LONDON–(BUSINESS WIRE)–Oct 9, 2020–
The global automotive usage-based insurance market size is poised to grow by 37.25 million units during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Automotive Usage-Based Insurance Market 2020-2024 (Graphic: Business Wire)
The growth in smartphone-enabled programs and their usage will be a significant factor driving the growth of the automotive usage-based insurance market. Automotive OEMs are increasingly collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. The growing demand for electric vehicle (EVs) has also encouraged the development of applications that allow consumers to connect their smartphones with their cars to check the real-time status of vehicle batteries. These factors coupled with the rising penetration of smartphones have resulted in the development of app-based UBI systems for the automotive industry. Hence, the increasing use of smartphone-enabled programs will fuel the growth of the automotive usage-based insurance market during the forecast period.
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- The major automotive usage-based insurance market growth came from the pay-how-you-drive (PHYD) pricing scheme segment. The premium in the pay-how-you-drive (PHYD) pricing scheme is calculated based on the driving behavior of the driver. Continuous growth in vehicle ownership, an increase in customer demand for vehicles, advancement in technology, and increased availability of data are some of the factors driving the growth of the automotive usage-based insurance market in this segment.
- North America will offer maximum growth opportunities to market vendors during the forecast period. The bundling of UBI with other telematics service providers and data pooling will have a positive influence on the growth of the automotive usage-based insurance market in this region.
- The global automotive usage-based insurance market is concentrated. Allianz SE, AXA Group, Liberty Mutual Holding Co. Inc., OCTO Group Spa, Sierra Wireless Inc., The Progressive Corp., Trak Global Group, Verizon Communications Inc., Vodafone Group Plc, and Watchstone Group Plc. are some of the major market participants. To help clients improve their market position, this automotive usage-based insurance market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global automotive usage-based insurance market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here:https://www.technavio.com/report/report/automotive-usage-based-insurance-market-industry-analysis
Rising Adoption of Ethernet Connectivity to Support Advanced Functions in Vehicles will be a Key Market Trend
The increase in LTE data connections in cars to support Ethernet adoption will be one of the critical automotive usage-based insurance market trends contributing to market growth. The demand for high internet connectivity to support the seamless operation of safety systems such as ADAS and entertainment systems in connected cars is increasing. Automotive manufacturers are focusing on the development and installation of sophisticated in-vehicle electronics that require high internet connectivity. This rising adoption of Ethernet connectivity to support advanced functions in vehicles is expected to have a positive influence on the growth of the automotive UBI market.
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Automotive Usage-Based Insurance Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist automotive usage-based insurance market growth during the next five years
- Estimation of the automotive usage-based insurance market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive usage-based insurance market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive usage-based insurance market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: CUSTOMER LANDSCAPE
PART 07: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- Europe – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 08: MARKET SEGMENTATION BY PRICING SCHEME
- Market segmentation by pricing scheme
- Comparison by pricing scheme
- Pay-how-you-drive (PHYD) – Market size and forecast 2019-2024
- Pay-as-you-drive (PAYD) – Market size and forecast 2019-2024
- Manage-how-you-drive (MHYD) – Market size and forecast 2019-2024
- Market opportunity by pricing scheme
PART 09: MARKET SEGMENTATION BY APPLICATION
- Market segmentation by application
- Automotive embedded UBI market
- Automotive app-based UBI market
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 12: MARKET TRENDS
- Shared data plans to reduce the number of data subscriptions per user
- Big data platforms provided by connected cars to push further
- developments in UBI
- Growing LTE data connections in cars to support ethernet adoption
PART 13: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 14: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Allianz SE
- AXA Group
- Liberty Mutual Holding Co. Inc.
- OCTO Group Spa
- Sierra Wireless, Inc.
- The Progressive Corp.
- Trak Global Group
- Verizon Communications Inc.
- Vodafone Group Plc
- Watchstone Group Plc
PART 15: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 16: EXPLORE TECHNAVIO
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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INDUSTRY KEYWORD: MOBILE/WIRELESS TECHNOLOGY INSURANCE AUTOMOTIVE GENERAL AUTOMOTIVE AUTOMOTIVE MANUFACTURING PROFESSIONAL SERVICES OTHER AUTOMOTIVE MANUFACTURING NETWORKS
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