Usage-based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System, Black Box), Vehicle Age, Device Offering (BYOD, Company Provided) & Region - Global Forecast to 2025

  • ID: 4618370
  • Report
  • Region: Global
  • 158 Pages
  • Markets and Markets
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The Usage Based Insurance Market is Estimated to be USD 28.43 Billion in 2018 and is Projected to Reach USD 95.81 Billion By 2025, at a CAGR of 18.95% From 2018 to 2025.

FEATURED COMPANIES

  • Allianz
  • AXA
  • Liberty Mutual
  • Modus Group
  • Progressive Corporation
  • Tomtom
  • MORE

“The increasing vehicle sales with telematics and connected car services will drive the global usage-based insurance market for automotive “

The usage based insurance market is estimated to be USD 28.43 billion in 2018 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95% from 2018 to 2025. The demand for usage-based insurance is driven by the reduction in insurance premiums as compared to regular insurance and risk-related cost and increasing vehicle sales and on-road vehicles. Ambiguity over regulations and legislative environments are acting as a restraining factor for the usage-based insurance market.

“Embedded system is estimated to be the fastest growing market in usage-based insurance market by technology”

Embedded systems refer to the inbuilt (embedded) telematics inside a vehicle. Embedded system is used to collect vehicle data and analyze the driver behaviour to calculate insurance premiums. Embedded telematics is very accurate at capturing vehicle data as it is an integrated part of the system and does not require external calibration to register data. This also helps reduce the initial cost as the user does not have to buy separate devices (OBD-II or black box) to avail usage-based insurance. The market for embedded system-based UBI is directly related to the market for connected cars with inbuilt telematics. The market for connected cars is proliferating, however, the major market is concentrated in North America and Europe.

“Light-duty vehicle (LDV) market is estimated to have the largest market in usage-based insurance market by vehicle type”

Light-duty vehicles constitute passenger cars and light commercial vehicles, and account for almost 96% of the total global vehicle sales in 2017, as per OICA. The adoption rate of UBI is higher in LDVs than it is in HDVs. LDVs can be easily fitted with OBD-II, black box or other devices to access the usage-based insurance plans. Additionally, LDVs are generally driven by a single person, hence UBI plans based on driver behaviour are more prominent for LDVs, while the same is not true for HDVs as they have multiple drivers. 

“Asia Oceania is estimated to be the fastest growing region in usage-based insurance market for automotive during the forecast period”

The usage-based insurance market in Asia Oceania is in a very nascent stage in the present scenario. However, it is expected to be the fastest growing, in terms of value, because of the largest vehicle sales and on-road vehicles. The increased adoption rate of telematics and connected car services and huge vehicle sales and parc are fueling the usage-based insurance market in Asia Oceania. This region is expected to continue its dominance in vehicle sales in the coming years as compared to the other regions. China and Japan are expected to be the prominent markets for usage-based insurance in Asia Oceania region.

The study contains insights provided by various industry experts. The breakup of the primaries is as follows:

  • By Company Type:  Tier-1 - 50%, Tier-2 - 30%, and OEMs - 20%
  • By Designation: D level - 50%, C level - 35% Other - 15%
  • By Region: The Americas - 40%, Europe - 40%, Asia Oceania - 20%

Note: Others includes sales managers, marketing managers, and product managers.
Note: OEMs are car manufacturers, Tier-1 companies are usage-based insurance and telematics service providers, and Tier-2 companies are insurance providers.

The usage-based insurance market consists of companies such as Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands), Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), and Sierra Wireless (Canada).

Research Coverage

The usage-based insurance market for automotive has been segmented on the basis of package type [Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD)], technology (OBD-II, smartphone, embedded system, black box, and others), vehicle type (light-duty vehicle and heavy-duty vehicle), vehicle age (new vehicles and on-road vehicles), device offering type [(bring your own device (BYOD) and company provided)], and region [Asia Oceania (China, Japan, India, South Korea, and rest of Asia Oceania), Europe & Middle East (EME) (Italy, UK, Germany, France, Spain, Russia, UAE, and rest of EME), and the Americas (US, Canada, Mexico, Brazil, and rest of the Americas)]. The study also segments the usage-based insurance market by electric & hybrid vehicle type (BEV, HEV, and PHEV).

Reasons to Buy the Report:

This report provides insights with reference to the following points:

  • Market Size, by technology: The report offers in-depth market sizing and forecast up to 2025, by technology such as OBD-II, smartphone, embedded system, black box, and others. The market sizing for technology is covered for all regions.
  • Market Size, by package type: The report offers in-depth market sizing and forecast up to 2025, by package type such as pay-as-you-drive, pay-how-you-drive, and manage-how-you-drive. The market sizing for package type is covered for all countries considered in the study
  • Market Size, by vehicle type: The report offers in-depth market sizing and forecast up to 2025, by vehicle type such as light-duty vehicle and heavy-duty vehicle. The market sizing for vehicle age is covered for all countries considered in the study
  • The report covers the usage-based insurance market for “Electric and Hybrid Vehicles” at a regional level, by vehicle type.
  • The report provides “Market Share” of the leading players in the usage-based insurance market.
  • Market Development: The report provides comprehensive information about lucrative emerging markets for usage-based insurance across regions.
  • Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the usage-based insurance market.
  • Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the usage-based insurance market.
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FEATURED COMPANIES

  • Allianz
  • AXA
  • Liberty Mutual
  • Modus Group
  • Progressive Corporation
  • Tomtom
  • MORE

1 Introduction
1.1 Objectives
1.2 Market Definition
1.3 Market Scope
1.4 Markets Covered
1.4.1 Years Considered for the Study
1.5 Currency and Pricing
1.6 Package Size
1.7 Limitations
1.8 Stakeholders

2 Research Methodology
2.1 Research Data
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 Primary Participants
2.4 Market Size Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Market Breakdown & Data Triangulation
2.6 Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Usage-based Insurance Market
4.2 Market, By Region
4.3 Market, By Package Type
4.4 Market, By Technology
4.5 Market, By Vehicle Type
4.6 Market, By Vehicle AGE
4.7 Market, By Device Offering
4.8 Market, By Electric & Hybrid Vehicle Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Adoption of Telematics and Connected Cars
5.2.1.1.1 Telematics
5.2.1.1.2 Connected Car Services
5.2.1.2 Reduction in Insurance Premium and Risk-Related Costs
5.2.1.3 Increasing Vehicle Sales and Parc
5.2.2 Restraints
5.2.2.1 Ambiguity Over Regulations and Legislative Environments
5.2.3 Opportunities
5.2.3.1 Automotive Usage-based Insurance Ecosystem
5.2.4 Challenges
5.2.4.1 Data Privacy
5.2.4.2 Lack of Standardized Systems

6 Technological Overview
6.1 Impact Analysis of Usage-based Insurance Market on the Automotive Ecosystem
6.2 Future of Market
6.2.1 Pay-Per-Mile
6.2.2 Try Before You Buy (TBYB)
6.2.3 Autonomous Vehicle
6.2.4 Usage-based Insurance for Ride-Hailing and Rentals
6.2.5 How the Insurance Policy Changes for Fleet Owners
6.2.6 AI and HMI in Transportation

7 Usage-based Insurance Market for Automotive, By Package Type
Note - The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Oceania, Europe Middle East (EME) and the Americas
7.1 Introduction
7.2 Pay-As-You-Drive (PAYD)
7.3 Pay-How-You-Drive (PHYD)
7.4 Manage-How-You-Drive (MHYD)

8 Usage-based Insurance Market for Automotive, By Technology
Note - The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Oceania, Europe Middle East (EME) and the Americas
8.1 Introduction
8.2 OBD-II
8.3 Smartphone
8.4 Embedded System
8.5 Black Box
8.6 Other Technologies

9 Usage-based Insurance Market for Automotive, By Vehicle Type
Note - The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Oceania, Europe Middle East (EME) and the Americas
9.1 Introduction
9.2 Light-Duty Vehicle (LDV)
9.3 Heavy-Duty Vehicles (HDV)

10 Usage-based Insurance Market for Automotive, By Vehicle Age
Note - The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Oceania, Europe Middle East (EME) and the Americas
10.1 Introduction
10.2 New Vehicles
10.3 On-Road Vehicles

11 Usage-based Insurance Market, By Device Offering
Note - The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Oceania, Europe Middle East (EME) and the Americas
11.1 Introduction
11.2 Bring Your Own Device (BYOD)
11.3 Company Provided

12 Usage-based Insurance Market for Automotive, By Electric and Hybrid Vehicle
Note - The Chapter is Further Segmented at Regional Level and Considered Regions are Asia Oceania, Europe, North America and Row
12.1 Introduction
12.2 Battery Electric Vehicle (BEV)
12.3 Hybrid Electric Vehicle (HEV)
12.4 Plug-In Hybrid Vehicle (PHEV)

13 Usage-based Insurance Market for Automotive, By Region
Note - The Chapter is Further Segmented at Regional & Country Level By Package Type- PAYD, PHYD & MHYD and Vehicle Age- New Vehicles & On-Road Vehicles
13.1 Introduction
13.2 Asia Oceania
13.2.1 China
13.2.2 Japan
13.2.3 South Korea
13.2.4 India
13.2.5 Rest of Asia Oceania
13.3 The Americas
13.3.1 US
13.3.2 Canada
13.3.3 Mexico
13.3.4 Brazil
13.3.5 Rest of Americas
13.4 Europe Middle East (EME)
13.4.1 Italy
13.4.2 UK
13.4.3 Germany
13.4.4 France
13.4.5 Spain
13.4.6 Russia
13.4.7 UAE
13.4.8 Rest of EME

14 Competitive Landscape
14.1 Overview
14.2 Automotive Usage-based Insurance Market: Market Share Analysis
14.3 Company-Wise Product Matrix
14.4 Competitive Scenario
14.4.1 Partnerships/Joint Ventures
14.4.2 New Product Launches/New Product Developments
14.4.3 Mergers & Acquisitions
14.4.4 Expansions

15 Company Profiles
(Business Overview, Products Offered, Recent Developments, and SWOT Analysis)*
15.1 Progressive Corporation
15.2 Vodafone
15.3 Allstate
15.4 Octo Telematics
15.5 Tomtom
15.6 Allianz
15.7 AXA
15.8 Liberty Mutual
15.9 Verizon
15.10 Sierra Wireless
15.11 Additional CPS
15.11.1 The Americas
15.11.1.1 Modus Group
15.11.1.2 Intelligent Mechatronic Systems
15.11.1.3 Inseego
15.11.1.4 Truemotion
15.11.1.5 Cambridge Mobile Telematics
15.11.1.6 Metromile
15.11.1.7 Movitrack Viasat
15.11.2 Europe Middle East (EME)
15.11.2.1 Insure the Box
15.11.2.2 Mapfre
15.11.2.3 The Floow
15.11.2.4 Assicurazioni Generali
15.11.2.5 Unipolsai Assicurazioni
*Details on Business Overview, Products Offered, Recent Developments, and SWOT Analysis Might Not Be Captured in Case of Unlisted Companies.

16 Appendix
16.1 Key Industry Insights
16.2 Discussion Guide
16.3 Knowledge Store: Subscription Portal
16.4 Available Customization
16.4.1 Usage-based Insurance Market, By Vehicle Type, By Country
16.4.1.1 Light-Duty Vehicle
16.4.1.2 Heavy-Duty Vehicle
16.4.2 Market, By Vehicle Type, By Vehicle Age, By Region
16.4.2.1 The Americas
16.4.2.2 EME
16.4.2.3 Asia Oceania
16.4.3 Market, By Electric & Hybrid Vehicle Type, By Country
16.4.4 Market, By Off-Highway Vehicle Type, By Region
16.4.4.1 Construction
16.4.4.2 Agriculture
16.5 Related Reports
16.6 Author Details

List of Tables
Table 1 Currency Exchange Rates (W.R.T. USD)
Table 2 Summary Table
Table 3 Future Impact of UBI
Table 4 Usage-based Insurance Market, By Package Type, 2016–2025 (USD Million)
Table 5 PAYD: Market, By Region, 2016–2025 (USD Million)
Table 6 PHYD: Market, By Region, 2016–2025 (USD Million)
Table 7 MHYD: Market, By Region, 2016–2025 (USD Million)
Table 8 Market, By Technology, 2016–2025 (USD Million)
Table 9 OBD-II : Market, By Region, 2016–2025 (USD Million)
Table 10 Smartphone: Market, By Region, 2016–2025 (USD Million)
Table 11 Embedded System: Market, By Region, 2016–2025 (USD Million)
Table 12 Black Box: Market, By Region, 2016–2025 (USD Million)
Table 13 Others Technologies: Market, By Region, 2016–2025 (USD Million)
Table 14 Market, By Vehicle Type, 2016–2025 (USD Million)
Table 15 LDV: Market, By Region, 2016–2025 (USD Million)
Table 16 HDV: Market, By Region, 2016–2025 (USD Million)
Table 17 Usage-based Insurance Market, By Vehicle Age, 2016–2025 (USD Million)
Table 18 New Vehicles: Market, By Region, 2016–2025 (USD Million)
Table 19 On-Road Vehicle: Market, By Region, 2016–2025 (USD Million)
Table 20 Market, By Device Offering, 2016–2025 (USD Million)
Table 21 BYOD: Market, By Region, 2016-2025 (USD Million)
Table 22 Company Provided: Market, By Region, 2016-2025 (USD Million)
Table 23 Usage-based Insurance Market, By Electric and Hybrid Vehicle, 2016–2025 (USD Million)
Table 24 Electric & Hybrid Vehicle: Market, By Region, 2016–2025 (USD Million)
Table 25 BEV: Market, By Region, 2016–2025 (USD Million)
Table 26 HEV: Market, By Region, 2016–2025 (USD Million)
Table 27 PHEV: Market, By Region, 2016–2025 (USD Million)
Table 28 Market for Automotive, By Region, 2016–2025 (USD Million)
Table 29 Asia Oceania: Market for Automotive, By Country, 2016–2025 (USD Million)
Table 30 Asia Oceania: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 31 Asia Oceania: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 32 China: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 33 China: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 34 Japan: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 35 Japan: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 36 South Korea: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 37 South Korea: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 38 India: Usage-based Insurance Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 39 India: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 40 Rest of Asia Oceania: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 41 Rest of Asia Oceania: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 42 The Americas: Market for Automotive, By Country, 2016–2025 (USD Million)
Table 43 The Americas: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 44 The Americas: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 45 US: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 46 US: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 47 Canada: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 48 Canada: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 49 Mexico: Usage-based Insurance Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 50 Mexico: Market for Automotive, By Policy Type, 2016–2025 (USD Million)
Table 51 Brazil: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 52 Brazil: Market for Automotive, By Policy Type, 2016–2025 (USD Million)
Table 53 Rest of Americas: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 54 Rest of Americas: Market for Automotive, By Policy Type, 2016–2025 (USD Million)
Table 55 EME: Market for Automotive, By Country, 2016–2025 (USD Million)
Table 56 EME: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 57 EME: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 58 Italy: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 59 Italy: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 60 UK: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 61 UK: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 62 Germany: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 63 Germany: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 64 France: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 65 France: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 66 Spain: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 67 Spain: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 68 Russia: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 69 Russia: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 70 UAE: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 71 UAE: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 72 Rest of EME: Market for Automotive, By Package Type, 2016–2025 (USD Million)
Table 73 Rest of EME: Market for Automotive, By Vehicle Age, 2016–2025 (USD Million)
Table 74 Product Matrix
Table 75 Partnerships/Joint Ventures, 2013–2018
Table 76 New Product Launches/New Product Developments, 2013—2018
Table 77 Mergers & Acquisitions, 2013–2017
Table 78 Expansions, 2016

List of Figures
Figure 1 Usage-based Insurance Market for Automotive: Market Segmentation
Figure 2 Market for Automotive: Research Design
Figure 3 Research Methodology Model
Figure 4 Breakdown of Primary Interviews
Figure 5 Bottom-Up Approach: Market, By Country, Vehicle Type, Vehicle Age and Package Type
Figure 6 Top-Down Approach: Market Technology and Device Offering
Figure 7 Data Triangulation
Figure 8 Market for Automotive: Market Outlook
Figure 9 Market for Automotive, By Region, 2018 vs. 2025 (USD Million)
Figure 10 The Americas to Hold the Largest Share of the Usage-based Insurance Market During the Forecast Period, By Value
Figure 11 Pay-As-You-Drive to Be the Largest and Mange-How-You-Drive Segment to Be Fastest in Market, 2018–2025, By Value
Figure 12 Embedded System Market to Be the Fastest Growing Market, 2018–2025, By Value
Figure 13 Light-Duty Vehicle to Be the Largest Market and Heavy-Duty Vehicle to Be the Fastest Growing Market for Usage-based Insurance, 2018–ByValue38
Figure 14 On-Road Vehicles to Be the Largest Market for Usage-based Insurance, 2018–2025, By Value
Figure 15 BYOD to Be the Fastest Growing Market in Market, 2018–2025, By Value
Figure 16 HEV to Be the Largest Segment of Market, 2018 vs. 2022 vs. 2025, By Value
Figure 17 Market Dynamics: Usage-based Insurance Market for Automotive
Figure 18 On-Highway Telematics Services, 2017 vs. 2019 vs. 2022 (USD Billion)
Figure 19 Number of Connected Cars, By Region, 2017 vs. 2022 vs. 2025 (Million Units)
Figure 20 Vehicle Sales, By Region, 2012—2017 (Million Units)
Figure 21 Vehicle Parc, By Region, 2012–2017 (Million Units)
Figure 22 Impact of Usage-based Insurance on the Automotive Ecosystem
Figure 23 Usage-based Insurance Market, By Package Type, 2018 vs 2022 vs 2025 (USD Million)
Figure 24 Market, By Technology, 2018 vs 2022 vs 2025 (USD Million)
Figure 25 Market, By Vehicle Type, 2018 vs 2022 vs 2025 (USD Million)
Figure 26 Market, By Vehicle Age, 2018 vs 2022 vs 2025 (USD Million)
Figure 27 Market, By Device Offering Type, 2018 vs 2022 vs 2025 (USD Million)
Figure 28 Market for Automotive, By Electric and Hybrid Vehicle, 2018 vs. 2022 vs. 2025 (USD Million)
Figure 29 Market for Automotive, By Region, 2018 vs. 2022 vs. 2025 (USD Billion)
Figure 30 Asia Oceania: Market for Automotive, By Country, 2018 vs 2022 vs 2025 (USD Million)
Figure 31 North America: Market Snapshot
Figure 32 EME: Market for Automotive Snapshot
Figure 33 Companies Adopted Expansions as the Key Growth Strategy From 2013 to 2018
Figure 34 Automotive Market Ranking Analysis in 2017
Figure 35 Usage-based Insurance Market, Cost Breakup By Industry Participants
Figure 36 Progressive Corporation: Company Snapshot
Figure 37 SWOT Analysis: Progressive Corporation
Figure 38 Vodafone: Company Snapshot
Figure 39 SWOT Analysis: Vodafone
Figure 40 Allstate: Company Snapshot
Figure 41 SWOT Analysis: Allstate
Figure 42 SWOT Analysis: Octo Telematics
Figure 43 Tomtom: Company Snapshot
Figure 44 SWOT Analysis: Tomtom
Figure 45 Allianz: Company Snapshot
Figure 46 AXA: Company Snapshot
Figure 47 Liberty Mutual: Company Snapshot
Figure 48 Verizon: Company Snapshot

Note: Product cover images may vary from those shown
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  • AXA
  • Allianz
  • Allstate
  • Assicurazioni Generali
  • Cambridge Mobile Telematics
  • Inseego
  • Insure the Box
  • Intelligent Mechatronic Systems
  • Liberty Mutual
  • Mapfre
  • Metromile
  • Modus Group
  • Movitrack Viasat
  • Octo Telematics
  • Progressive Corporation
  • Sierra Wireless
  • The Floow
  • Tomtom
  • Truemotion
  • Unipolsai Assicurazioni
  • Verizon
  • Vodafone
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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