Asia Pacific 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)
Publication Month: Jun 2019
Report Code: TIPRE00005461 No. of Pages: 115 Category: Automotive and Transportation Status: Published
Automotive UBI market in the Asia Pacific is expected to grow from US$ 1.71 Bn in 2018 to US$ 13.57 Bn by the year 2027 with a CAGR of 25.9% from the year 2019 to 2027.
The increasing demand for mobility-as-a-service (MaaS) and various type of insurance premium policies are boosting the growth of the automotive UBI market. Moreover, the strategic partnerships among insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. In the last few years, the consumer behavior towards intercity and intracity transit has been transformed to a newer level. A significant percentage of travelers across the globe are no more willing to drive their own vehicles with an objective to avoid traffic. This has given rise to various other transit practices such as car sharing and ride-hailing in developed countries and developing countries. These practices are known as mobility as a service as the consumer avails the vehicle and the driver from a third party service provider. Mobility-as-a-Service aims to provide the consumer with end-to-end transportation with the use of different modes of transportation, thereby making substantial use of the existing transportation infrastructure in an area. The increasing traction of MaaS among the consumers is leading the third party service providers to procure increased count of vehicles so as to enhance the customer experience. With the rise in MaaS in these geographies, there has been a remarkable rise in the number of young drivers, who indulge themselves in rash driving, causing fatal accidents. With an objective to reduce vehicular accidents, several telematics providers and insurance companies are partnering with each other to develop advanced and robust insurance solutions. This is further pacing up the automotive UBI market in the current scenario. Another factor boosting the automotive UBI market through mobility-as-a-service is the rising trend of car sharing and ride-hailing in the developing regions such as India, Singapore, Malaysia, Australia, and Japan, among others.
The black box segment is one of the leading technology with the second highest market share in the Asia Pacific automotive UBI market. Moreover, the black box segment is anticipated to boost its dominance in the forecast period with the highest market share. A black box is a small device that is installed in the customer’s car to measure vehicle location, speed, driving frequency, distance traveled, and time of the day or night during the travel time. Further, other driving behaviors can also be measured, which includes monitoring braking and cornering. This helps in building a comprehensive profile of the driver. The data gathered on driving behaviors provides information on how safe the driving pattern is. This information is then converted into a score that is used by the car insurance provider for creating a customized premium for the driver. Also, an insurance provider can reward a driver securing a high score with a lower premium rate. However, issues related to data privacy is a major concern among customers’. Sharing personally identifiable information of customers’ gathered from black boxes with third parties such as law enforcement agencies or banks may result in the invasion of privacy. This may hinder the automotive UBI market growth to a certain extent.
China dominated the automotive UBI market in 2018 and is anticipated to continue its dominance in the market across the Asia Pacifica region through the forecast period. Some of the countries that are expected to witness growth in the near future include Australia, Singapore, India, and Japan, among others. The figure given below highlights the revenue share of the Canada in the Asia Pacifica automotive UBI market in the forecast period:
ASIA PACIFIC AUTOMOTIVE UBI MARKET SEGMENTATION
By Technology Fitted
By Policy Type
By Country
Automotive UBI Market - Companies Mentioned
The increasing demand for mobility-as-a-service (MaaS) and various type of insurance premium policies are boosting the growth of the automotive UBI market. Moreover, the strategic partnerships among insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. In the last few years, the consumer behavior towards intercity and intracity transit has been transformed to a newer level. A significant percentage of travelers across the globe are no more willing to drive their own vehicles with an objective to avoid traffic. This has given rise to various other transit practices such as car sharing and ride-hailing in developed countries and developing countries. These practices are known as mobility as a service as the consumer avails the vehicle and the driver from a third party service provider. Mobility-as-a-Service aims to provide the consumer with end-to-end transportation with the use of different modes of transportation, thereby making substantial use of the existing transportation infrastructure in an area. The increasing traction of MaaS among the consumers is leading the third party service providers to procure increased count of vehicles so as to enhance the customer experience. With the rise in MaaS in these geographies, there has been a remarkable rise in the number of young drivers, who indulge themselves in rash driving, causing fatal accidents. With an objective to reduce vehicular accidents, several telematics providers and insurance companies are partnering with each other to develop advanced and robust insurance solutions. This is further pacing up the automotive UBI market in the current scenario. Another factor boosting the automotive UBI market through mobility-as-a-service is the rising trend of car sharing and ride-hailing in the developing regions such as India, Singapore, Malaysia, Australia, and Japan, among others.
The black box segment is one of the leading technology with the second highest market share in the Asia Pacific automotive UBI market. Moreover, the black box segment is anticipated to boost its dominance in the forecast period with the highest market share. A black box is a small device that is installed in the customer’s car to measure vehicle location, speed, driving frequency, distance traveled, and time of the day or night during the travel time. Further, other driving behaviors can also be measured, which includes monitoring braking and cornering. This helps in building a comprehensive profile of the driver. The data gathered on driving behaviors provides information on how safe the driving pattern is. This information is then converted into a score that is used by the car insurance provider for creating a customized premium for the driver. Also, an insurance provider can reward a driver securing a high score with a lower premium rate. However, issues related to data privacy is a major concern among customers’. Sharing personally identifiable information of customers’ gathered from black boxes with third parties such as law enforcement agencies or banks may result in the invasion of privacy. This may hinder the automotive UBI market growth to a certain extent.
China dominated the automotive UBI market in 2018 and is anticipated to continue its dominance in the market across the Asia Pacifica region through the forecast period. Some of the countries that are expected to witness growth in the near future include Australia, Singapore, India, and Japan, among others. The figure given below highlights the revenue share of the Canada in the Asia Pacifica automotive UBI market in the forecast period:
Exhibit: Rest of Asia Pacific Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
ASIA PACIFIC AUTOMOTIVE UBI MARKET SEGMENTATION
By Technology Fitted
• Smartphones
• Black Box
• Dongles
• Others
By Policy Type
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
By Country
• China
• Australia
• Singapore
• Rest of APAC
Automotive UBI Market - Companies Mentioned
• Allianz SE
• Assicurazioni Generali S.p.A.
• AXA SA
• Liberty Mutual Insurance Company
• MS&AD Insurance Group Holdings, Inc.
• Octo Telematics S.p.A
• Sierra Wireless, Inc.
• TomTom Telematics BV
• Unipolsai Assicurazioni S.p.A.
• Vodafone Automotive S.P.A.
PART 1. iNTRODUCTION
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market segmentation
1.3.1 Asia Pacific Automotive UBI Market – By Technology Fitted
1.3.2 Asia Pacific Automotive UBI Market – By Policy Type
1.3.3 Asia Pacific Automotive UBI Market – By Country
PART 2. key takeaways
PART 3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
PART 4. Automotive UBI market landscape
4.1 Market overview
4.2 ecosystem aNALYSIS
4.3 Asia PAcific - pest analysis
PART 5. aUTOMOTIVE ubi market – key industry dynamics
5.1 key market drivers
5.1.1 Increasing Demand for Mobility-as-a-Service (MaaS)
5.1.2 Various type of insurance premium policies
5.2 Key market restraints
5.2.1 Less focus on creating awareness on usage-based insurance in emerging countries
5.3 key market opportunities
5.3.1 Strategic Partnerships among Insurance Companies and Telematics Companies
5.4 Future trends
5.4.1 Integration of advanced telematics technologies in the vehicles to accentuate the demand of UBI
5.5 impact analysis of Drivers and restraints
PART 6. automotive UBI – Asia Pacific market analysis
6.1 Asia Pacific Automotive UBI Market Overview
6.2 Asia Pacific Automotive UBI Market Forecast and Analysis
PART 7. Asia pacific automotive UBI market revenue and forecasts to 2027 –technology fitted
7.1 Overview
7.2 Asia Pacific technology fitted market forecasts and analysis
7.3 Smartphones
7.3.1 Overview
7.3.2 Asia Pacific Smartphones Automotive UBI market forecasts and analysis
7.4 black box
7.4.1 Overview
7.4.2 Asia Pacific Black Box Automotive UBI market forecasts and analysis
7.5 dongles
7.5.1 Overview
7.5.2 Asia Pacific Dongles Automotive UBI market forecasts and analysis
7.6 others
7.6.1 Overview
7.6.2 Asia Pacific Others Automotive UBI market forecasts and analysis
PART 8. asia pacific Automotive UBI market revenue and forecasts to 2027 – by policy type
8.1 Overview
8.2 asia pacific policy type market forecasts and analysis
8.3 PAY-as-you-drive (PAYD)
8.3.1 Overview
8.3.2 Asia Pacific PAYD market forecasts and analysis
8.4 pay-how-you-drive (PHYD)
8.4.1 Overview
8.4.2 Asia Pacific PHYD market forecasts and analysis
PART 9. Asia Pacific Automotive UBI market– Country ANalysis
9.1 Overview
9.1.1 Asia Pacific Automotive UBI market Breakdown by Key Countries
9.1.1.1 Australia Automotive UBI market Revenue and Forecasts to 2027 (US$ Mn)
9.1.1.1.1 Australia Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
9.1.1.1.2 Australia Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
9.1.1.2 China Automotive UBI market Revenue and Forecasts to 2027 (US$ Mn)
9.1.1.2.1 China Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
9.1.1.2.2 China Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
9.1.1.3 Singapore Automotive UBI market Revenue and Forecasts to 2027 (US$ Mn)
9.1.1.3.1 Singapore Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
9.1.1.3.2 Singapore Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
9.1.1.4 Rest of APAC Automotive UBI market Revenue and Forecasts to 2027 (US$ Mn)
9.1.1.4.1 Rest of APAC Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Technology Fitted
9.1.1.4.2 Rest of APAC Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn), by Policy Type
PART 10. Industry Landscape
10.1 Market Initiative
10.2 Merger and Acquisition
10.3 New Development
PART 11. Automotive UBI market- key company profiles
11.1 Assicurazioni Generali S.p.A.
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 MS&AD Insurance Group Holdings, Inc.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Product & Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 octo telematics 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 Vodafone Automotive spa
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 AXA sa
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
PART 12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
list of tables
TABLE 1. Asia Pacific Automotive UBI system Market Revenue and Forecasts to 2027 (US$ Mn)
TABLE 2. asia-pacific Automotive UBI market Revenue and Forecasts to 2027 – By Technology Fitted (US$ Mn)
TABLE 3. asia-pacific Automotive UBI market Revenue and Forecasts to 2027 – By Policy Type (US$ Mn)
TABLE 4. Australia Automotive UBI market Revenue and Forecasts to 2027 – By technology fitted (US$ Mn)
TABLE 5. Australia Automotive UBI market Revenue and Forecasts to 2027 – By policy type (US$ Mn)
TABLE 6. China Automotive UBI market Revenue and Forecasts to 2027 – By technology fitted (US$ Mn)
TABLE 7. China Automotive UBI market Revenue and Forecasts to 2027 – By policy type (US$ Mn)
TABLE 8. Singapore Automotive UBI market Revenue and Forecasts to 2027 – By technology fitted (US$ Mn)
TABLE 9. Singapore Automotive UBI market Revenue and Forecasts to 2027 – By policy type (US$ Mn)
TABLE 10. Rest of APAC Automotive UBI market Revenue and Forecasts to 2027 – By technology fitted (US$ Mn)
TABLE 11. Rest of APAC Automotive UBI market Revenue and Forecasts to 2027 – By policy type (US$ Mn)
TABLE 12. Glossary of Term: Automotive UBI Market
list of figures
FIGURE 1. Automotive UBI Market Segmentation
FIGURE 2. Automotive UBI Market by region
FIGURE 3. Asia-Pacific incremental growth Analysis, 2017-2027 (in US$ Mn)
FIGURE 4. ECOSYSTEM ANALYSIS
FIGURE 5. asia pacific – pest analysis
FIGURE 6. aUTOMOTIVE ubi Market Impact Analysis of Driver and Restraints
FIGURE 7. Asia Pacific Automotive UBI Market Forecast and Analysis
FIGURE 8. Asia Pacific automotive UBI Market Breakdown By technology fitted, 2018 & 2027 (%)
FIGURE 9. Asia Pacific smartphones Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 10. Asia Pacific black box Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 11. Asia Pacific dongles Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 12. Asia Pacific others Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 13. Asia Pacific Automotive UBI Market Breakdown By policy type, by revenue, 2018 & 2027 (%)
FIGURE 14. Asia Pacific PAYD Market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 15. Asia Pacific PHYD Market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 16. Asia Pacific Automotive UBI market Breakdown by Key Countries, 2018 & 2027 (%)
FIGURE 17. Australia Automotive UBI market Revenue and Forecasts to 2027 (US$ mn)
FIGURE 18. China Automotive UBI market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 19. singapore Automotive UBI market Revenue and Forecasts to 2027 (US$ Mn)
FIGURE 20. Rest of APAC Automotive UBI market Revenue and Forecasts to 2027 (US$ mn)
The List of Companies
- Allianz SE
- Assicurazioni Generali S.p.A.
- AXA SA
- Liberty Mutual Insurance Company
- MS&AD Insurance Group Holdings, Inc.
- Octo Telematics S.p.A
- Sierra Wireless, Inc.
- TomTom Telematics BV
- Unipolsai Assicurazioni S.p.A.
- Vodafone Automotive S.P.A
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific Automotive UBI market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific automotive UBI market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution