Reports

Amid Ukraine-Russia crisis, our analysts and industry experts are closely monitoring the markets and working hard to identify, gather and timely deliver analysis of the impact of the situation and the impact that it has on various markets. All our reports are updated with the latest impact on the market before being sent out to our customers.

Global Automotive Usage Based Insurance Market: By Package: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD); By Vehicle Type; By Technology; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Global Automotive Usage Based Insurance Market Outlook

The global automotive usage based insurance market is expected to grow at a CAGR of 21.4% during the period 2022-2027. North America and Europe are expected to be key markets.

 

Global Market Likely to be Driven by Benefits of Usage Based Insurance, Including Lower Premiums and Improved Driving

Usage based insurance (UBI) is a type of insurance where the premium payable is directly linked to the use of the insured product or service. In the automotive insurance industry, usage based insurance is also known as Telematics insurance. Usage based insurance is quite prevalent for vehicles in developed countries. In a usage based insurance program, the automobile insurance company would keep a track of the way one drives; if the driving gets a good score, then it could lead to lower rates of car insurance. Usage based insurance programs usually assess acceleration, speeding and harsh braking, and also consider mileage and the time of day of the drive. Driving is scored, and the driver is also given tips to better the score. The better the driving, the better the auto insurance rates. Usage based insurance programs gather vehicle telematics data with the help of cellular, GPS or other technologies. Telematics devices used in usage based insurance (UBI) include smartphones with mobile apps, 12V dongles, Bluetooth connections, black boxes, GPS devices, and on-board sensors. The data so gathered include hard braking, acceleration, miles driven, speed, hard cornering, time of day, use of phone while driving, etc.  Usage based insurance is gaining recognition and acceptance, with a significant percentage of drivers choosing a telematics option when offered.

The different types of usage based insurance for automobiles include:

Pay as You Drive (PAYD) – Insurance premium is charged on the basis of the amount of driving done.

Pay How You Drive (PHYD) – Insurance premium is charged on the basis of the driving skills of the driver. Parameters include acceleration, hard braking, hard turning, etc.

Pay as You Go (PAYG) – This method warrants the installation of a Telematics device, and could a combination of the aforementioned points.

Distance-based Insurance – Based on the number of miles travelled by the automobile during the policy period.

 

Benefits of Usage Based Insurance Expected to Boost the Global Automotive Usage Based Insurance Market

Benefits of usage based insurance (UBI) include improved driving, possibly lower premiums (safer and better driving would lead to lower premiums), possible reduction in road accidents, enhanced road safety, and better insurance products (with the help of the right kind of data, insurance companies may devise novel, improved, and beneficial need-based insurance policies).

 

Growing Use of Smartphones, Opportunities to Strengthen Company-Client Relationships Expected to Drive Market Growth

The increasing popularity of smartphones has provided insurance providers access to means to enhance and strengthen their relationships with clients. Today, insurance providers can leverage mobile telematics apps to offer unique incentives to drivers who exhibit safe on-road habits. Gestures such as congratulating a driver through a smartphone message on completing a long road trip safely and efficiently, or offering a bonus, rebate or reward for a demonstrating an on-road skillset are likely to strengthen company-client relationship.

 

Companies Offering Innovative and Data-driven Services Likely to Stimulate Global Automotive Usage Based Insurance Market

Leading companies are coming together to offer usage based insurance to new vehicle owners. For example, in 2022, State Farm® and Ford announced the launch of Drive Safe & Save™ Connected Car for customers with eligible connected Ford or Lincoln vehicles, to benefit from usage based insurance.

In 2022, Otonomo and Audi AG came together to focus on innovative, data-driven services. Audi would provide Otonomo with GDPR-compliant access to Audi car data, quickening the development of advanced mobility solutions, from pay-as-you-drive (data could be used for usage based insurance; elements included mileage readings and parking time) and insurance services to general vehicle status, first notification of loss, accident reporting, etc.

 

Market Segmentation

By package, the market is segmented into:

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

By vehicle type, the market is divided into:

  • Passenger Vehicles
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

By technology, the market is classified into:

  • Black Box
  • Smartphone
  • Embedded Telematics
  • On-Board Diagnostics (OBD)
  • Others

By region, the market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

Key Industry Players in the Global Automotive Usage Based Insurance Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • 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
  • AXA S.A.
  • Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Package
  • Vehicle Type
  • Technology
  • Region
Breakup by Package
  • Pay-As-You-Drive (PAYD)
  • Pay-How-You-Drive (PHYD)
  • Manage-How-You-Drive (MHYD)
Breakup by Vehicle Type
  • Passenger Vehicles
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
Breakup by Technology
  • Black Box
  • Smartphone
  • Embedded Telematics
  • On-Board Diagnostics (OBD)
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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
  • AXA S.A.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Automotive Usage Based Insurance Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Automotive Usage Based Insurance Historical Market (2017-2021) 
    8.3    Global Automotive Usage Based Insurance Market Forecast (2022-2027)
    8.4    Global Automotive Usage Based Insurance Market by Package
        8.4.1    Pay-As-You-Drive (PAYD)
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Pay-How-You-Drive (PHYD)
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Manage-How-You-Drive (MHYD)
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
    8.5    Global Automotive Usage Based Insurance Market by Vehicle Type
        8.5.1    Passenger Vehicles
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Light Commercial Vehicle
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Heavy Commercial Vehicle
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
    8.6    Global Automotive Usage Based Insurance Market by Technology
        8.6.1    Black Box
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Smartphone
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Embedded Telematics
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    On-Board Diagnostics (OBD)
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2017-2021)
            8.6.4.3    Forecast Trend (2022-2027)
        8.6.5    Others
    8.7    Global Automotive Usage Based Insurance Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Allianz SE
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    TomTom International B.V.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Vodafone Automotive S.p.A
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Assicurazioni Generali S.p.A.
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Travelers Indemnity Company
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Esurance Insurance Services, Inc.
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    Trak Global Group
            11.2.7.1    Company Overview
            11.2.7.2    Product Portfolio
            11.2.7.3    Demographic Reach and Achievements
            11.2.7.4    Certifications
        11.2.8    AXA S.A.
            11.2.8.1    Company Overview
            11.2.8.2    Product Portfolio
            11.2.8.3    Demographic Reach and Achievements
            11.2.8.4    Certifications
        11.2.9    Others
12    Industry Events and Developments

 

List of Figures and Tables

1.    Global Automotive Usage Based Insurance Market: Key Industry Highlights, 2016 and 2026
2.    Global Automotive Usage Based Insurance Historical Market: Breakup by Package (USD Million), 2017-2021
3.    Global Automotive Usage Based Insurance Market Forecast: Breakup by Package (USD Million), 2022-2027
4.    Global Automotive Usage Based Insurance Historical Market: Breakup by Vehicle Type (USD Million), 2017-2021
5.    Global Automotive Usage Based Insurance Market Forecast: Breakup by Vehicle Type (USD Million), 2022-2027
6.    Global Automotive Usage Based Insurance Historical Market: Breakup by Technology (USD Million), 2017-2021
7.    Global Automotive Usage Based Insurance Market Forecast: Breakup by Technology (USD Million), 2022-2027
8.    Global Automotive Usage Based Insurance Historical Market: Breakup by Region (USD Million), 2017-2021
9.    Global Automotive Usage Based Insurance Market Forecast: Breakup by Region (USD Million), 2022-2027
10.    North America Automotive Usage Based Insurance Historical Market: Breakup by Country (USD Million), 2017-2021
11.    North America Automotive Usage Based Insurance Market Forecast: Breakup by Country (USD Million), 2022-2027
12.    Europe Automotive Usage Based Insurance Historical Market: Breakup by Country (USD Million), 2017-2021
13.    Europe Automotive Usage Based Insurance Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Asia Pacific Automotive Usage Based Insurance Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Asia Pacific Automotive Usage Based Insurance Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Latin America Automotive Usage Based Insurance Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Latin America Automotive Usage Based Insurance Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Middle East and Africa Automotive Usage Based Insurance Historical Market: Breakup by Country (USD Million), 2017-2021
19.    Middle East and Africa Automotive Usage Based Insurance Market Forecast: Breakup by Country (USD Million), 2022-2027
20.    Global Automotive Usage Based Insurance Market Structure

Key Questions Answered in the Report

The global automotive usage-based insurance market is projected to grow at a CAGR of 21.4% between 2022 and 2027.

The major drivers of the market include the data-driven services, advancement of IoT, increasing production and sales of automobiles, changing demographic trend, changing driving habits and increasing number of affluent middle-class population.

The increasing popularity of smartphones and the benefits of usage-based insurance (UBI) are the key industry trends propelling the market's growth.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Based on package, the market is divided into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD).

The different types of vehicles are passenger vehicles, light commercial vehicle, and heavy commercial vehicle.

The various technologies are black box, smartphone, embedded telematics, and on-board diagnostics (OBD), among others.

The major players in the industry 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.

Analyst Review

The global automotive usage-based insurance market was driven by the increasing popularity of smartphones in the historical period. Aided by the advancement of IoT and benefits of usage-based insurance (UBI), the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 21.4%.

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on package, the market is divided into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). The different types of vehicles are passenger vehicles, light commercial vehicle, and heavy commercial vehicle. The various technologies are black box, smartphone, embedded telematics, and on-board diagnostics (OBD), among others. The major regional markets for automotive usage-based insurance are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the industry 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.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.

Purchase Full Report

Mini Report

$1499
  • Selected Sections, One User
  • Printing Not Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Single User License

$2699
  • All Sections, One User
  • One Print Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Five User License

$3699
  • All Sections, Five Users
  • Five Prints Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Corporate License

$4699
  • All Sections, Unlimited Users
  • Unlimited Prints Allowed
  • Email Delivery in PDF + Excel
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Any Question? Speak With An Analyst

Contact Analyst

View A Sample

Request Sample

Did You Miss Anything, Ask Now

Request Customisation
Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

Similar Reports





NEWSLETTER