Report Detail
Europe Automotive Usage-Based Insurance (UBI) Market to 2027 - Regional Analysis and Forecasts by Technology Fitted (Smartphones, Black Box, and Dongles); and Policy Type (Pay-As-You-Drive and Pay-How-You-Drive)
- RnM3599573 |
- 16 July, 2019 |
- Global |
- 112 Pages |
- The Insight Partners |
- Other
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.
TABLE OF CONTENTS
1. Introduction
- 1.1 Scope of the Study
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
- 1.3.1 Europe Automotive UBI Market – By Technology Fitted
- 1.3.2 Europe Automotive UBI Market – By Policy Type
- 1.3.3 Europe Automotive UBI Market – By Geography
2. Key Takeaways
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Automotive UBI Market Landscape
- 4.1 Market overview
- 4.2 Ecosystem Analysis
- 4.3 Europe - PEST Analysis
5. Automotive UBI Market – Key Industry Dynamics
- 5.1 Key Market Drivers
- 5.1.1 Rising Trend of Mobility-as-a-Service (MaaS)
- 5.1.2 Wide-Range of Insurance Premiums is Boosting the Demand
- 5.2 Key Market Restraints
- 5.2.1 Lack of Usage-Based Insurance Awareness in Developing Countries
- 5.3 Key Market Opportunities
- 5.3.1 Significant Partnerships Among the Insurance Companies and Telematics Companies
- 5.4 Future Trends
- 5.4.1 Cutting-Edge Telematics Technologies to boost the demand of UBI
- 5.5 Impact Analysis of Drivers and restraints
6. Automotive UBI – Europe Market Analysis
- 6.1 Europe Automotive UBI Market Overview
- 6.2 Europe Automotive UBI Market Forecast and Analysis
7. Europe Automotive UBI Market Revenue And Forecasts To 2027 –Technology Fitted
- 7.1 Overview
- 7.2 Europe Technology Fitted Market Forecasts and Analysis
- 7.3 Smartphones
- 7.3.1 Overview
- 7.3.2 Europe Smartphones Automotive UBI Market Forecasts and Analysis
- 7.4 Black Box
- 7.4.1 Overview
- 7.4.2 Europe Black Box Automotive UBI Market Forecasts and Analysis
- 7.5 Dongles
- 7.5.1 Overview
- 7.5.2 Europe Dongles Automotive UBI Market Forecasts and Analysis
- 7.6 Others
- 7.6.1 Overview
- 7.6.2 Europe Others Automotive UBI Market Forecasts and Analysis
8. Europe Automotive UBI Market Revenue And Forecasts To 2027 – By Policy Type
- 8.1 Overview
- 8.2 Europe Policy Type Market forecasts and analysis
- 8.3 Pay-as-you-Drive (PAYD)
- 8.3.1 Overview
- 8.3.2 Europe PAYD Market forecasts and analysis
- 8.4 Pay-how-you-Drive (PHYD)
- 8.4.1 Overview
- 8.4.2 Europe PHYD Market forecasts and analysis
9. Europe Automotive UBI Market– Country Analysis
- 9.1 Overview
- 9.1.1 Europe Automotive UBI Market Breakdown by Key Countries
- 9.1.1.1 UK Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
- 9.1.1.1.1 UK Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
- 9.1.1.1.2 UK Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
- 9.1.1.2 Germany Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
- 9.1.1.2.1 Germany Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
- 9.1.1.2.2 Germany Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
- 9.1.1.3 Italy Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
- 9.1.1.3.1 Italy Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
- 9.1.1.3.2 Italy Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
- 9.1.1.4 Rest of Europe Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
- 9.1.1.4.1 Rest of Europe Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
- 9.1.1.4.2 Rest of Europe Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
10. Industry Landscape
- 10.1 Market Initiative
- 10.2 Merger and Acquisition
- 10.3 New Development
11. Automotive UBI Market- Key Company Profiles
- 11.1 Allstate Insurance Company
- 11.1.1 Key Facts
- 11.1.2 Business Description
- 11.1.3 Product & Services
- 11.1.4 Financial Overview
- 11.1.5 SWOT Analysis
- 11.1.6 Key Developments
- 11.2 Allianz SE
- 11.2.1 Key Facts
- 11.2.2 Business Description
- 11.2.3 Products & Services
- 11.2.4 Financial Overview
- 11.2.5 SWOT Analysis
- 11.2.6 Key Developments
- 11.3 Octo Telematics S.p.a
- 11.3.1 Key Facts
- 11.3.2 Business Description
- 11.3.3 Products & Services
- 11.3.4 Financial Overview
- 11.3.5 SWOT Analysis
- 11.3.6 Key Developments
- 11.4 Vodafone Automotive S.p.a
- 11.4.1 Key Facts
- 11.4.2 Business Description
- 11.4.3 Products & Services
- 11.4.4 Financial Overview
- 11.4.5 SWOT Analysis
- 11.4.6 Key Developments
- 11.5 AXA SA
- 11.5.1 Key Facts
- 11.5.2 Business Description
- 11.5.3 Products & Services
- 11.5.4 Financial Overview
- 11.5.5 SWOT Analysis
- 11.5.6 Key Developments
- 11.6 INGENIE SERVICES LIMITED
- 11.6.1 Key Facts
- 11.6.2 Business Description
- 11.6.3 Products & Services
- 11.6.4 Financial Overview
- 11.6.5 SWOT Analysis
- 11.6.6 Key Developments
- 11.7 Liberty Mutual Insurance Company
- 11.7.1 Key Facts
- 11.7.2 Business Description
- 11.7.3 Products & Services
- 11.7.4 Financial Overview
- 11.7.5 SWOT Analysis
- 11.7.6 Key Developments
- 11.8 TomTom Telematics Bv.
- 11.8.1 Key Facts
- 11.8.2 Business Description
- 11.8.3 Products and Services
- 11.8.4 Financial Overview
- 11.8.5 SWOT Analysis
- 11.8.6 Key Developments
- 11.9 Sierra Wireless, Inc.
- 11.9.1 Key Facts
- 11.9.2 Business Description
- 11.9.3 Products & Services
- 11.9.4 Financial Overview
- 11.9.5 SWOT Analysis
- 11.9.6 Key Developments
- 11.10 Unipolsai Assicurazioni S.p.A.
- 11.10.1 Key Facts
- 11.10.2 Business Description
- 11.10.3 Products and Services
- 11.10.4 Financial Overview
- 11.10.5 SWOT Analysis
- 11.10.6 Key Developments
12. Appendix
- 12.1 About The Insight Partners
- 12.2 Glossary of Terms
- 9.1.1 Europe Automotive UBI Market Breakdown by Key Countries
Summary:
Get latest Market Research Reports on Europe Automotive Usage-Based Insurance (UBI) . Industry analysis & Market Report on Europe Automotive Usage-Based Insurance (UBI) is a syndicated market report, published as Europe Automotive Usage-Based Insurance (UBI) Market to 2027 - Regional Analysis and Forecasts by Technology Fitted (Smartphones, Black Box, and Dongles); and Policy Type (Pay-As-You-Drive and Pay-How-You-Drive). It is complete Research Study and Industry Analysis of Europe Automotive Usage-Based Insurance (UBI) market, to understand, Market Demand, Growth, trends analysis and Factor Influencing market.
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