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)
Publication Month: Jun 2019
Report Code: TIPRE00005462 No. of Pages: 112 Category: Automotive and Transportation Status: Published
Automotive UBI market in Europe is expected to grow from US$ 6.01 Bn in 2018 to US$ 43.30 Bn by the year 2027 with a CAGR of 24.6% from the year 2019 to 2027.
The rising trend of mobility-as-a-service (MaaS) and wide-range of insurance premiums are boosting the growth of the automotive UBI market. Moreover, the significant partnerships among the insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. The UBI market is maturing substantially over the years in the countries, namely the US, Italy, and the UK. The insurance companies offering telematics insurance is constantly leveraging on various factors to enhance the solutions and deliver their customers with better schemes. One of the significant trends in the automotive UBI market is the increasing number of partnerships among telematics companies and insurance companies. These partnerships are nourishing the UBI ecosystems in various countries, and the same trend is anticipated to increase the market size in the coming years. For instance, Vodafone Automotive and Generali Spain to boost the telematics insurance sector in the Spanish automotive industry. Generali Spain is one of the leading insurance providers, and with this partnership, both the companies are expected to digitalize the vehicle insurance sector. Further, Allianz, a prominent insurance brokerage company, extended its partnership with Marmalade, a British insurance company. The agenda of this partnership was to offer the insurance policyholders a smart digital customer interaction platform through new mobile application and portal.
The PHYD segment is one of the leading policy types with the highest market share in the Europe automotive UBI market. UBI utilizes actual driver data for calculating the premiums, which are more discrete and precise than traditional methods. This results in potential savings to the customers’. The two basic types of automotive UBI include pay-as-you-drive (PAYD) and or pay-how-you-drive (PHYD). Each of these types is analyzed slightly different information to determine premium rates for customers’. The PHYD method of calculating UBI also helps in reducing accident frequency as the driver is cautious about driving behavior. Moreover, since the risk rate of an accident is high for young drivers, PHYD for teen drivers is resulting beneficial for society. PHYD is more mature than PAYD, contributing more comprehensive data to customers and insurers. Also, for insurers, PHYD offers benefits such as price accuracy, correction of risk misclassifications, enabling lower premiums, and fighting fraudulent claims, etc.
Italy dominated the automotive UBI market in 2018 and is anticipated to continue its dominance in the market across the European region through the forecast period. The automotive UBI market in Europe is dominated by Italy and the UK, however, acceptance in other markets are noticeably lower. Some of the countries that are expected to witness growth in the near future include Spain, France, Austria, Scandinavia, Benelux, Switzerland, and Germany, among others. The figure given below highlights the revenue share of the Canada in the European Automotive UBI market in the forecast period:
EUROPE AUTOMOTIVE UBI MARKET SEGMENTATION
By Technology Fitted
By Policy Type
By Country
Automotive UBI Market - Companies Mentioned
The rising trend of mobility-as-a-service (MaaS) and wide-range of insurance premiums are boosting the growth of the automotive UBI market. Moreover, the significant partnerships among the insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. The UBI market is maturing substantially over the years in the countries, namely the US, Italy, and the UK. The insurance companies offering telematics insurance is constantly leveraging on various factors to enhance the solutions and deliver their customers with better schemes. One of the significant trends in the automotive UBI market is the increasing number of partnerships among telematics companies and insurance companies. These partnerships are nourishing the UBI ecosystems in various countries, and the same trend is anticipated to increase the market size in the coming years. For instance, Vodafone Automotive and Generali Spain to boost the telematics insurance sector in the Spanish automotive industry. Generali Spain is one of the leading insurance providers, and with this partnership, both the companies are expected to digitalize the vehicle insurance sector. Further, Allianz, a prominent insurance brokerage company, extended its partnership with Marmalade, a British insurance company. The agenda of this partnership was to offer the insurance policyholders a smart digital customer interaction platform through new mobile application and portal.
The PHYD segment is one of the leading policy types with the highest market share in the Europe automotive UBI market. UBI utilizes actual driver data for calculating the premiums, which are more discrete and precise than traditional methods. This results in potential savings to the customers’. The two basic types of automotive UBI include pay-as-you-drive (PAYD) and or pay-how-you-drive (PHYD). Each of these types is analyzed slightly different information to determine premium rates for customers’. The PHYD method of calculating UBI also helps in reducing accident frequency as the driver is cautious about driving behavior. Moreover, since the risk rate of an accident is high for young drivers, PHYD for teen drivers is resulting beneficial for society. PHYD is more mature than PAYD, contributing more comprehensive data to customers and insurers. Also, for insurers, PHYD offers benefits such as price accuracy, correction of risk misclassifications, enabling lower premiums, and fighting fraudulent claims, etc.
Italy dominated the automotive UBI market in 2018 and is anticipated to continue its dominance in the market across the European region through the forecast period. The automotive UBI market in Europe is dominated by Italy and the UK, however, acceptance in other markets are noticeably lower. Some of the countries that are expected to witness growth in the near future include Spain, France, Austria, Scandinavia, Benelux, Switzerland, and Germany, among others. The figure given below highlights the revenue share of the Canada in the European Automotive UBI market in the forecast period:
Exhibit: Rest of Europe Automotive UBI Market Revenue and Forecasts to 2027 (US$ Bn)
EUROPE 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
• Italy
• UK
• Germany
• Rest of Europe
Automotive UBI Market - Companies Mentioned
• Allstate Insurance Company
• Allianz SE
• Ingenie Services Limited
• Octo Telematics S.p.A
• Vodafone Automotive S.P.A.
• AXA SA
• Liberty Mutual Insurance Company
• TomTom Telematics BV
• Sierra Wireless, Inc.
• Unipolsai Assicurazioni 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