DUBLIN–(BUSINESS WIRE)–The “Europe Automotive Usage – Based Insurance Market to 2027 – Regional Analysis and Forecasts by Technology Fitted; and Policy Type” report has been added to ResearchAndMarkets.com’s offering.
The Europe automotive UBI market accounted for US$ 6.00 Bn in 2018 and is expected to grow at a CAGR of 24.6% over the forecast period 2019-2027, to account for US$ 43.30 Bn in 2027.
The rising trend of mobility-as-a-service (MaaS) and wide-range of insurance premiums are the key drivers that is propelling the growth of the automotive UBI market. Moreover, the significant partnerships among the insurance companies and telematics companies are expected to boost the automotive UBI market growth in the forecast period. The recent innovation in the automotive insurance sector, i.e., UBI is rapidly gaining pace in the developed countries and developing countries.
The market place is witnessing the rising number of auto insurers opting for these advanced solutions, which is catering the market to propel over the years. These auto insurers offer a wide variety of insurance policies to customers such as, pay as you drive (PAYD), pay how you drive (PHYD), and pay as you speed (PAYS). The pay as you drive (PAYD) or pay as you go (PAYG) calculate the insurance premium depending on the mileage the vehicle traveled within a stipulated time.
Moreover, various companies operating in the UBI market are also offering young driver insurance policies. Under these policies, the companies calculate the premium amount based on the driving quality of the young drivers, who fall within an age group of 17 to 25 years. The various type of insurance premium policies offered by the auto insurers is attracting the consumers who are triggering the growth of the UBI market in the current scenario. Further, the automotive UBI market players are focusing on various initiatives to enhance their capabilities and boost its position in the market.
The automotive UBI market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the automotive UBI market further.
For instance, The European Government introduced eCall, a mandate designed to bring rapid support to motorists in the event of an accident, giving telematics an expansion. All new cars should be fitted with a telematics control unit enabled to make emergency calls. This provides carmakers with an opportunity to integrate value-added services, including UBI.
Further, the UK government initiative, the Centre for Connected and Autonomous Vehicles had recently provided 30 million of funds for the development of connected and autonomous vehicle in the country. The growth in connected vehicles is expected to bolster the growth of automotive UBI market in the future. These initiative provide various benefits to the automotive UBI based companies located in the region, thus, increasing the growth of the automotive UBI market.
Key Topics Covered:
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
1.3.1 Europe Automotive UBI Market – By Technology Fitted
1.3.2 Europe Automotive UBI Market – By Policy Type
1.3.3 Europe Automotive UBI Market – By Geography
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Automotive UBI Market Landscape
4.1 Market overview
4.2 Ecosystem Analysis
4.3 Europe – PEST Analysis
5. Automotive UBI Market – Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Rising Trend of Mobility-as-a-Service (MaaS)
5.1.2 Wide-Range of Insurance Premiums is Boosting the Demand
5.2 Key Market Restraints
5.2.1 Lack of Usage-Based Insurance Awareness in Developing Countries
5.3 Key Market Opportunities
5.3.1 Significant Partnership Among the Insurance Companies and Telematics Companies
5.4 Future Trends
5.4.1 Cutting-Edge Telematics Technologies to boost the demand of UBI
5.5 Impact Analysis of Drivers and restraints
6. Automotive UBI – Europe Market Analysis
6.1 Europe Automotive UBI Market Overview
6.2 Europe Automotive UBI Market Forecast and Analysis
7. Europe Automotive UBI Market Revenue And Forecasts To 2027 -Technology Fitted
7.2 Europe Technology Fitted Market Forecasts and Analysis
7.4 Black Box
8. Europe Automotive UBI Market Revenue And Forecasts To 2027 – By Policy Type
8.2 Europe Policy Type Market forecasts and analysis
8.3 Pay-as-you-Drive (PAYD)
8.4 Pay-how-you-Drive (PHYD)
9. Europe Automotive UBI Market- Country Analysis
10. Industry Landscape
10.1 Market Initiative
10.2 Merger and Acquisition
10.3 New Development
11. Key Company Profiles
- Allstate Insurance Company
- Allianz SE
- Octo Telematics S.p.A
- Vodafone Automotive S.P.A
- AXA SA
- Ingenie Services Limited
- Liberty Mutual Insurance Company
- TomTom Telematics BV
- Sierra Wireless, Inc.
- Unipolsai Assicurazioni S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/7j2uj4
Laura Wood, Senior Press Manager
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