Contrive Datum Insights published a new report titled Automotive UBI (Usage-based Insurance) Market Research Report 2023-2030. The report offers comprehensive data on emerging trends, market drivers, growth opportunities and restraints that can change the market dynamics of the industry. It delivers a comprehensive analysis of the market fragments which include product types, applications and competitive breakdowns.
The Automotive UBI (Usage-based Insurance) Market was valued at USD 31.21 billion in 2022 and is expected to reach USD 119.68 billion by 2028, growing at a CAGR of 21.2% from 2021 to 2030.
Global Automotive UBI (Usage-based Insurance) Market Reports give a Key study on the industry status of the Automotive UBI (Usage-based Insurance) Industry Manufacturer with the specific statistics, meaning, definition, SWOT Analysis, expert opinion, and recent development across the globe. The research report also covers the Market Size, Price, Sales, Revenue, Market share, Gross Margin, growth rate, and cost structure. The report aims to give an additional sample of the latest scenario, economic slowdown, and Covid-19 impact on overall Industry.
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Automotive UBI (Usage-based Insurance) collects real-time driving data using the most recent machine-to-machine and in-vehicle devices. Insurers can now establish and modify premiums based on a customer’s driving habits rather than just their claims history or demographic information. Driving behavior will be the sole factor used to determine insurance rates and risk assessments for drivers, and safe driving can result in reduced insurance costs. Through premiums and policies that account for real risk, UBI increases the profitability and accuracy of the insurance industry. These elements will have an impact on industry expansion. In 2020, the market for automotive UBI (Usage-based Insurance) was estimated to be worth USD 28.27 billion. The effect of COVID-19 on the world has been unprecedented and staggering, and the coronavirus catastrophe has resulted in negative demand shocks across all regions for automotive UBI. Our analysis indicates that the global market will expand steadily by 1.02% in 2020.
Competitive Landscape and Global Market Share Analysis:
Allianz, AXA, Progressive, Generali Group, Insure The Box Ltd, Allstate, Desjardins, Metromile, Liberty Mutual, Aviva, Admiral Group, Ageas., and others., Others
Industry Development:
- December 2020 – Progressive Corporation launched Snapshot ProView, a voluntary UBI and fleet management program for small business owners. Depending on the type of vehicle and the nature of business use, many customers can save up to 8% on the initial term, and some can save as much as 18%.
- December 2020 – IMS announced that Berkshire Hathaway GUARD Insurance Companies selected the company to implement TrackMRI (Monitor, React, Improve), its new commercial fleet insurance program.
Market Segmentation:
By Type
- Pay-as-you-drive (PAYD)
- Pay-how-you-drive (PHYD)
- Manage-how-you-drive (MHYD)
By Technology
- OBD-II-based UBI programs
- Smartphone-based UBI programs
- Hybrid-based UBI programs
- Black-box-based UBI programs
By Vehicle Age
- New Vehicles
- Used Vehicles
By Vehicle Type
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
The report on the Automotive UBI (Usage-based Insurance) market covers the following region (country) analysis:
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
Regional Insights:
The U.S. has the most of the market, which is worth USD 12.1 billion in 2020 and is mostly in North America. This is because more people are using mobility-as-a-service and OEMs, insurance companies, and telematics companies in the area are working together. Over the next few years, Asia Pacific is projected to have a higher CAGR. This is because mobile connectivity and smartphone technology are becoming more common, and sales of cars with telematics are going up in the area. The growth of the market is also helped by the fact that countries like South Korea and China have strong telecommunications infrastructure and mobile communication technologies, and that connected car networks are growing quickly.
Following are the major TOC of the Automotive UBI (Usage-based Insurance) Market:
Chapter 1: Automotive UBI (Usage-based Insurance) Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Global Automotive UBI (Usage-based Insurance) Market Competition by Manufacturers
Chapter 4: Global Production, Profits (Value) by Region
Chapter 5: Global Supply (Production), Import, Export, Consumption, by Regions
Chapter 6: Global Price Trend by Type, Revenue (Value), Production
Chapter 7: Manufacturing Cost Analysis
Chapter 8: Global Market Analysis by Application
Chapter 9: Industrial Chain and Downstream Buyers, Sourcing Strategy
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Global Automotive UBI (Usage-based Insurance) Market Forecast
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Key Reasons to Purchase Automotive UBI (Usage-based Insurance) Market report:
- The report provides a thorough examination of the manufacturing methods, as well as ideas to reduce development risk, major market growth challenges and strategic inputs to overcome the market threats.
- In-depth market analysis and an overview of the global Automotive UBI (Usage-based Insurance) Market trend and commercial landscape are included in the report. In addition, the report discusses the effect of COVID-19 on the market.
- Reader can acquire a better interpretation of the Automotive UBI (Usage-based Insurance) Market forecast’s future view and opportunities from the report.
- The report contains an analysis of recent developments as well as profiles of important market leaders and key players.
- To gain an understanding of the market strategies by the leading market players in the Automotive UBI (Usage-based Insurance)
- The report analyses the most important driving and restraining factors in the industry, as well as their impact on global market growth.
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