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Europe Automotive Usage -Based Insurance Market to 2027 - Regional Analysis and Forecasts by Technology Fitted; and Policy Type

Europe Automotive Usage -Based Insurance Market to 2027 - Regional Analysis and Forecasts by Technology Fitted; and Policy Type

  • June 2019
  • 112 pages
  • ID: 5794713
  • Format: PDF
  • By The Insight Partners

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The Europe automotive UBI market accounted for US$ 6.00 Bn in 2018 and is expected to grow at a CAGR of 24.6% over the forecast period 2019-2027, to account for US$ 43.30 Bn in 2027. The rising trend of mobility-as-a-service (MaaS) and wide-range of insurance premiums are the key drivers that is propelling the growth of the automotive UBI market. Moreover, the significant partnerships among the insurance companies and telematics companies are expected to boost the automotive UBI market growth in the forecast period. The recent innovation in the automotive insurance sector, i.e., UBI is rapidly gaining pace in the developed countries and developing countries. The market place is witnessing the rising number of auto insurers opting for these advanced solutions, which is catering the market to propel over the years. These auto insurers offer a wide variety of insurance policies to customers such as, pay as you drive (PAYD), pay how you drive (PHYD), and pay as you speed (PAYS). The pay as you drive (PAYD) or pay as you go (PAYG) calculate the insurance premium depending on the mileage the vehicle traveled within a stipulated time. Moreover, various companies operating in the UBI market are also offering young driver insurance policies. Under these policies, the companies calculate the premium amount based on the driving quality of the young drivers, who fall within an age group of 17 to 25 years. The various type of insurance premium policies offered by the auto insurers is attracting the consumers who are triggering the growth of the UBI market in the current scenario. Further, the automotive UBI market players are focusing on various initiatives to enhance their capabilities and boost its position in the market.
The automotive UBI market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years.In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the automotive UBI market further.

For instance, The European Government introduced eCall, a mandate designed to bring rapid support to motorists in the event of an accident, giving telematics an expansion.All new cars should be fitted with a telematics control unit enabled to make emergency calls.

This provides carmakers with an opportunity to integrate value-added services, including UBI.Further, the UK government initiative, the Centre for Connected and Autonomous Vehicles had recently provided £30 million of funds for the development of connected and autonomous vehicle in the country.

The growth in connected vehicles is expected to bolster the growth of automotive UBI market in the future. These initiative provide various benefits to the automotive UBI based companies located in the region, thus, increasing the growth of the automotive UBI market.

On the basis of technology, the dongles segment is leading automotive UBI market and is expected to continue the dominance during the forecast period.Dongles, commonly known as onboard devices (OBD), are a type of telematics hardware.

They are provided to customers’ either by the insurance company or third-party providers.Generally, they are owned by the insurance companies themselves.

Dongles are plugged into the vehicle’s onboard computer to capture real-time data around particular events.Dongles are capable of measuring almost every required behavior from acceleration to braking pattern, to speeding and crashes.

Dongles are considered as a reliable solution to access data. However, it has several drawbacks including, collection of less detailed information, and drivers’ inability to install the device on their own.
The overall automotive UBI market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the automotive UBI market.

It also provides an overview and forecast for the automotive UBI market based on all the segmentation provided with respect to the Europe region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.

The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the automotive UBI market. Some of the players present in automotive UBI market are Allstate Insurance Company, Allianz SE, Unipolsai Assicurazioni S.p.A., Octo Telematics S.p.A, Vodafone Automotive S.P.A, AXA SA, Liberty Mutual Insurance Company, TomTom Telematics BV, Sierra Wireless, Inc., and Unipolsai Assicurazioni S.p.A. among others.

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