Automotive Usage-Based Insurance (UBI) Market to Reach US$ 93 Billion by 2026, Globally | CAGR: 24.4%|UnivDatos Market Insights
NOIDA, India, Dec. 3, 2020 /PRNewswire/ -- A comprehensive overview of the automotive usage-based insurance market is recently added by UnivDatos Market Insights to its humongous database. The automotive usage-based insurance market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the automotive usage-based insurance market. The automotive usage-based insurance market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the digital advertisement market at the global and regional levels. The Global Automotive Usage-Based Insurance Market is expected to grow at a CAGR of 24.4% from 2021-2026 to reach US$ 93 billion by 2026.
Market Overview
The National Association of Insurance Commissioners (NAIC) revealed in 2015 that about one-fifth of auto insurers will offer automotive usage-based insurance in the next five years. Moreover, nearly 90% of the new car sales in 2020 will include embedded telematics packages, as per the European Commission. The key factor impacting the market of automotive usage-based insurance is the government regulations on telematics, lower insurance premium compared to regular insurance, surging vehicle fleet, etc., and a rise in the connected car services. In 2019, the global sales of connected cars with embedded telematics are estimated to have hit 28.5 million units. Moreover, it is expected that the number of connected cars would reach around 74 million units by 2025.
Automotive Usage-Based Insurance (UBI) is a type of auto insurance that tracks mileage and driving behaviors. The global auto industry is undergoing a major transformation due to technological advancements. The growing adoption of IoT coupled with the introduction of 5G technology worldwide has generated a wave of connectivity. Moreover, surging automotive production and sales coupled with the escalating internet penetration has pleasantly impacted the market of automotive usage-based insurance.
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Covid-19 Impact
COVID-19 pandemic adversely impacted the industries. The insurance companies started making unparalleled moves such as reduce premium, partial refund, etc., Moreover, the demand for the new insurance policies witnessed an uptick with a low premium. As per a report by J.D Survey, online demand for new insurance policies has gone up by 27% since March. Also, as of May around 40% of consumers were interested in telematics-based auto insurance options. Moreover, the driven hours also reduced due to the lockdown in the counties. In a study, it was found that driven hours in Washington reduce from 29.2% to 11.6% in the month of April-May. Also, in a survey, it was found that the COVID-19 pandemic impacted the willingness to use usage-based insurance. As of 24 March 2020, there were around 10% of people who were more willing to use UBI. However, the number increased to 31% till 12 May 2020 which is 3.1 times the prior results.
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Global Automotive usage-based insurance Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Package Type, the market is primarily bifurcated into
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
Pay-How-You-Drive (PHYD) dominated the package type segment of the global automotive usage-based insurance market and will grow at 22.7% CAGR to reach US$ 59.2 billion by the year 2026.
By Technology Type, the market is primarily segmented into
- On-Board Diagnostics (OBD)
- Smartphone
- Black Box
- Embedded Telematics
Amongst technology types, On-board diagnostics accounted for the largest share and is expected to grow at 21.8% CAGR during the forecast period 2021-2026. In 2019, the On-board diagnostics segment accounted for a revenue share of almost 50% in 2019.
By Vehicle Type, the market is primarily studied into
- Passenger Vehicles
- Light Commercial Vehicle
In 2019, the Passenger Vehicles segment dominated the global automotive usage-based insurance market with nearly 82.7% of the market share and it is anticipated by 2026, the segment will garner US$ 73 billion of the market.
Automotive Usage-Based Insurance Market Geographical Segmentation Includes:
- North America (the United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, North America dominated the automotive usage-based insurance market with almost 45% of the market revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 29.8% over the forecast period on account of the surging strategic alliances between insurance companies and telematics companies.
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The major players targeting the market includes
- Allstate Corporation
- Allianz SE
- Assicurazioni Generali S.P.A.
- AXA
- Cambridge Mobile Telematics
- Metromile
- Octo Telematics
- Sierra Wireless
- TomTom International BV
- Vodafone Automotive SpA
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the automotive usage-based insurance market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the automotive usage-based insurance market?
- Which factors are influencing the automotive usage-based insurance market over the forecast period?
- What are the global challenges, threats, and risks in the automotive usage-based insurance market?
- Which factors are propelling and restraining the automotive usage-based insurance market?
- What are the demanding global regions of the automotive usage-based insurance market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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SOURCE UnivDatos Market Insights
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