Usage-Based Insurance Market

Usage-Based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Black box, Smartphone, Embedded), Vehicle Age (New, Old), Device Offering (BYOD, Company Provided) and Region - Global Forecast to 2026

Report Code: AT 6582 Jun, 2021, by marketsandmarkets.com

[190 Pages Report] Estimated at USD 19.6 billion in 2021, the usage-based insurance market size is projected to reach USD 66.8 billion by 2026, growing at a CAGR of 27.7% during the forecast period. Factors such as lower insurance premium compared to regular insurance, government regulations on telematics, high adoption of connected car services, and growing on-road vehicles are expected to drive the demand for the usage-based insurance market.

Usage-based Insurance Market

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Impact of Covid-19 on Usage-based Insurance Market

The automotive industry plays a crucial role in building the global economy. However, the COVID-19 outbreak disrupted the entire automotive supply chain on a global scale during the second and third quarters of 2020, impacting the new vehicle sales in FY 2020. According to OICA and MarketsandMarkets analysis, the new vehicle sales (including LDV and HDV) witnessed a decline of 14% in 2020. However, according to various insurance organizations/institutes, the COVID-19 pandemic gave a boost to the UBI industry. For instance, according to Insurance Information Institute (iii), US witnessed a strong boost as vehicle owners did not want to pay full automotive insurance premiums.

Usage-based Insurance Market Dynamics

Driver: Increasing adoption of telematics and connected cars

Telematics has merged into the automotive mainstream at a rapid rate. Car telematics helps improve driving behavior, road safety, and align insurance premiums via usage-based insurance (UBI). According to GSMA (Global System for Mobile Communications), the telematics industry is estimated to reach USD 750 billion by 2030. There are two major reasons for the growth of the telematics industry. First, the increasing willingness of governments to mandate telematics services such as emergency-call capabilities, which is already happening in the European Union and Russia. Secondly, the increasing demand for greater connectivity and intelligence in vehicles. According to LexisNexis Risk Solutions whitepaper, in 2017, 80%–90% of motor insurance purchasers had a telematics-enabled policy. According to IMS (Intelligent Mechatronic Systems), with improved governmental regulations and technology penetration, the automotive telematics market is expected to grow at a CAGR of 23–24% over the next few years. Also, due to the growing demand for connected car services, insurance providers can support customers when emergencies occur, leading to time savings and optimization of claims processes. Hence, the increasing adoption of connected car services will have a huge impact on the automotive usage-based insurance market.

Restraint: Ambiguity over regulations and legislative environments

In the US, each state has its laws and regulations for automotive usage-based insurance. For instance, while Illinois has regulations for pay-as-you-drive (PAYD) plans, it does not have clear regulations on pay-how-you-drive (PHYD). Dealing with different sets of regulations complicates the process of automotive usage-based insurance in the US. In addition, different requirements for automotive insurance in different states create operational roadblocks for cross-state fleets. For instance, Illinois requires carriers to advertise their underwriting models, while California limits parameters for product pricing. Inconsistent requirements force insurance companies to provide innovative products and services that comply with regional regulations. Thus, the companies have to expand their overall product portfolio. In automotive usage-based insurance, the regulatory framework favors lower premiums for good driving behavior. Thus, ambiguity over regulations and legislative environments can restrict the growth of the usage-based insurance market for automotive.

Challenges: Developing automotive usage-based insurance ecosystem

As the demand for usage-based insurance for automotive continues to increase significantly, a strong ecosystem is getting created around connected car services. This ecosystem involves participants such as automotive IoT and insurance platform providers, data platform and analytics companies, automotive insurance black box and telematics providers, big data companies, and cloud service providers. Insurance companies are witnessing a digital transformation in several areas. For instance, the analytics capabilities of insurance providers may be displaced by predictive modeling or machine learning technologies. Additionally, the growing availability of real-time data collection from vehicles is replacing traditional data sets containing risk profiles based on claims history. The growth in automotive telematics, demand for connected car services, and mobile-based telematics will create immense opportunities for players in the usage-based insurance industry.

Blackbox is expected to be the largest market, by technology

Black box is the traditional form of UBI technology widely preferred by vehicle owners. The increased use of telematics insurance in usage-based insurance for heavy-duty vehicles will increase the demand for the black box. Currently, the penetration is highest in Europe, particularly in Italy. Black box captures a wide array of data and is very accurate. However, these devices are expensive and need to be installed by a specialist, thereby increasing the overall initial cost of the service. Also, the UBI market is witnessing a shift from black box to an embedded system. Smartphone, OBD-II UBI technologies. Hence, the segment may affect its market share in the future, but will still remain the widely adopted UBI technology.

MHYD is expected to be the fastest-growing market

MHYD, an extended version of PHYD, provides feedback to drivers on improvement areas besides just ranking them on driving behavior. This model is ideal for young drivers aged between 18 and 25 as they are new drivers. The MHYD system works like PHYD by collecting various driving behavior information such as harsh braking, sharp cornering, and overspeeding to rate the driver. It suggests improvements in areas such as braking and speed. While the adoption rate of this model of usage-based insurance is expected to be less in developing markets, it is suitable for mature markets. The evolution of data analytics is expected to help MHYD gain momentum beyond 2023. With the increase in the adoption of PHYD UBI programs, the popularity of MHYD is set to grow in the future.

North America is expected to lead the market during the forecast period

North America is projected to be the largest market for usage-based insurance during the forecast period. The market in North America is expected to grow due to the increasing adoption of Mobility as a service and increasing collaborations between telematics and insurance companies. The presence of leading UBI companies such as Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US) is also expected to drive the market.

The insurance companies offering telematics insurance are constantly leveraging various factors to enhance solutions and deliver better packages and schemes. For instance, in January 2021, Webfleet Solutions announced that Mercedes-Benz Connectivity Services has joined its OEM.connect partner programme. This means that Mercedes-Benz passenger cars and vans with line-fitted connectivity are ready to connect with Webfleet Solutions’ service platform WEBFLEET. Eliminating the need for after-market hardware installations, the integrated solution makes it faster, easier and cheaper for fleet managers to utilise telematics technology.

Usage-based Insurance Market by Region

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Key Market Players

The usage-based insurance market is led by globally established players such as UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US). These companies have strong distribution networks at a global level and offer an extensive product range. They have adopted strategies of new product development, acquisition, and contracts & partnerships to sustain their market position.

Scope of the Report

Report Metric

Details

Market size available for years

2018–2026

Base year considered

2020

Forecast period

2021–2026

Forecast units

Value (USD Billion)

Segments covered

By package type, vehicle type, vehicle age, device offering, electric & hybrid vehicle, technology, and region

Geographies covered

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

Companies covered

UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US)
A total of 21 major players covered

This research report categorizes the given market based on package type, vehicle type, vehicle age, device offering, electric & hybrid vehicle, technology, and region.

Based on Package Type, the market has been segmented as follows:

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

Based on Technology, the market has been segmented as follows:

  • OBD-II
  • Smartphone
  • Black Box
  • Embedded
  • Other technologies

Based on Vehicle Type, the market has been segmented as follows:

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

Based on Vehicle Age, the market has been segmented as follows:

  • New Vehicle
  • Old Vehicle

Based on Device Offering, the market has been segmented as follows:

  • Bring Your Own Device (BYOD)
  • Company Provided

Based on Electric & Hybrid Vehicle, the market has been segmented as follows:

  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Vehicle (PHEV)
  • Fuel-cell Electric Vehicle (FCEV)

Based on region, the market has been segmented as follows:

  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Oceania
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • UK
    • Russia
    • Rest of Europe
  • Rest of the World
    • Brazil
    • South Africa
    • Rest of RoW

Recent Developments

  • In June 2019, UnipolSai launched Real-Time adjustment, a process that allows the insured to receive a proposal from the adjuster within 24 hours of the claim, on the condition that there were no casualties. The process helps ease the use of the black box.
  • In December 2020, Progressive Corporation now offers Snapshot ProView, a voluntary UBI and fleet management program for small business owners. Snapshot ProView joins Smart Haulฎ, Progressive's industry UBI program for commercial truck drivers, which uses Electronic Logging Device (ELD) data to provide safe driving discounts.  Snapshot ProView is for all other Commercial Auto customers not required by federal law to have an ELD.
  • In February 2021, the Progressive Corporation and Protective Insurance Corporation announced that they have entered into a definitive agreement under which Progressive has agreed to acquire all of the outstanding Class A and Class B common shares of Protective Insurance Corporation.
  • In October 2020, Liberty Mutual Insurance announced it has been selected by Lyft to provide coverage for drivers using its rideshare platforms throughout Arizona, Michigan, New Mexico, Texas and Utah, effective today. Under the program, Liberty Mutual provides specific coverages in five states from the time a driver has their Lyft app on to app off.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 20)
    1.1 OBJECTIVES
    1.2 PRODUCT DEFINITION
           1.2.1 INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
        FIGURE 1 USAGE-BASED INSURANCE MARKET: MARKET SEGMENTATION
    1.4 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 23)
    2.1 RESEARCH DATA
        FIGURE 2 USAGE-BASED INSURANCE MARKET: RESEARCH DESIGN
        FIGURE 3 RESEARCH DESIGN MODEL
    2.2 SECONDARY DATA
           2.2.1 KEY SECONDARY SOURCES FOR VEHICLE SALES
           2.2.2 KEY SECONDARY SOURCES FOR MARKET SIZING
           2.2.3 KEY DATA FROM SECONDARY SOURCES
    2.3 PRIMARY DATA
           2.3.1 PRIMARIES
                 FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
           2.3.2 SAMPLING TECHNIQUES & DATA COLLECTION METHODS
           2.3.3 PRIMARY PARTICIPANTS
    2.4 MARKET SIZE ESTIMATION
           2.4.1 BOTTOM-UP APPROACH: USAGE-BASED INSURANCE MARKET
           2.4.2 TOP-DOWN APPROACH: USAGE-BASED INSURANCE MARKET
    2.5 MARKET BREAKDOWN AND DATA TRIANGULATION
        FIGURE 5 DATA TRIANGULATION
    2.6 ASSUMPTIONS & ASSOCIATED RISKS
        TABLE 1 ASSUMPTIONS, ASSOCIATED RISKS, AND IMPACT
    2.7 LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 34)
    3.1 PRE & POST COVID-19 SCENARIO
        FIGURE 6 PRE- & POST-COVID-19 SCENARIO: USAGE-BASED INSURANCE MARKET, 2018-2026 (USD MILLION)
        TABLE 2 USAGE-BASED INSURANCE MARKET: PRE- VS. POST-COVID-19 SCENARIO, 2018–2026 (MILLION USD)
    3.2 REPORT SUMMARY
        FIGURE 7 USAGE-BASED INSURANCE: MARKET OUTLOOK
        FIGURE 8 USAGE-BASED INSURANCE MARKET, BY REGION, 2021 VS. 2026 (USD MILLION)

4 PREMIUM INSIGHTS (Page No. - 39)
    4.1 ATTRACTIVE OPPORTUNITIES IN USAGE-BASED INSURANCE MARKET
        FIGURE 9 INCREASING ADOPTION OF TELEMATICS AND CONNECTED CAR SERVICES TO DRIVE USAGE-BASED INSURANCE MARKET
    4.2 USAGE-BASED INSURANCE MARKET, BY REGION
        FIGURE 10 NORTH AMERICA TO DOMINATE MARKET DURING FORECAST PERIOD
    4.3 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE
        FIGURE 11 LDV SEGMENT TO HOLD LARGEST MARKET SHARE BY 2026
    4.4 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE
        FIGURE 12 OLD VEHICLES PROJECTED TO HOLD LARGEST MARKET BY 2026
    4.5 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE
        FIGURE 13 MHYD TO BE FASTEST GROWING SEGMENT DURING FORECAST PERIOD
    4.6 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY
        FIGURE 14 BLACK BOX EXPECTED TO COMMAND LARGEST SHARE DURING FORECAST PERIOD
    4.7 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING
        FIGURE 15 COMPANY PROVIDED DEVICES TO BE LARGEST SEGMENT DURING FORECAST PERIOD
    4.8 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE TYPE
        FIGURE 16 BEV SEGMENT TO GROW FASTEST DURING FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 44)
    5.1 INTRODUCTION
    5.2 YEARS CONSIDERED FOR THE STUDY
    5.3 MARKET DYNAMICS
        FIGURE 17 USAGE-BASED INSURANCE MARKET: MARKET DYNAMICS
           5.3.1 DRIVERS
                    5.3.1.1 Increasing adoption of telematics and connected cars
                            FIGURE 18 CONNECTED CAR MARKET SIZE, 2019 VS. 2027 (USD MILLION)
                            FIGURE 19 AUTOMOTIVE TELEMATICS MARKET SIZE, 2020 VS. 2025 (USD MILLION)
                    5.3.1.2 Reduction in insurance premium and risk-related costs
           5.3.2 RESTRAINTS
                    5.3.2.1 Ambiguity over regulations and legislative environments
           5.3.3 OPPORTUNITIES
                    5.3.3.1 Developing automotive usage-based insurance ecosystem
           5.3.4 CHALLENGES
                    5.3.4.1 Data privacy
                            FIGURE 20 TOP SMART MOBILITY ATTACK VECTORS, 2018
                    5.3.4.2 Lack of standardized systems
    5.4 REVENUE MISSED: OPPORTUNITIES FOR USAGE-BASED INSURANCE PROVIDERS
           5.4.1 REVENUE SHIFT DRIVING MARKET GROWTH
    5.5 USAGE-BASED INSURANCE MARKET, SCENARIOS (2021–2026)
        FIGURE 21 USAGE-BASED INSURANCE MARKET: COVID-19 SCENARIOS ANALYSIS
           5.5.1 USAGE-BASED INSURANCE MARKET, MOST LIKELY SCENARIO
                 TABLE 3 MOST LIKELY SCENARIO: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
           5.5.2 HIGH COVID-19 IMPACT SCENARIO
                 TABLE 4 HIGH COVID-19 IMPACT SCENARIO: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
           5.5.3 LOW COVID-19 IMPACT SCENARIO
                 TABLE 5 LOW COVID-19 IMPACT SCENARIO: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    5.6 TECHNOLOGY ANALYSIS
    5.7 CASE STUDY ANALYSIS
    5.8 ADOPTION OF VEHICLE INSURANCE IN KEY COUNTRIES
        FIGURE 22 VEHICLES INSURED IN KEY COUNTRIES, 2020 (%)
    5.9 PATENT ANALYSIS
        TABLE 6 IMPORTANT INNOVATION & PATENT ANALYSIS, 2010-2020
    5.10 AVERAGE AUTOMOTIVE INSURANCE PREMIUM ANALYSIS
         TABLE 7 AVERAGE AUTOMOTIVE INSURANCE PREMIUM ANALYSIS, BY REGION, 2021 (USD)
    5.11 AVERAGE USAGE-BASED INSURANCE PENETRATION RATE ANALYSIS
         TABLE 8 AVERAGE USAGE-BASED INSURANCE PENETRATION RATE ANALYSIS, BY REGION, 2021 (USD)
    5.12 IMPACT OF COVID-19 ON RIDE SHARING MARKET, BY KEY COUNTRIES
           5.12.1 CHINA
                  TABLE 9 CHINA: RIDE SHARING MARKET, BY SERVICE TYPE, 2016–2025 (USD MILLION)
           5.12.2 GERMANY
                  TABLE 10 GERMANY: IMPACT OF COVID-19 ON RIDE SHARING MARKET, BY SERVICE TYPE, 2018–2021 (USD BILLION)
           5.12.3 US
                  TABLE 11 US: IMPACT OF COVID-19 ON RIDE SHARING MARKET, BY SERVICE, 2018–2021 (USD BILLION)

6 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE (Page No. - 61)
    6.1 INTRODUCTION
           6.1.1 RESEARCH METHODOLOGY
           6.1.2 ASSUMPTIONS/LIMITATIONS
           6.1.3 INDUSTRY INSIGHTS
                 FIGURE 23 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2021 VS. 2026 (USD MILLION)
                 TABLE 12 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                 TABLE 13 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
    6.2 PAY-AS-YOU-DRIVE (PAYD)
           6.2.1 COST EFFECTIVENESS AND FASTER CLAIMS SETTLEMENT TO DRIVE PAYD MARKET
                 TABLE 14 PAYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 15 PAYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    6.3 PAY-HOW-YOU-DRIVE (PHYD)
           6.3.1 INCREASING SALES OF VEHICLES EQUIPPED WITH TELEMATICS WILL DRIVE PHYD MARKET
                 TABLE 16 PHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 17 PHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    6.4 MANAGE-HOW-YOU-DRIVE (MHYD)
           6.4.1 EXISTING MATURE MARKETS IN NORTH AMERICA AND EUROPE WILL DRIVE MHYD MARKET
                 TABLE 18 MHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 19 MHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2021-2026 (USD MILLION)

7 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY (Page No. - 68)
    7.1 INTRODUCTION
           7.1.1 RESEARCH METHODOLOGY
           7.1.2 ASSUMPTIONS/LIMITATIONS
           7.1.3 INDUSTRY INSIGHTS
                 FIGURE 24 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2021 VS. 2026 (USD MILLION)
                 TABLE 20 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2018–2020 (USD MILLION)
                 TABLE 21 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2021–2026 (USD MILLION)
    7.2 OBD-II
           7.2.1 HIGH RELIABILITY AND CUSTOMER ACCEPTANCE WILL DRIVE OBD-II MARKET
                 TABLE 22 OBD-II: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 23 OBD-II: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    7.3 SMARTPHONE
           7.3.1 COST EFFECTIVENESS AND USER CONVENIENCE WILL DRIVE SMARTPHONE MARKET
                 TABLE 24 SMARTPHONE: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 25 SMARTPHONE: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    7.4 EMBEDDED SYSTEM
           7.4.1 INCREASING NUMBER OF CONNECTED CARS WILL DRIVE EMBEDDED SYSTEM MARKET
                 TABLE 26 EMBEDDED SYSTEM: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 27 EMBEDDED SYSTEM: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    7.5 BLACK BOX
           7.5.1 INCREASING DEMAND FOR INSURANCE TELEMATICS WILL DRIVE BLACK BOX MARKET
                 TABLE 28 BLACK BOX: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 29 BLACK BOX: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    7.6 OTHER TECHNOLOGIES
           7.6.1 INCREASING AWARENESS ABOUT AUTO INSURANCE AND GOVERNMENT POLICIES WILL DRIVE MARKET FOR OTHER TECHNOLOGIES
                 TABLE 30 OTHER TECHNOLOGIES: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 31 OTHER TECHNOLOGIES: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)

8 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE (Page No. - 77)
    8.1 INTRODUCTION
           8.1.1 RESEARCH METHODOLOGY
           8.1.2 ASSUMPTIONS/LIMITATIONS
           8.1.3 INDUSTRY INSIGHTS
                 FIGURE 25 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2021 VS. 2026 (USD MILLION)
                 TABLE 32 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2018–2020 (USD MILLION)
                 TABLE 33 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2021–2026 (USD MILLION)
    8.2 LIGHT-DUTY VEHICLE (LDV)
           8.2.1 ADVANCEMENTS IN CONNECTED CAR TECHNOLOGIES AND TELEMATICS SERVICES WILL DRIVE LDV MARKET
                 TABLE 34 LDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 35 LDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    8.3 HEAVY-DUTY VEHICLE (HDV)
           8.3.1 NEW PRODUCT OFFERINGS AND INCREASING SALES OF HDVS WILL DRIVE HDV UBI MARKET
                 TABLE 36 HDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 37 HDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)

9 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE (Page No. - 83)
    9.1 INTRODUCTION
           9.1.1 RESEARCH METHODOLOGY
           9.1.2 ASSUMPTIONS/LIMITATIONS
           9.1.3 INDUSTRY INSIGHTS
                 FIGURE 26 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2021 VS. 2026 (USD MILLION)
                 TABLE 38 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2018–2020 (USD MILLION)
                 TABLE 39 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2021–2026 (USD MILLION)
    9.2 NEW VEHICLES
           9.2.1 INCREASING SALES OF VEHICLES WITH TELEMATICS WILL DRIVE NEW VEHICLES UBI MARKET
                 TABLE 40 NEW VEHICLES: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 41 NEW VEHICLES: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)
    9.3 OLD VEHICLES
           9.3.1 GROWING AWARENESS AND TECHNOLOGICAL ADVANCEMENTS WILL DRIVE OLD VEHICLES UBI MARKET
                 TABLE 42 OLD VEHICLES: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                 TABLE 43 OLD VEHICLES: USAGE-BASED INSURANCE MARKET, BY REGION, 2021–2026 (USD MILLION)

10 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING (Page No. - 89)
     10.1 INTRODUCTION
             10.1.1 RESEARCH METHODOLOGY
             10.1.2 ASSUMPTIONS/LIMITATIONS
             10.1.3 INDUSTRY INSIGHTS
                    FIGURE 27 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2021 VS. 2026 (USD MILLION)
                    TABLE 44 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2018–2020 (USD MILLION)
                    TABLE 45 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2021–2026 (USD MILLION)
     10.2 BRING YOUR OWN DEVICE (BYOD)
             10.2.1 HIGH CONVENIENCE AND DEMAND FOR SMARTPHONE UBI TECHNOLOGY WILL DRIVE BYOD UBI MARKET
                    TABLE 46 BYOD: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 47 BYOD: USAGE-BASED INSURANCE MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
     10.3 COMPANY PROVIDED
             10.3.1 INCREASING NUMBER OF VEHICLES WITH ADVANCED SAFETY FEATURES WILL DRIVE COMPANY PROVIDED UBI MARKET
                    TABLE 48 COMPANY PROVIDED: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 49 COMPANY PROVIDED: USAGE-BASED INSURANCE MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)

11 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE TYPE (Page No. - 94)
     11.1 INTRODUCTION
             11.1.1 RESEARCH METHODOLOGY
             11.1.2 ASSUMPTIONS/LIMITATIONS
             11.1.3 INDUSTRY INSIGHTS
             11.1.4 ELECTRIC VEHICLE SALES DATA
                    TABLE 50 ELECTRIC VEHICLE SALES, 2018–2020 (’000 UNITS)
                    FIGURE 28 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE, 2021 VS. 2026 (USD MILLION)
                    TABLE 51 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE, 2018–2020 (USD MILLION)
                    TABLE 52 USAGE-BASED INSURANCE MARKET SIZE, BY ELECTRIC VEHICLE, 2021–2026 (USD MILLION)
     11.2 BATTERY ELECTRIC VEHICLE (BEV)
             11.2.1 INCREASING BEV SALES AND OPPORTUNITIES TO REDUCE AVERAGE PREMIUM WILL DRIVE BEV MARKET
                    TABLE 53 BEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 54 BEV: USAGE-BASED INSURANCE MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
     11.3 FUEL-CELL ELECTRIC VEHICLE (FCEV)
             11.3.1 ATTRACTIVE GOVERNMENT POLICIES TO PROMOTE FUEL-CELL VEHICLES WILL DRIVE FCEV MARKET
                    TABLE 55 FCEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 56 FCEV: USAGE-BASED INSURANCE MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
     11.4 PLUG-IN HYBRID VEHICLE (PHEV)
             11.4.1 INCREASING SALES OF PHEV EQUIPPED WITH TELEMATICS WILL DRIVE PHEV MARKET
                    TABLE 57 PHEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 58 PHEV: USAGE-BASED INSURANCE MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)

12 USAGE-BASED INSURANCE MARKET, BY REGION (Page No. - 101)
     12.1 INTRODUCTION
             12.1.1 RESEARCH METHODOLOGY
             12.1.2 ASSUMPTIONS/LIMITATIONS
             12.1.3 INDUSTRY INSIGHTS
                    FIGURE 29 USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY REGION, 2021 VS. 2026 (USD MILLION)
             12.1.4 OPERATIONAL DATA
                    TABLE 59 NEW SALES OF LDVS, BY REGION
                    TABLE 60 OLD VEHICLES (FLEET) OF LDVS, BY REGION
                    TABLE 61 USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY REGION, 2018–2020 (USD MILLION)
                    TABLE 62 USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY REGION, 2021–2026 (USD MILLION)
     12.2 NORTH AMERICA
          FIGURE 30 NORTH AMERICA: USAGE-BASED INSURANCE MARKET SNAPSHOT
          TABLE 63 NORTH AMERICA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2018–2020 (USD MILLION)
          TABLE 64 NORTH AMERICA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2021–2026 (USD MILLION)
             12.2.1 US
                        12.2.1.1 Growing popularity of mobile telematics will drive the UBI market
                                 TABLE 65 US: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 66 US: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.2.2 CANADA
                        12.2.2.1 Presence of UBI insurance providers will drive the UBI market
                                 TABLE 67 CANADA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 68 CANADA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.2.3 MEXICO
                        12.2.3.1 Increasing sales of premium vehicles will drive the UBI market
                                 TABLE 69 MEXICO: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE,  BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 70 MEXICO: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
     12.3 EUROPE
          FIGURE 31 EUROPE: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2021 VS 2026
          TABLE 71 EUROPE: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2018–2020 (USD MILLION)
          TABLE 72 EUROPE: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2021–2026 (USD MILLION)
             12.3.1 ITALY
                        12.3.1.1 Presence of major UBI providers will drive the UBI market
                                 TABLE 73 ITALY: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 74 ITALY: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.3.2 UK
                        12.3.2.1 Demand for connected cars will drive the UBI market
                                 TABLE 75 UK: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 76 UK: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.3.3 GERMANY
                        12.3.3.1 New telematics-based product launches will drive the UBI market
                                 TABLE 77 GERMANY: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 78 GERMANY: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.3.4 FRANCE
                        12.3.4.1 Increasing demand for fleet management will drive the UBI market
                                 TABLE 79 FRANCE: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 80 FRANCE: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.3.5 SPAIN
                        12.3.5.1 High penetration of telematics in LCV fleet will drive the UBI market
                                 TABLE 81 SPAIN: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 82 SPAIN: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.3.6 RUSSIA
                        12.3.6.1 Increasing demand for safety features such as anti-theft to drive the UBI market
                                 TABLE 83 RUSSIA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 84 RUSSIA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.3.7 REST OF EUROPE
                        12.3.7.1 Emerging startups in telematics will drive the UBI market
                                 TABLE 85 REST OF EUROPE: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 86 REST OF EUROPE: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
     12.4 ASIA PACIFIC
          FIGURE 32 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET SNAPSHOT
          TABLE 87 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2018–2020 (USD MILLION)
          TABLE 88 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2021–2026 (USD MILLION)
             12.4.1 CHINA
                        12.4.1.1 Increasing focus on IoT will drive the UBI market
                                 TABLE 89 CHINA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 90 CHINA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.4.2 JAPAN
                        12.4.2.1 Increasing number of vehicles with OE-fitted telematics unit will drive the UBI market
                                 TABLE 91 JAPAN: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 92 JAPAN: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.4.3 SOUTH KOREA
                        12.4.3.1 Presence of robust telecommunications infrastructure and mobile communications technology will drive the UBI market
                                 TABLE 93 SOUTH KOREA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 94 SOUTH KOREA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026(USD MILLION)
             12.4.4 INDIA
                        12.4.4.1 Increasing sales of vehicles with telematics unit will drive the UBI market
                                 TABLE 95 INDIA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 96 INDIA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021-2026 (USD MILLION)
             12.4.5 REST OF ASIA PACIFIC
                    TABLE 97 REST OF ASIA PACIFIC: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                    TABLE 98 REST OF ASIA PACIFIC: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
     12.5 REST OF THE WORLD
          FIGURE 33 ROW: USAGE-BASED INSURANCE MARKET, 2021 VS. 2026 (USD MILLION)
          TABLE 99 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2018–2020 (USD MILLION)
          TABLE 100 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY COUNTRY, 2021–2026 (USD MILLION)
             12.5.1 BRAZIL
                        12.5.1.1 Popularity of embedded telematics will drive the UBI market
                                 TABLE 101 BRAZIL: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 102 BRAZIL: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.5.2 SOUTH AFRICA
                        12.5.2.1 Safety concerns such as hijacking are driving the adoption of UBI
                                 TABLE 103 SOUTH AFRICA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 104 SOUTH AFRICA: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)
             12.5.3 OTHERS
                        12.5.3.1 Growing vehicle fleet and demand for connected cars will drive the UBI market
                                 TABLE 105 OTHERS: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2018–2020 (USD MILLION)
                                 TABLE 106 OTHERS: USAGE-BASED INSURANCE MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021–2026 (USD MILLION)

13 COMPETITIVE LANDSCAPE (Page No. - 130)
     13.1 OVERVIEW
     13.2 USAGE-BASED INSURANCE MARKET: MARKET RANKING ANALYSIS
          FIGURE 34 USAGE-BASED INSURANCE MARKET RANKING ANALYSIS, 2020
          FIGURE 35 USAGE-BASED INSURANCE MARKET: REVENUE ANALYSIS OF TOP 5 PLAYERS
     13.3 COMPETITIVE LEADERSHIP MAPPING
             13.3.1 TERMINOLOGY
             13.3.2 VISIONARY LEADERS
             13.3.3 INNOVATORS
             13.3.4 DYNAMIC DIFFERENTIATORS
             13.3.5 EMERGING COMPANIES
     13.4 COMPETITIVE LEADERSHIP MAPPING: USAGE-BASED INSURANCE PROVIDERS
          FIGURE 36 USAGE-BASED INSURANCE PROVIDERS: COMPETITIVE LEADERSHIP MAPPING (2020)
             13.4.1 STRENGTH OF PRODUCT PORTFOLIO
                    FIGURE 37 USAGE-BASED INSURANCE PROVIDERS: COMPANY-WISE PRODUCT OFFERING ANALYSIS
             13.4.2 BUSINESS STRATEGY EXCELLENCE
                    FIGURE 38 USAGE-BASED INSURANCE PROVIDERS: COMPANY-WISE BUSINESS STRATEGY ANALYSIS
     13.5 COMPETITIVE LEADERSHIP MAPPING: TELEMATICS SERVICE PROVIDERS
          FIGURE 39 TELEMATICS SERVICE PROVIDERS: COMPETITIVE LEADERSHIP MAPPING (2020)
             13.5.1 STRENGTH OF PRODUCT PORTFOLIO
                    FIGURE 40 TELEMATICS SERVICE PROVIDERS: COMPANY-WISE PRODUCT OFFERING ANALYSIS
             13.5.2 BUSINESS STRATEGY EXCELLENCE
                    FIGURE 41 TELEMATICS SERVICE PROVIDERS: COMPANY-WISE BUSINESS STRATEGY ANALYSIS
                    FIGURE 42 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENT & PARTNERSHIPS/ AGREEMENTS/SUPPLY CONTRACTS/COLLABORATIONS/JOINT VENTURES AS THE KEY GROWTH STRATEGY, 2019-21
     13.6 COMPETITIVE SCENARIO
             13.6.1 NEW PRODUCT DEVELOPMENTS/LAUNCH
                    TABLE 107 NEW PRODUCT DEVELOPMENTS/LAUNCH, 2019-21
             13.6.2 ACQUISITION
                    TABLE 108 ACQUISITION, 2019-2021
             13.6.3 PARTNERSHIPS/CONTRACTS
                    TABLE 109 PARTNERSHIPS/CONTRACTS, 2019–2021
     13.7 RIGHT TO WIN

14 COMPANY PROFILES (Page No. - 144)
     14.1 KEY PLAYERS
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*
             14.1.1 UNIPOLSAI ASSICURAZIONI S.P.A
                    TABLE 110 UNIPOLSAI ASSICURAZIONI S.P.A: BUSINESS OVERVIEW
                    FIGURE 43 UNIPOLSAI ASSICURAZIONI S.P.A: COMPANY SNAPSHOT
                    TABLE 111 UNIPOLSAI ASSICURAZIONI S.P.A: PRODUCT LAUNCHES
                    FIGURE 44 SWOT ANALYSIS: UNIPOLSAI ASSICURAZIONI S.P.A
             14.1.2 PROGRESSIVE CASUALTY INSURANCE COMPANY
                    TABLE 112 PROGRESSIVE CASUALTY INSURANCE COMPANY: BUSINESS OVERVIEW
                    FIGURE 45 PROGRESSIVE CASUALTY INSURANCE COMPANY: COMPANY SNAPSHOT
                    TABLE 113 PROGRESSIVE CORPORATION: PRODUCT LAUNCHES
                    TABLE 114 PANASONIC CASUALTY INSURANCE COMPANY: DEALS
                    FIGURE 46 SWOT ANALYSIS: PROGRESSIVE CASUALTY INSURANCE COMPANY
             14.1.3 ALLSTATE INSURANCE COMPANY
                    TABLE 115 ALLSTATE INSURANCE COMPANY: BUSINESS OVERVIEW
                    FIGURE 47 ALLSTATE INSURANCE COMPANY: COMPANY SNAPSHOT
                    FIGURE 48 ALLSTATE INSURANCE COMPANY: SWOT ANALYSIS
             14.1.4 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
                    TABLE 116 STATE FARM MUTUAL AUTOMOBILE INSURANCE: BUSINESS OVERVIEW
                    FIGURE 49 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: COMPANY SNAPSHOT
                    TABLE 117 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: DEALS
                    FIGURE 50 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: SWOT ANALYSIS
             14.1.5 LIBERTY MUTUAL INSURANCE COMPANY
                    TABLE 118 LIBERTY MUTUAL INSURANCE COMPANY: BUSINESS OVERVIEW
                    FIGURE 51 LIBERTY MUTUAL INSURANCE COMPANY: COMPANY SNAPSHOT
                    TABLE 119 LIBERTY MUTUAL INSURANCE: DEALS
                    FIGURE 52 LIBERTY MUTUAL INSURANCE COMPANY: SWOT ANALYSIS
             14.1.6 AXA
                    TABLE 120 AXA: BUSINESS OVERVIEW
                    FIGURE 53 AXA: COMPANY SNAPSHOT
                    TABLE 121 AXA: DEALS
             14.1.7 ASSICURAZIONI GENERALI S.P.A.
                    TABLE 122 ASSICURAZIONI GENERALI SOLUTIONS: BUSINESS OVERVIEW
                    FIGURE 54 ASSICURAZIONI GENERALI SOLUTIONS: COMPANY SNAPSHOT
                    TABLE 123 ASSICURAZIONI GENERALI SOLUTIONS: DEALS
             14.1.8 ALLIANZ
                    TABLE 124 ALLIANZ: BUSINESS OVERVIEW
                                        FIGURE 55 ALLIANZ: COMPANY SNAPSHOT
                    TABLE 125 ALLIANZ: DEALS
             14.1.9 WEBFLEET SOLUTIONS
                    TABLE 126 WEBFLEET SOLUTIONS: BUSINESS OVERVIEW
                    TABLE 127 WEBFLEET SOLUTIONS: DEALS
             14.1.10 VERIZON
                    TABLE 128 VERIZON: BUSINESS OVERVIEW
                    FIGURE 56 VERIZON: COMPANY SNAPSHOT
                    TABLE 129 VERIZON: ORGANIC DEVELOPMENTS
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
     14.2 OTHER KEY PLAYERS
             14.2.1 NORTH AMERICA
                        14.2.1.1 Nationwide Mutual Insurance Company
                                 TABLE 130 NATIONWIDE MUTUAL INSURANCE COMPANY: BUSINESS OVERVIEW
                        14.2.1.2 Zubie, Inc.
                                 TABLE 131 ZUBIE, INC.: BUSINESS OVERVIEW
                        14.2.1.3 Cambridge Mobile Telematics
                                 TABLE 132 CAMBRIDGE MOBILE TELEMATICS: BUSINESS OVERVIEW
                        14.2.1.4 Modus Group, LLC
                                 TABLE 133 MODUS GROUP, LLC: BUSINESS OVERVIEW
                        14.2.1.5 Metromile Inc.
                                 TABLE 134 METROMILE INC.: BUSINESS OVERVIEW
                        14.2.1.6 Amica Mutual Insurance Company
                                 TABLE 135 AMICA MUTUAL INSURANCE COMPANY: BUSINESS OVERVIEW
                        14.2.1.7 Sierra Wireless
                                 TABLE 136 SIERRA WIRELESS: BUSINESS OVERVIEW
             14.2.2 EUROPE
                        14.2.2.1 Octo Group S.p.A
                                 TABLE 137 OCTO GROUP S.P.A: BUSINESS OVERVIEW
                        14.2.2.2 Trak Global Group
                                 TABLE 138 TRAK GLOBAL GROUP: BUSINESS OVERVIEW
                        14.2.2.3 Insure The Box Limited
                                 TABLE 139 INSURE THE BOX LIMITED: BUSINESS OVERVIEW
                        14.2.2.4 MAPFRE
                                 TABLE 140 MAPFRE: BUSINESS OVERVIEW
                        14.2.2.5 The Floow
                                 TABLE 141 THE FLOOW: BUSINESS OVERVIEW

15 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 179)
     15.1 NORTH AMERICA WILL BE THE MAJOR MARKET FOR USAGE-BASED INSURANCE
     15.2 MANAGE-HOW-YOU-DRIVE AND PAY-HOW-YOU-DRIVE CAN BE KEY PLANS FOR INSURANCE SERVICE PROVIDERS
     15.3 CONCLUSION

16 APPENDIX (Page No. - 181)
     16.1 PACKAGE SIZE
     16.2 CURRENCY & PRICING
     16.3 KEY INSIGHTS OF INDUSTRY EXPERTS
     16.4 DISCUSSION GUIDE
     16.5 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     16.6 AVAILABLE CUSTOMIZATIONS
     16.7 RELATED REPORTS
     16.8 AUTHOR DETAILS

The study involved four major activities to estimate the current size of the usage-based insurance market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The bottom-up and top-down approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of various segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources have been used to identify and collect information useful for an extensive commercial study of the usage-based insurance market. Secondary sources include company annual reports/presentations, press releases, industry association publications [such as publications on vehicle sales, EEA (European Energy Agency), IEA (International Energy Agency), ACEA (European Automobile Manufacturers Association), T&E (Transport and Environment), country-level automotive associations and trade organizations, and the US Department of Transportation (DOT)], UBI related magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles. Additionally, secondary research has been carried out to understand the average insurance premiums by vehicle type, historic sales of new vehicles, and vehicle parc.

Primary Research

In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included industry experts such as CXOs, vice presidents, directors from business development, marketing, product development/innovation teams, and related key executives from various key companies. Various system integrators, industry associations, independent consultants/industry veterans, and key opinion leaders were also interviewed.

Primary interviews have been conducted to gather insights such as ICE vehicle and electric vehicle sales forecast, UBI market forecast, UBI penetration, future technology trends, and upcoming technologies in the UBI industry. Data triangulation was then done with the information gathered from secondary research. Stakeholders from demand as well as supply side have been interviewed to understand their views on the aforementioned points.

Primary interviews have been conducted with market experts from UBI providers and UBI technology providers across four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. A similar percentage of primary interviews have been conducted from the UBI providers and UBI technology providers, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales and operations, to provide a holistic viewpoint in our report.

After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.

Usage-based Insurance Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

A detailed market estimation approach was followed to estimate and validate the value of the usage-based insurance market and other dependent submarkets, as mentioned below:

  • Key players in the usage-based insurance market were identified through secondary research, and their global market shares were determined through primary and secondary research.
  • The research methodology included the study of annual and quarterly financial reports and regulatory filings of major market players (public) as well as interviews with industry experts for detailed market insights.
  • All industry-level penetration rates, percentage shares, splits, and breakdowns for the usage-based insurance were determined using secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of the market segments and sub-segments have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative and qualitative data.
  • The gathered market data was consolidated and added with detailed inputs, analyzed, and presented in this report.
  • Qualitative aspects such as market drivers, restraints, opportunities, and challenges have been taken into consideration while calculating and forecasting the market size.

Usage-based Insurance Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Usage-based Insurance Market Size, and Share

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub segment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends.

Report Objectives

  • To define, describe, and forecast the usage-based insurance market, in terms of value
    (USD million), based on the following segments:
  • By Package type [pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD)]
  • By Technology type [OBD-II, smartphone, black box, embedded, and other technologies]
  • By Vehicle type [light-duty vehicles and heavy-duty vehicles]
  • By Vehicle age [new vehicles and old vehicles]
  • By Device offering [bring your own device (BYOD) and company provided]
  • By Electric and Hybrid Vehicle [battery electric vehicle (BEV), plug-in hybrid vehicle (PHEV) and fuel-cell electric vehicle (FCEV)]
  • By Region (Asia Pacific, Europe, North America, and RoW)
  • To analyze the impact of COVID-19 on usage-based insurance market (pre-COVID vs post-COVID)
  • To understand the market dynamics (drivers, restraints, opportunities, and challenges) of the usage-based insurance market
  • To analyze the market ranking of key players operating in the usage-based insurance market
  • To understand dynamics of the usage-based insurance market competitors and distinguish them into visionary leaders, innovators, emerging companies, and dynamic differentiators according to their product portfolio strength and business strategies
  • To analyze recent developments, alliances, joint ventures, mergers & acquisitions, new product launches, and other activities carried out by key industry players in the usage-based insurance market
  • To analyze the impact of COVID-19 into the most likely scenario, low-impact, and high-impact scenario.
  • To analyze case study analysis, technology analysis, patent analysis, average premium analysis, and revenue analysis of top 5 players

Available Customizations

With the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs.

Usage-based insurance market, by vehicle type, by country

  • Light-duty vehicle
  • Heavy-duty vehicle

Note: Countries considered in Asia Pacific are: China, Japan, India, South Korea, and Rest of Asia Pacific; North America:  US, Canada, and Mexico; Europe:  Italy, UK, Germany, France, Spain, Russia, and rest of Europe; RoW: Brazil, South Africa and Rest of RoW

Usage-based insurance market, by vehicle type, by vehicle age, by region

  • Asia Pacific
  • Europe
  • North America
  • RoW

Usage-based insurance market, by electric & hybrid vehicle type, by country

Note: Countries considered in Asia Pacific are: China, Japan, India, South Korea, and Rest of Asia Pacific; North America:  US, Canada, and Mexico; Europe:  Italy, UK, Germany, France, Spain, Russia, and rest of Europe; RoW: Brazil, South Africa and Rest of RoW

Usage-based insurance market, by off-highway vehicle type, by region

  • Construction
  • Agriculture
COVID-19

Get in-depth analysis of the COVID-19 impact on the Usage-Based Insurance Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Usage-Based Insurance Market

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Report Code
AT 6582
Published ON
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