Press Releases

The global automotive usage-based insurance (UBI) market is estimated to be USD 40.3 billion in 2023 and is predicted to reach USD 95.7 billion by 2030, growing at a CAGR of 18.8 % during the forecast period.

 

Rapidly evolving telematics technique and increasing government regulation on telematics are the key trends that are expected to bolster the growth of global automotive usage-based insurance (UBI) market. The technological advancement being undertaken in telematics technique is used in order to closely monitor the behavior of automotive insurance customers. Furthermore, with the help of this technique insurance providers are able to depict the actual picture of the driving of their clients.  

 

Light-duty vehicle (LDV) segment is expected to account the larger market share by 2030

On the basis of vehicle type, the global automotive usage-based (UBI) insurance market is subdivided into Heavy-duty Vehicle (HDV) and Light-duty Vehicle (LDV). Amongst these segments, light-duty vehicle (LDV) is anticipated to generate larger revenue by 2030 due to increasing demand observed for LDVs equipped telematics-based platforms in order to monitor driving habit of the clients in order to prevent any sudden failures.

Global Automotive Usage-Based Insurance (UBI) Market Segmentation and Key Players

Segment / Key Players	Categorization
Technology	Black Box, OBD-II, Embedded, Smartphone and Others
Package Type	Pay-How-You-Drive (PHYD), Pay-As-You-Drive (PAYD) and Manage-How-You-Drive (MHYD)
Vehicle Type	Heavy-duty Vehicle (HDV) and Light-duty Vehicle (LDV)), By Device Offering (Company Provided and Bring Your Own Device (BYOD)
Vehicle Age	On-Road Vehicle and New Vehicle), by Electric & Hybrid Vehicle (Hybrid Electric Vehicle (HEV), Plug-in Hybrid Vehicle (PHEV) and Battery Electric Vehicle (BEV)
Key Players	UnipolSai Assicurazioni S.p.A, Danlaw, Assicurazioni Generali S.P.A, Allianz SE, Mapfre, S.A, Desjardins Group, Octo Technology Nationwide, Cambridge Mobile Telematics, Liberty Mutual Insurance, Progressive Casualty Insurance Company, Allstate Insurance Company, Intelligent Mechatronic Systems Inc., Vodafone Automotive S.p.A, State Farm Mutual Automobile Insurance Company, Metromile Inc., AXA, TomTom International BV, Sierra Wireless, Zubie, Inc., and Insure The Box Limited.

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Geography Insight

Geographically, North America is the largest revenue contributor in automotive usage-based insurance market due to high popularity of mobility as a service along with extensive collaborations between insurance and telematics companies. Furthermore, these companies are enhancing their solution offers and are providing improved schemes and packages to the insurance providers.

 

Moreover, automotive-based insurance (UBI) market in Asia-pacific is expected to witness highest CAGR during the forecast period due to increasing acceptance of telematics and IoT in Japan, China, India and South Korea.

 

Competitive Insight

Some of the key players operating in the global automotive usage-based insurance (UBI) market include UnipolSai Assicurazioni S.p.A, Danlaw, Assicurazioni Generali S.P.A, Allianz SE, Mapfre, S.A, Desjardins Group, Octo Technology Nationwide, Cambridge Mobile Telematics, Liberty Mutual Insurance, Progressive Casualty Insurance Company, Allstate Insurance Company, Intelligent Mechatronic Systems Inc., Vodafone Automotive S.p.A, State Farm Mutual Automobile Insurance Company, Metromile Inc., AXA, TomTom International BV, Sierra Wireless, Zubie, Inc., and Insure The Box Limited.

 

The report provides the market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue (USD Million). The report segments the global automotive usage-based insurance (UBI) market on the basis of Technology, Package Type, Vehicle Type, Device Offering, Vehicle Age, Electric & Hybrid Vehicle, and Region.

 

Global Automotive Usage-Based Insurance (UBI) Market Coverage

Technology Insight and Forecast 2025 – 2030

• Black Box
• OBD-II
• Embedded
• Smartphone
• Others

 

Package Type Insight and Forecast 2025 – 2030

• Pay-How-You-Drive (PHYD)
• Pay-As-You-Drive (PAYD)
• Manage-How-You-Drive (MHYD)

 

Vehicle Type Insight and Forecast 2025 – 2030

• Heavy-duty Vehicle (HDV)
•  Light-duty Vehicle (LDV)

 

Device Offering Insight and Forecast 2025 – 2030

• Company Provided
• Bring Your Own Device (BYOD)

 

Vehicle Age Insight and Forecast 2025 – 2030

• On-Road Vehicle
• New Vehicle

 

Electric & Hybrid Vehicle Insight and Forecast 2025 – 2030

• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Vehicle (PHEV)
• Battery Electric Vehicle (BEV)

 

Geographical Segmentation

Automotive Usage-Based Insurance (UBI) Market by Region

 

North America

• By Technology
• By Package Type
• By Vehicle Type
• By Device Offering
• By Vehicle Age
• Electric & Hybrid Vehicle
• By Country – U.S., Canada, and Mexico

 

Europe

• By Technology
• By Package Type
• By Vehicle Type
• By Device Offering
• By Vehicle Age
• Electric & Hybrid Vehicle
• By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

 

Asia-Pacific (APAC)

• By Technology
• By Package Type
• By Vehicle Type
• By Device Offering
• By Vehicle Age
• Electric & Hybrid Vehicle
• By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

 

Rest of the World (RoW)

• By Technology
• By Package Type
• By Vehicle Type
• By Device Offering
• By Vehicle Age
• Electric & Hybrid Vehicle
• By Country – Brazil, South Africa, Saudi Arabia, U.A.E., and Other Countries

 

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