling the market growth. Increasing automobile production and sales, particularly in developing nations, changing demographic trends, changing driving patterns, and an increasing number of affluent middle-class people are some of the primary factors driving the rise of global automotive usage-based insurance.
Industry Definition and Major Segments
Usage-based insurance (UBI) is a type of insurance in which the premium is proportional to the amount of time the insured product or service is used. Telematics insurance is another name for usage-based insurance in the car insurance sector. In industrialised countries, usage-based insurance is very common for automobiles. In a usage-based insurance scheme, the car insurance firm keeps track of how one drives; if one’s driving earns a good score, it may result in cheaper car insurance costs.
By package, the market is segmented into:
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)
Based on vehicle type, the market is divided into:
• Passenger Vehicles
• Light Commercial Vehicle
• Heavy Commercial Vehicle
By technology, the market is classified into:
• Black Box
• Embedded Telematics
• On-Board Diagnostics (OBD)
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The advancement and development of the Internet of Things (IoT) has generated a wave of connectivity, which had an influence on almost all industry verticals. The same wave has also created a significant impact on the automotive and insurance industry. Insurance companies are increasingly utilising IoT data to improve the precision in gauging risk, pricing policies, and estimating other necessary reserves.
The advancement of IoT has led to the introduction of insurance policies, such as Automotive Usage-based Insurance (UBI). The market is also expanding due to the presence of telematics providers in various regions. The presence of robust telecommunications infrastructure and mobile communications technology globally is further driving the market growth.
Key Market Players
The major players in the market are Allianz SE, TomTom International B.V., Vodafone Automotive S.p.A, Assicurazioni Generali S.p.A., Travelers Indemnity Company, Esurance Insurance Services, Inc., Trak Global Group, and AXA S.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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