LONDON--(BUSINESS WIRE)--Nov 7, 2019--

Technavio has been monitoring the global automotive usage-based insurance market since 2017 and the market is poised to grow by 37.25 million units during 2020-2024, progressing at a CAGR of almost 7% during the forecast period. Request free sample pages

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Technavio has announced its latest market research report titled global automotive usage-based insurance market 2020-2024. (Graphic: Business Wire)

Read the 146-page report with TOC on “Automotive Usage-Based Insurance Market Analysis Report by Geography (APAC, Europe, and North America), Pricing Scheme (Pay-how-you-drive (PYHD), Pay-as-you-drive (PAYD), and Manage-how-you-drive (MHYD)), Application (Automotive embedded UBI market and Automotive app-based UBI market), and the Segment Forecasts, 2020-2024”.

The market is driven by the growth in smartphone-enabled programs and their usage. In addition, growing LTE data connections in cars to support ethernet adoption is anticipated to boost the growth of the automotive usage-based insurance market.

With changing consumer demands, OEMs are collaborating with smartphone and tablet manufacturers to offer in-vehicle products and services. In addition, the growing popularity of electric vehicles has resulted in the development of applications that provide real-time status of vehicle battery and allow consumers to connect smartphones with their vehicles. Such increased use of smartphones is boosting the adoption of app-based UBI systems in the automotive industry. The UBI systems leverage resources from smartphones to improve insurance risk assessment and optimize UBI costs.

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Major Five Automation Usage-Based Insurance Companies:

Allianz SE

Allianz SE operates the business across various segments such as Property-Casualty, Life/Health, Asset Management, and Corporate and Other. The company offers a wide range of usage-based insurance products to insurance providers. BonusDrive auto insurance is one of the key offerings of the company.

AXA Group

AXA Group operates the business across various segments such as France, Europe, Asia, AXA XL, US, International, and Transversal & Central Holdings. The company offers customized usage-based insurance solutions that allow drivers to pay insurance premiums calculated on a per kilometer basis. AXA Pay as You Grab is one of the company’s key offerings.

Liberty Mutual Holding Co. Inc.

Liberty Mutual Holding Co. Inc operates the business across segments such as Global Retail Markets and Global Risk Solutions. The company offers pay-for-car insurance based on the miles driven by customers. ByMile Auto Insurance is one of the key offerings of the company.

OCTO Group Spa

OCTO Group Spa operates the business across segments such as Solutions and Platform. The company provides telematics insurance to insurance partners, OEMs, fleet management companies, and drivers. DriveAbility is one of the key offerings of the company.

Sierra Wireless Inc.

Sierra Wireless Inc. operates the business across various segments such as OEM Solutions, Enterprise Solutions, and IoT Services. The company offers usage-based insurance applications for automotive insurance providers for writing insurance policies based on the data generated from real-world driving behavior. The company also offers AirLink, AirPrime, and Air Vantage routers and wireless gateways for estimating insurance policies based on user usage.

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Automotive Usage-Based Insurance Regional Outlook (Units, Million, 2020 - 2024)

• APAC
• Europe
• North America

Automotive Usage-Based Insurance Pricing Scheme Outlook (Units, Million, 2020 - 2024)

• Pay-how-you-drive (PHYD)
• Pay-as-you-drive (PAYD)
• Manage-how-you-drive (MHYD)

Automotive Usage-Based Insurance Application Outlook (Units, Million, 2020 - 2024)

• Automotive embedded UBI market
• Automotive app-based UBI market

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View source version on businesswire.com:https://www.businesswire.com/news/home/20191107005600/en/

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KEYWORD: UNKNOWN

INDUSTRY KEYWORD: PROFESSIONAL SERVICES AUTOMOTIVE OTHER AUTOMOTIVE GENERAL AUTOMOTIVE TECHNOLOGY INSURANCE MOBILE/WIRELESS

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 11/07/2019 11:00 AM/DISC: 11/07/2019 11:01 AM

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