Global Automotive Usage-Based Insurance Market | Use of Smartphone-enabled Programs to Boost the Market Growth
October 10, 2020
The global automotive usage-based insurance market size is poised to grow by 37.25 million units during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Automotive Usage-Based Insurance Market 2020-2024 (Graphic: Business Wire)
The growth in smartphone-enabled programs and their usage will be a significant factor driving the growth of the automotive usage-based insurance market. Automotive OEMs are increasingly collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. The growing demand for electric vehicle (EVs) has also encouraged the development of applications that allow consumers to connect their smartphones with their cars to check the real-time status of vehicle batteries. These factors coupled with the rising penetration of smartphones have resulted in the development of app-based UBI systems for the automotive industry. Hence, the increasing use of smartphone-enabled programs will fuel the growth of the automotive usage-based insurance market during the forecast period.
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The major automotive usage-based insurance market growth came from the pay-how-you-drive (PHYD) pricing scheme segment. The premium in the pay-how-you-drive (PHYD) pricing scheme is calculated based on the driving behavior of the driver. Continuous growth in vehicle ownership, an increase in customer demand for vehicles, advancement in technology, and increased availability of data are some of the factors driving the growth of the automotive usage-based insurance market in this segment.
North America will offer maximum growth opportunities to market vendors during the forecast period. The bundling of UBI with other telematics service providers and data pooling will have a positive influence on the growth of the automotive usage-based insurance market in this region.
The global automotive usage-based insurance market is concentrated. Allianz SE, AXA Group, Liberty Mutual Holding Co. Inc., OCTO Group Spa, Sierra Wireless Inc., The Progressive Corp., Trak Global Group, Verizon Communications Inc., Vodafone Group Plc, and Watchstone Group Plc. are some of the major market participants. To help clients improve their market position, this automotive usage-based insurance market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global automotive usage-based insurance market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/automotive-usage-based-insurance-market-industry-analysis
Rising Adoption of Ethernet Connectivity to Support Advanced Functions in Vehicles will be a Key Market Trend
The increase in LTE data connections in cars to support Ethernet adoption will be one of the critical automotive usage-based insurance market trends contributing to market growth. The demand for high internet connectivity to support the seamless operation of safety systems such as ADAS and entertainment systems in connected cars is increasing. Automotive manufacturers are focusing on the development and installation of sophisticated in-vehicle electronics that require high internet connectivity. This rising adoption of Ethernet connectivity to support advanced functions in vehicles is expected to have a positive influence on the growth of the automotive UBI market.
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CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist automotive usage-based insurance market growth during the next five years
Estimation of the automotive usage-based insurance market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the automotive usage-based insurance market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of automotive usage-based insurance market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
Market segmentation analysis
PART 04: MARKET SIZING
Market sizing 2019
Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
PART 06: CUSTOMER LANDSCAPE
PART 07: GEOGRAPHIC LANDSCAPE
Europe Market size and forecast 2019-2024
North America Market size and forecast 2019-2024
APAC Market size and forecast 2019-2024
Key leading countries
PART 08: MARKET SEGMENTATION BY PRICING SCHEME
Market segmentation by pricing scheme
Comparison by pricing scheme
Pay-how-you-drive (PHYD) Market size and forecast 2019-2024
Pay-as-you-drive (PAYD) Market size and forecast 2019-2024
Manage-how-you-drive (MHYD) Market size and forecast 2019-2024
Market opportunity by pricing scheme
PART 09: MARKET SEGMENTATION BY APPLICATION
Market segmentation by application
Automotive embedded UBI market
Automotive app-based UBI market
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
PART 12: MARKET TRENDS
Shared data plans to reduce the number of data subscriptions per user
Big data platforms provided by connected cars to push further
developments in UBI
Growing LTE data connections in cars to support ethernet adoption
PART 13: VENDOR LANDSCAPE
PART 14: VENDOR ANALYSIS
Market positioning of vendors
Liberty Mutual Holding Co. Inc.
OCTO Group Spa
Sierra Wireless, Inc.
The Progressive Corp.
Trak Global Group
Verizon Communications Inc.
Vodafone Group Plc
Watchstone Group Plc
PART 15: APPENDIX
List of abbreviations
Definition of market positioning of vendors
PART 16: EXPLORE TECHNAVIO
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201009005433/en/