Market Overview:
The global automotive UBI market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to various factors such as the increasing demand for usage-based insurance, rising awareness about safety and security features in vehicles, and growing penetration of telematics-enabled cars. Based on type, the global automotive UBI market is segmented into odometer data-based UBI, GPS data-based UBI, and others. The odometer data-based segment is expected to hold a major share of the global automotive UBI market during the forecast period owing to its low installation cost and easy operability. However, with advancements in technology such as GPS tracking systems and big data analytics, there is an increasing trend towards adoption of GPS data-based UBI solutions among consumers worldwide. This is mainly due to benefits such as real-time monitoring of driving behavior and better risk assessment offered by these solutions over traditional odometer readings based systems. Based on application, the global automotive UBI market is segmented into compact car segments; mid size car segments; full size car segments; SUV/crossover segments; other vehicle types (trucks & buses); and commercial fleet vehicles).
 Industry Outlook.svg)
Product Definition:
Usage-based insurance (UBI) is a type of automobile insurance that charges premiums based on how much a vehicle is driven. UBI typically uses GPS or telematics devices to track mileage, time of day, and driving habits. This information is then used to calculate the premium.
Odometer Data Based:
Odometer data is the record of vehicle mileage and its accumulation through GPS tracking. The odometer reading is a precise measurement of how far a car has travelled since the last time it was reset. It can be used for several applications such as fuel efficiency rating, road tax calculation, car rental/leasing or towing capacity, etc. However, in recent years this data has been increasingly being used for another important application i.e.
GPS data based:
GPS data is used by automotive insurance companies for assessing the driver's risk and accordingly provide auto insurance premium. The UBI market has gained significant traction in developed countries such as the U.S., Germany, and Japan owing to high internet penetration along with a large number of smartphone users.
Application Insights:
The other application segment includes premium compact car, mid-size car, full- size car and SUV/ crossover. The usage based insurance for these vehicles is expected to gain traction over the forecast period as compared to the UBI schemes offered by some of the major automotive manufacturers in various countries such as Japan, Germany and China due to several factors such as higher risk associated with these vehicles on roads resulting in a higher number of claims.
The scheme has been made operational across various countries including India, Netherlands, Spain and Italy among others. In terms of revenue too it is expected to be one of the prominent segments owing to its high penetration across North America and Europe regions by 2030.
Regional Analysis:
North America is expected to be the key regional market over the forecast period owing to several factors such as high vehicle penetration, technological advancements, and stringent regulations. The region accounted for more than 50% of global sales in 2017. Moreover, it is anticipated that by 2030 UBI will account for more than 80% of premium revenue in this market.
Asia Pacific is projected to be one of the fastest-growing regions with a CAGR exceeding 6% from 2018 to 2030 owing to increasing automobile sales and insurance penetration in emerging countries such as China and India. Furthermore, favorable government initiatives are also expected drive growth over the next eight years.
Growth Factors:
- Increasing demand for convenience and flexibility in insurance policies:
- Proliferation of connected cars:
- Rising awareness about safety features in cars:
Scope Of The Report
Report Attributes
Report Details
Report Title
Automotive UBI (Usage-based Insurance) Market Research Report
By Type
Odometer Data Based, GPS data based, Others
By Application
Compact Car, Mid-size Car, Full-size Car, SUV/Crossover, Other
By Companies
Allianz, AXA, Progressive, Generali Group, Insure The Box Ltd, Allstate, Desjardins, Metromile, Liberty Mutual, Aviva, Allianz, Ageas
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
214
Number of Tables & Figures
150
Customization Available
Yes, the report can be customized as per your need.
Global Automotive UBI (Usage-based Insurance) Market Report Segments:
The global Automotive UBI (Usage-based Insurance) market is segmented on the basis of:
Types
Odometer Data Based, GPS data based, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Compact Car, Mid-size Car, Full-size Car, SUV/Crossover, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Allianz
- AXA
- Progressive
- Generali Group
- Insure The Box Ltd
- Allstate
- Desjardins
- Metromile
- Liberty Mutual
- Aviva
- Allianz
- Ageas
 Market Overview.svg)
Highlights of The Automotive UBI (Usage-based Insurance) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Odometer Data Based
- GPS data based
- Others
- By Application:
- Compact Car
- Mid-size Car
- Full-size Car
- SUV/Crossover
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Automotive UBI (Usage-based Insurance) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
 Market Statistics.svg)
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Automotive UBI is a type of insurance that would be offered to drivers in the form of a subscription service. The service would monitor how often and for what purposes drivers use their vehicles, and would then offer discounts or other benefits based on those usage patterns.
Some of the key players operating in the automotive ubi (usage-based insurance) market are Allianz, AXA, Progressive, Generali Group, Insure The Box Ltd, Allstate, Desjardins, Metromile, Liberty Mutual, Aviva, Allianz, Ageas.
The automotive ubi (usage-based insurance) market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Automotive UBI (Usage-based Insurance) Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Automotive UBI (Usage-based Insurance) Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Automotive UBI (Usage-based Insurance) Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Automotive UBI (Usage-based Insurance) Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Automotive UBI (Usage-based Insurance) Market Size & Forecast, 2020-2028
4.5.1 Automotive UBI (Usage-based Insurance) Market Size and Y-o-Y Growth
4.5.2 Automotive UBI (Usage-based Insurance) Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Odometer Data Based
5.2.2 GPS data based
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Compact Car
6.2.2 Mid-size Car
6.2.3 Full-size Car
6.2.4 SUV/Crossover
6.2.5 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Automotive UBI (Usage-based Insurance) Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Automotive UBI (Usage-based Insurance) Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Odometer Data Based
9.6.2 GPS data based
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Compact Car
9.10.2 Mid-size Car
9.10.3 Full-size Car
9.10.4 SUV/Crossover
9.10.5 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Odometer Data Based
10.6.2 GPS data based
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Compact Car
10.10.2 Mid-size Car
10.10.3 Full-size Car
10.10.4 SUV/Crossover
10.10.5 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Odometer Data Based
11.6.2 GPS data based
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Compact Car
11.10.2 Mid-size Car
11.10.3 Full-size Car
11.10.4 SUV/Crossover
11.10.5 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Odometer Data Based
12.6.2 GPS data based
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Compact Car
12.10.2 Mid-size Car
12.10.3 Full-size Car
12.10.4 SUV/Crossover
12.10.5 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Odometer Data Based
13.6.2 GPS data based
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Compact Car
13.10.2 Mid-size Car
13.10.3 Full-size Car
13.10.4 SUV/Crossover
13.10.5 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Automotive UBI (Usage-based Insurance) Market: Competitive Dashboard
14.2 Global Automotive UBI (Usage-based Insurance) Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Allianz
14.3.2 AXA
14.3.3 Progressive
14.3.4 Generali Group
14.3.5 Insure The Box Ltd
14.3.6 Allstate
14.3.7 Desjardins
14.3.8 Metromile
14.3.9 Liberty Mutual
14.3.10 Aviva
14.3.11 Allianz
14.3.12 Ageas
