Global Automotive Usage-Based Insurance (UBI) Market is estimated to be USD 40.3 billion in 2020 and is predicted to reach USD 53.5 billion by 2025, growing at a CAGR of 5.0 % during the forecast period

Published Date: Jul, 2020

The global automotive usage-based insurance (UBI) market is estimated to be USD 40.3 billion in 2020 and is predicted to reach USD 53.5 billion by 2025, growing at a CAGR of 5.0 % during the forecast period.

Rapidly evolving telematics technique and increasing government regulation on telematics are the key trends that are expected to bolster the growth of global automotive usage-based insurance (UBI) market. The technological advancement being undertaken in telematics technique is used in order to closely monitor the behavior of automotive insurance customers. Furthermore, with the help of this technique insurance providers are able to depict the actual picture of the driving of their clients.  

Light-duty vehicle (LDV) segment is expected to account the larger market share by 2025

On the basis of vehicle type, the global automotive usage-based (UBI) insurance market is subdivided into Heavy-duty Vehicle (HDV) and Light-duty Vehicle (LDV). Amongst these segments, light-duty vehicle (LDV) is anticipated to generate larger revenue by 2025 due to increasing demand observed for LDVs equipped telematics-based platforms in order to monitor driving habit of the clients in order to prevent any sudden failures.

Global Automotive Usage-Based Insurance (UBI) Market Segmentation Analysis

Segment

Categorization

Leading Category

Technology

Black Box, OBD-II, Embedded, Smartphone and Others

Embedded (Fastest)

Package Type

Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD) and Manage-How-You-Drive (MHYD)

Pay-As-You-Drive (PAYD) (Fastest)

Vehicle Type

Heavy-duty Vehicle (HDV) and Light-duty Vehicle (LDV)

Light-duty Vehicle (LDV) (Larger)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific (Fastest)

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Geography Insight

Geographically, North America is the largest revenue contributor in automotive usage-based insurance market due to high popularity of mobility as a service along with extensive collaborations between insurance and telematics companies. Furthermore, these companies are enhancing their solution offers and are providing improved schemes and packages to the insurance providers.

Moreover, automotive-based insurance (UBI) market in Asia-pacific is expected to witness highest CAGR during the forecast period due to increasing acceptance of telematics and IoT in Japan, China, India and South Korea.

Competitive Insight

Some of the key players operating in the global automotive usage-based insurance (UBI) market include UnipolSai Assicurazioni S.p.A, Danlaw, Assicurazioni Generali S.P.A, Allianz SE, Mapfre, S.A, Desjardins Group, Octo Technology Nationwide, Cambridge Mobile Telematics, Liberty Mutual Insurance, Progressive Casualty Insurance Company, Allstate Insurance Company, Intelligent Mechatronic Systems Inc., Vodafone Automotive S.p.A, State Farm Mutual Automobile Insurance Company, Metromile Inc., AXA, TomTom International BV, Sierra Wireless, Zubie, Inc., and Insure The Box Limited.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015 – 2025

Historical Period

2015 – 2019

Base Year

2019

Forecast Period

2020 – 2025

Segments Covered in the Study

Technology, Package Type, Vehicle Type, Device Offering, Vehicle Age, Electric & Hybrid Vehicle, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

UnipolSai Assicurazioni S.p.A, Danlaw, Assicurazioni Generali S.P.A, Allianz SE, Mapfre, S.A, Desjardins Group, Octo Technology Nationwide, Cambridge Mobile Telematics, Liberty Mutual Insurance, Progressive Casualty Insurance Company, Allstate Insurance Company, Intelligent Mechatronic Systems Inc., Vodafone Automotive S.p.A, State Farm Mutual Automobile Insurance Company, Metromile Inc., AXA, TomTom International BV, Sierra Wireless, Zubie, Inc., and Insure The Box Limited

 

The report provides the market value for the base year 2019 and a yearly forecast till 2025 in terms of revenue (USD Million). The report segments the global automotive usage-based insurance (UBI) market on the basis of Technology, Package Type, Vehicle Type, Device Offering, Vehicle Age, Electric & Hybrid Vehicle, and Region.

Global Automotive Usage-Based Insurance (UBI) Market Coverage

Technology Insight and Forecast 2015 – 2025

  • Black Box
  • OBD-II
  • Embedded
  • Smartphone
  • Others

Package Type Insight and Forecast 2015 – 2025

  • Pay-How-You-Drive (PHYD)
  • Pay-As-You-Drive (PAYD)
  • Manage-How-You-Drive (MHYD)

Vehicle Type Insight and Forecast 2015 – 2025

  • Heavy-duty Vehicle (HDV)
  •  Light-duty Vehicle (LDV)

Device Offering Insight and Forecast 2015 – 2025

  • Company Provided
  • Bring Your Own Device (BYOD)

Vehicle Age Insight and Forecast 2015 – 2025

  • On-Road Vehicle
  • New Vehicle

Electric & Hybrid Vehicle Insight and Forecast 2015 – 2025

  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Vehicle (PHEV)
  • Battery Electric Vehicle (BEV)

Geographical Segmentation

Automotive Usage-Based Insurance (UBI) Market by Region

North America

  • By Technology
  • By Package Type
  • By Vehicle Type
  • By Device Offering
  • By Vehicle Age
  • Electric & Hybrid Vehicle
  • By Country – U.S., Canada, and Mexico

Europe

  • By Technology
  • By Package Type
  • By Vehicle Type
  • By Device Offering
  • By Vehicle Age
  • Electric & Hybrid Vehicle
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Technology
  • By Package Type
  • By Vehicle Type
  • By Device Offering
  • By Vehicle Age
  • Electric & Hybrid Vehicle
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Technology
  • By Package Type
  • By Vehicle Type
  • By Device Offering
  • By Vehicle Age
  • Electric & Hybrid Vehicle
  • By Country – Brazil, South Africa, Saudi Arabia, U.A.E., and Other Countries

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Global Automotive Usage-Based Insurance (UBI) Market is estimated to be USD 40.3 billion in 2020 and is predicted to reach USD 53.5 billion by 2025, growing at a CAGR of 5.0 % during the forecast period