Automotive Usage-based Insurance Market by Pricing Scheme, Application, and Geography - Forecast and Analysis 2020-2024
Global Automotive Usage-Based Insurance Market: About this market
Technavio’s automotive usage-based insurance market analysis considers sales from automotive embedded UBI and automotive app-based UBI applications. Our report also provides a detailed analysis of the market in APAC, Europe, and North America. In 2019, the automotive app-based UBI segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as cost savings will play a significant role in the automotive app-based UBI segment to maintain its market position. Also, our global automotive usage-based insurance market report looks at factors such as flexible pricing schemes, lower number of accidents and vehicle theft possibilities, and growth in smartphone-enabled programs and their usage. However, high installation cost of telematics devices, maintenance of data accuracy for optimum UBI scores, and security issues of telematics in vehicles may hamper the growth of the automotive usage-based insurance industry over the forecast period.
Global Automotive Usage-Based Insurance Market: Overview
Growth in smartphone-enabled programs and their usage
Innovations in connectivity solutions have led the customers to connect their smartphones and tablets with their vehicles’ infotainment systems to access information and for enhanced entertainment experience. Therefore, to cater to the changing consumer demands, OEMs are collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. This increasing penetration of smartphone-enabled programs will lead to the expansion of the global automotive usage-based insurance market at a CAGR of almost 7% during the forecast period.
Growing LTE data connections in cars to support ethernet adoption
The rising demand for high internet connectivity inside vehicles has led to the development and installation of in-vehicle electronics to support the advanced functions such as ADAS and infotainment systems with ethernet audio video bridging (AVB). The growing demand for improved internet connectivity is encouraging many telecom operators to provide 4G LTE for automotive industry. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive usage-based insurance market during the forecast period 2020-2024, click here.
With the presence of few major players, the global automotive usage-based insurance market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading automotive usage-based insurance suppliers, that include 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
Also, the automotive usage-based insurance market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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