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
[190 Pages Report] The global Usage-Based Insurance Market size was valued at USD 19.6 billion in 2021 and 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.
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Dynamics for Usage-based Insurance Market
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 2324% 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 usage-based insurance 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 usage-based insurance 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.
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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.
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|
Report Attributes |
Details |
|
Market size value in 2021: |
USD 19.6 Billion |
|
Projected to reach 2026: |
USD 66.8 Billion |
|
CAGR: |
27.7% |
|
Base Year Considered: |
2020 |
|
Forecast Period: |
2021-2026 |
|
Largest Market: |
North America |
|
Region Covered: |
Asia Pacific, North America, Europe, and Rest of the World |
|
Segments Covered: |
By package type, vehicle type, vehicle age, device offering, electric & hybrid vehicle, technology, and region |
|
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 Usage-based Insurance 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 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 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 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.
- 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.
Frequently Asked Questions (FAQ):
What is the current size of the usage-based insurance market?
The usage-based insurance market is estimated to be USD 19.6 billion in 2021 and is projected to reach USD 66.8 billion by 2026 at a CAGR of 27.7%.
Who are the top key players in the usage-based insurance market?
The usage-based insurance market is dominated 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 focus on developing new products, adopt expansion strategies and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in this growing market.
What are the trends in the usage-based insurance market?
The development of the automotive usage-based insurance ecosystem is expected to provide growth opportunities for 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.
What is the future of the usage-based insurance market?
The growing popularity of UBI programs in Europe and North America, increasing penetration of penetration in vehicles and rolling out of various UBI programs is expected to drive the UBI market. .
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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 MARKET: PRE- VS. POST-COVID-19 SCENARIO, 20182026 (MILLION USD)
3.2 REPORT SUMMARY
FIGURE 7 USAGE-BASED INSURANCE: MARKET OUTLOOK
FIGURE 8 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 MARKET
4.2 MARKET, BY REGION
FIGURE 10 NORTH AMERICA TO DOMINATE MARKET DURING FORECAST PERIOD
4.3 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 MARKET, BY PACKAGE TYPE
FIGURE 13 MHYD TO BE FASTEST GROWING SEGMENT DURING FORECAST PERIOD
4.6 MARKET, BY TECHNOLOGY
FIGURE 14 BLACK BOX EXPECTED TO COMMAND LARGEST SHARE DURING FORECAST PERIOD
4.7 MARKET, BY DEVICE OFFERING
FIGURE 15 COMPANY PROVIDED DEVICES TO BE LARGEST SEGMENT DURING FORECAST PERIOD
4.8 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 USAGE-BASED INSURANCE MARKET GROWTH
5.5 USAGE-BASED INSURANCE USAGE-BASED INSURANCE MARKET, SCENARIOS (20212026)
FIGURE 21 MARKET: COVID-19 SCENARIOS ANALYSIS
5.5.1 MARKET, MOST LIKELY SCENARIO
TABLE 3 MOST LIKELY SCENARIO: MARKET, BY REGION, 20212026 (USD MILLION)
5.5.2 HIGH COVID-19 IMPACT SCENARIO
TABLE 4 HIGH COVID-19 IMPACT SCENARIO: MARKET, BY REGION, 20212026 (USD MILLION)
5.5.3 LOW COVID-19 IMPACT SCENARIO
TABLE 5 LOW COVID-19 IMPACT SCENARIO: USAGE-BASED INSURANCE MARKET, BY REGION, 20212026 (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, 20162025 (USD MILLION)
5.12.2 GERMANY
TABLE 10 GERMANY: IMPACT OF COVID-19 ON RIDE SHARING MARKET, BY SERVICE TYPE, 20182021 (USD BILLION)
5.12.3 US
TABLE 11 US: IMPACT OF COVID-19 ON RIDE SHARING MARKET, BY SERVICE, 20182021 (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 MARKET, BY PACKAGE TYPE, 2021 VS. 2026 (USD MILLION)
TABLE 12 MARKET, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 13 MARKET, BY PACKAGE TYPE, 20212026 (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, 20182020 (USD MILLION)
TABLE 15 PAYD: MARKET, BY REGION, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 17 PHYD: MARKET, BY REGION, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 19 MHYD: 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 MARKET, BY TECHNOLOGY, 2021 VS. 2026 (USD MILLION)
TABLE 20 MARKET, BY TECHNOLOGY, 20182020 (USD MILLION)
TABLE 21 MARKET, BY TECHNOLOGY, 20212026 (USD MILLION)
7.2 OBD-II
7.2.1 HIGH RELIABILITY AND CUSTOMER ACCEPTANCE WILL DRIVE OBD-II MARKET
TABLE 22 OBD-II: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 23 OBD-II: MARKET, BY REGION, 20212026 (USD MILLION)
7.3 SMARTPHONE
7.3.1 COST EFFECTIVENESS AND USER CONVENIENCE WILL DRIVE SMARTPHONE MARKET
TABLE 24 SMARTPHONE: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 25 SMARTPHONE: MARKET, BY REGION, 20212026 (USD MILLION)
7.4 EMBEDDED SYSTEM
7.4.1 INCREASING NUMBER OF CONNECTED CARS WILL DRIVE EMBEDDED SYSTEM MARKET
TABLE 26 EMBEDDED SYSTEM: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 27 EMBEDDED SYSTEM: MARKET, BY REGION, 20212026 (USD MILLION)
7.5 BLACK BOX
7.5.1 INCREASING DEMAND FOR INSURANCE TELEMATICS WILL DRIVE BLACK BOX MARKET
TABLE 28 BLACK BOX: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 29 BLACK BOX: MARKET, BY REGION, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 31 OTHER TECHNOLOGIES: MARKET, BY REGION, 20212026 (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 MARKET, BY VEHICLE TYPE, 2021 VS. 2026 (USD MILLION)
TABLE 32 MARKET, BY VEHICLE TYPE, 20182020 (USD MILLION)
TABLE 33 MARKET, BY VEHICLE TYPE, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 35 LDV: MARKET, BY REGION, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 37 HDV: MARKET, BY REGION, 20212026 (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 MARKET, BY VEHICLE AGE, 2021 VS. 2026 (USD MILLION)
TABLE 38 MARKET, BY VEHICLE AGE, 20182020 (USD MILLION)
TABLE 39 MARKET, BY VEHICLE AGE, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 41 NEW VEHICLES: MARKET, BY REGION, 20212026 (USD MILLION)
9.3 OLD VEHICLES
9.3.1 GROWING AWARENESS AND TECHNOLOGICAL ADVANCEMENTS WILL DRIVE OLD VEHICLES UBI MARKET
TABLE 42 OLD VEHICLES: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 43 OLD VEHICLES: MARKET, BY REGION, 20212026 (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 MARKET, BY DEVICE OFFERING, 2021 VS. 2026 (USD MILLION)
TABLE 44 MARKET, BY DEVICE OFFERING, 20182020 (USD MILLION)
TABLE 45 MARKET, BY DEVICE OFFERING, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 47 BYOD: MARKET SIZE, BY REGION, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 49 COMPANY PROVIDED: MARKET SIZE, BY REGION, 20212026 (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, 20182020 (000 UNITS)
FIGURE 28 MARKET, BY ELECTRIC VEHICLE, 2021 VS. 2026 (USD MILLION)
TABLE 51 MARKET, BY ELECTRIC VEHICLE, 20182020 (USD MILLION)
TABLE 52 MARKET SIZE, BY ELECTRIC VEHICLE, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 54 BEV: MARKET SIZE, BY REGION, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 56 FCEV: MARKET SIZE, BY REGION, 20212026 (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: MARKET, BY REGION, 20182020 (USD MILLION)
TABLE 58 PHEV: MARKET SIZE, BY REGION, 20212026 (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 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, 20182020 (USD MILLION)
TABLE 62 MARKET FOR AUTOMOTIVE, BY REGION, 20212026 (USD MILLION)
12.2 NORTH AMERICA
FIGURE 30 NORTH AMERICA: MARKET SNAPSHOT
TABLE 63 NORTH AMERICA: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20182020 (USD MILLION)
TABLE 64 NORTH AMERICA: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20212026 (USD MILLION)
12.2.1 US
12.2.1.1 Growing popularity of mobile telematics will drive the UBI market
TABLE 65 US: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 66 US: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (USD MILLION)
12.2.2 CANADA
12.2.2.1 Presence of UBI insurance providers will drive the UBI market
TABLE 67 CANADA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 68 CANADA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (USD MILLION)
12.2.3 MEXICO
12.2.3.1 Increasing sales of premium vehicles will drive the UBI market
TABLE 69 MEXICO: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 70 MEXICO: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (USD MILLION)
12.3 EUROPE
FIGURE 31 EUROPE: MARKET FOR AUTOMOTIVE, BY COUNTRY, 2021 VS 2026
TABLE 71 EUROPE: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20182020 (USD MILLION)
TABLE 72 EUROPE: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20212026 (USD MILLION)
12.3.1 ITALY
12.3.1.1 Presence of major UBI providers will drive the UBI market
TABLE 73 ITALY: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 74 ITALY: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (USD MILLION)
12.3.2 UK
12.3.2.1 Demand for connected cars will drive the UBI market
TABLE 75 UK: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 76 UK: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (USD MILLION)
12.3.3 GERMANY
12.3.3.1 New telematics-based product launches will drive the UBI market
TABLE 77 GERMANY: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 78 GERMANY: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (USD MILLION)
12.3.4 FRANCE
12.3.4.1 Increasing demand for fleet management will drive the UBI market
TABLE 79 FRANCE: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 80 FRANCE: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 82 SPAIN: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 84 RUSSIA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 86 REST OF EUROPE: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (USD MILLION)
12.4 ASIA PACIFIC
FIGURE 32 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET SNAPSHOT
TABLE 87 ASIA PACIFIC: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20182020 (USD MILLION)
TABLE 88 ASIA PACIFIC: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20212026 (USD MILLION)
12.4.1 CHINA
12.4.1.1 Increasing focus on IoT will drive the UBI market
TABLE 89 CHINA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 90 CHINA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 92 JAPAN: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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, 20182020 (USD MILLION)
TABLE 94 SOUTH KOREA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026(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: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 96 INDIA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 2021-2026 (USD MILLION)
12.4.5 REST OF ASIA PACIFIC
TABLE 97 REST OF ASIA PACIFIC: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 98 REST OF ASIA PACIFIC: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20182020 (USD MILLION)
TABLE 100 REST OF THE WORLD: MARKET FOR AUTOMOTIVE, BY COUNTRY, 20212026 (USD MILLION)
12.5.1 BRAZIL
12.5.1.1 Popularity of embedded telematics will drive the UBI market
TABLE 101 BRAZIL: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 102 BRAZIL: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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, 20182020 (USD MILLION)
TABLE 104 SOUTH AFRICA: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20182020 (USD MILLION)
TABLE 106 OTHERS: MARKET FOR AUTOMOTIVE, BY PACKAGE TYPE, 20212026 (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, 20192021
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.
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.
To know about the assumptions considered for the study, Request for Free Sample Report
Data Triangulation
After arriving at the overall market sizeusing the market size estimation processes as explained abovethe 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 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 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 companys 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
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
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Growth opportunities and latent adjacency in Usage-Based Insurance Market
Usage-Based Insurance Market report was published and updated early last month and is the most updated market report available with us on the Usage-Based Insurance Market. The report breaks-down the market size and growth forecast for ICE vehicles and for Battery Electric Vehicle (BEV), Plug-in Hybrid Vehicle (PHEV) and Fuel-cell Electric Vehicle (FCEV), further broken down by 1) By Package Type: Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), Manage-How-You-Drive (MHYD) 2) By Technology: OBD-II, Smartphone, Black Box, Embedded, Other technologies 3) By Vehicle Type: Light-duty Vehicle (LDV), Heavy-duty Vehicle (HDV) 4 By Vehicle Age: New Vehicle, Old Vehicle 5) By Device Offering: Bring Your Own Device (BYOD), Company Provided Market share analysis of top players, including their business and service portfolio, last three year financials, contracts awarded, organic and in-organic growth strategies, SWOT analysis, key investments, and MnM view point of each company, is covered for all global and regional players.
We are reviewing different Usage-Based Insurance scenarios, as part of the strategy for this topic we are looking for a strategic partner to help us understand how to introduce UBI solutions in the Mexican market. We would like to know and understand the needs of the Mexican market to enter with UBI solutions, here are a couple of points that we would like to know: 1. Evaluate the Mexican UBI market opportunity 2. Understand the Mexican personal auto insurance market 3. Understand Mexican personal line insurance companies key needs and challenges 4. Identify opportunities for telematics in the personal line market 5. Understand the Mexican commercial auto insurance market 6. Understand Mexican commercial line insurance companies key needs and challenges 7. Identify opportunities for telematics in the commercial line market