Europe Usage-Based Insurance Market Size, Share & Trends Analysis Report By Vehicle Age, By Policy, By Vehicle Type, By Technology (Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid), By Country and Growth Forecast, 2023 - 2030
Description
Europe Usage-Based Insurance Market Size, Share & Trends Analysis Report By Vehicle Age, By Policy, By Vehicle Type, By Technology (Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid), By Country and Growth Forecast, 2023 - 2030
The Europe Usage-based insurance Market would witness market growth of 25.3% CAGR during the forecast period (2023-2030).
The insurance industry has undergone a transformative shift in recent years, propelled by technological advancements, data analytics, and consumer behavior. One of the most notable developments within this landscape is the rise of this Insurance. UBI represents a departure from traditional insurance models, offering a personalized and dynamic approach to risk assessment. This paradigm shift is driven by integrating telematics, IoT (Internet of Things), and artificial intelligence, allowing insurers to gather real-time data on policyholders' behaviors and usage patterns.
The UBI model has transcended its automotive origins and penetrated the health and life insurance sectors. Wearable devices and health trackers provide insurers with real-time insights into policyholders' lifestyles, promoting healthier choices and allowing for more accurate risk assessment. In life insurance, policyholders can benefit from premium adjustments based on their adherence to healthier lifestyles, ultimately creating a mutually beneficial relationship between insurers and the insured. In property and casualty insurance, UBI applications have emerged to monitor and mitigate risks associated with property usage. Smart home devices, monitored through IoT technology, enable insurers to assess fire, theft, and environmental risks. This proactive approach reduces the likelihood of claims and allows for more precise premium calculations based on the actual risk exposure of each policyholder.
According to the UK government's Office for National Statistics, people's median disposable income reached £32,300. In contrast to a longer-term gain of 1.7% per year over the ten years preceding 2022 (FYE 2013 to FYE 2022), the median household disposable income climbed by an average of 0.7% per year between FYE 2020 and FYE 2022. UBI allows for more personalized insurance rates based on individual driving habits. As disposable income grows, consumers may prioritize customization and seek ways to optimize their spending, making UBI a compelling option. The potential cost savings based on safe driving habits can be particularly appealing. Due to the aforementioned factors the market growth will drive in this region.
The Germany market dominated the Europe Usage-Based Insurance Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10,185.1 Million by 2030. The UK market is exhibiting a CAGR of 24.2% during (2023 - 2030). Additionally, The France market would experience a CAGR of 26.2% during (2023 - 2030).
Based on Vehicle Age, the market is segmented into New Vehicles, and Used Vehicles. Based on Policy, the market is segmented into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). Based on Vehicle Type, the market is segmented into Light-Duty Vehicle (LDV), and Heavy-Duty Vehicle (HDV). Based on Technology, the market is segmented into Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
List of Key Companies Profiled
- Liberty Mutual Holding Company Inc.
- Allstate Insurance Company
- MAPFRE RE, COMPAÑÍA DE REASEGUROS, S.A. (Cartera Mapfre, S.L.)
- The Progressive Corporation
- Nationwide Mutual Insurance Company
- MS&AD Insurance Group Holdings, Inc.
- Tesla, Inc.
- Hyundai Motor Company
- Octo Telematics S.p.A. (Renova Group)
- Zubie, Inc.
By Vehicle Age
- New Vehicles
- Used Vehicles
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
- Black Box
- OBD (On-Board Diagnostics)-II
- Smartphone
- Hybrid
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Table of Contents
119 Pages
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Europe Usage-Based Insurance Market, by Vehicle Age
- 1.4.2 Europe Usage-Based Insurance Market, by Policy
- 1.4.3 Europe Usage-Based Insurance Market, by Vehicle Type
- 1.4.4 Europe Usage-Based Insurance Market, by Technology
- 1.4.5 Europe Usage-Based Insurance Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Top Winning Strategies
- 4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
- 4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Feb– 2023, Oct) Leading Players
- 4.4 Porter Five Forces Analysis
- Chapter 5. Europe Usage-Based Insurance Market by Vehicle Age
- 5.1 Europe New Vehicles Market by Country
- 5.2 Europe Used Vehicles Market by Country
- Chapter 6. Europe Usage-Based Insurance Market by Policy
- 6.1 Europe Pay-As-You-Drive (PAYD) Market by Country
- 6.2 Europe Pay-How-You-Drive (PHYD) Market by Country
- 6.3 Europe Manage-How-You-Drive (MHYD) Market by Country
- Chapter 7. Europe Usage-Based Insurance Market by Vehicle Type
- 7.1 Europe Light-Duty Vehicle (LDV) Market by Country
- 7.2 Europe Heavy-Duty Vehicle (HDV) Market by Country
- Chapter 8. Europe Usage-Based Insurance Market by Technology
- 8.1 Europe Black Box Market by Country
- 8.2 Europe OBD (On-Board Diagnostics)-II Market by Country
- 8.3 Europe Smartphone Market by Country
- 8.4 Europe Hybrid Market by Country
- Chapter 9. Europe Usage-Based Insurance Market by Country
- 9.1 Germany Usage-Based Insurance Market
- 9.1.1 Germany Usage-Based Insurance Market by Vehicle Age
- 9.1.2 Germany Usage-Based Insurance Market by Policy
- 9.1.3 Germany Usage-Based Insurance Market by Vehicle Type
- 9.1.4 Germany Usage-Based Insurance Market by Technology
- 9.2 UK Usage-Based Insurance Market
- 9.2.1 UK Usage-Based Insurance Market by Vehicle Age
- 9.2.2 UK Usage-Based Insurance Market by Policy
- 9.2.3 UK Usage-Based Insurance Market by Vehicle Type
- 9.2.4 UK Usage-Based Insurance Market by Technology
- 9.3 France Usage-Based Insurance Market
- 9.3.1 France Usage-Based Insurance Market by Vehicle Age
- 9.3.2 France Usage-Based Insurance Market by Policy
- 9.3.3 France Usage-Based Insurance Market by Vehicle Type
- 9.3.4 France Usage-Based Insurance Market by Technology
- 9.4 Russia Usage-Based Insurance Market
- 9.4.1 Russia Usage-Based Insurance Market by Vehicle Age
- 9.4.2 Russia Usage-Based Insurance Market by Policy
- 9.4.3 Russia Usage-Based Insurance Market by Vehicle Type
- 9.4.4 Russia Usage-Based Insurance Market by Technology
- 9.5 Spain Usage-Based Insurance Market
- 9.5.1 Spain Usage-Based Insurance Market by Vehicle Age
- 9.5.2 Spain Usage-Based Insurance Market by Policy
- 9.5.3 Spain Usage-Based Insurance Market by Vehicle Type
- 9.5.4 Spain Usage-Based Insurance Market by Technology
- 9.6 Italy Usage-Based Insurance Market
- 9.6.1 Italy Usage-Based Insurance Market by Vehicle Age
- 9.6.2 Italy Usage-Based Insurance Market by Policy
- 9.6.3 Italy Usage-Based Insurance Market by Vehicle Type
- 9.6.4 Italy Usage-Based Insurance Market by Technology
- 9.7 Rest of Europe Usage-Based Insurance Market
- 9.7.1 Rest of Europe Usage-Based Insurance Market by Vehicle Age
- 9.7.2 Rest of Europe Usage-Based Insurance Market by Policy
- 9.7.3 Rest of Europe Usage-Based Insurance Market by Vehicle Type
- 9.7.4 Rest of Europe Usage-Based Insurance Market by Technology
- Chapter 10. Company Profiles
- 10.1 Liberty Mutual Holding Company Inc.
- 10.1.1 Company Overview
- 10.1.2 Financial Analysis
- 10.1.3 Recent strategies and developments:
- 10.1.3.1 Partnerships, Collaborations, and Agreements:
- 10.1.3.2 Acquisition and Mergers:
- 10.2 MAPFRE RE, Compañía De Reaseguros, S.A. (Cartera Mapfre, S.L.)
- 10.2.1 Company Overview
- 10.2.2 Financial Analysis
- 10.2.3 Recent strategies and developments:
- 10.2.3.1 Partnerships, Collaborations, and Agreements:
- 10.2.3.2 Product Launches and Product Expansions:
- 10.2.3.3 Acquisition and Mergers:
- 10.3 MS&AD Insurance Group Holdings, Inc.
- 10.3.1 Company Overview
- 10.3.2 Financial Analysis
- 10.4 Octo Telematics S.p.A. (Renova Group)
- 10.4.1 Company Overview
- 10.4.2 Recent strategies and developments:
- 10.4.2.1 Partnerships, Collaborations, and Agreements:
- 10.4.2.2 Product Launches and Product Expansions:
- 10.5 Zubie, Inc.
- 10.5.1 Company Overview
- 10.6 Allstate Insurance Company
- 10.6.1 Company Overview
- 10.6.2 Recent strategies and developments:
- 10.6.2.1 Partnerships, Collaborations, and Agreements:
- 10.6.3 SWOT Analysis
- 10.7 The Progressive Corporation
- 10.7.1 Company Overview
- 10.7.2 Financial Analysis
- 10.7.3 Recent strategies and developments:
- 10.7.3.1 Partnerships, Collaborations, and Agreements:
- 10.7.3.2 Product Launches and Product Expansions:
- 10.7.3.3 Acquisition and Mergers:
- 10.7.4 SWOT Analysis
- 10.8 Tesla, Inc.
- 10.8.1 Company Overview
- 10.8.2 Financial Analysis
- 10.8.3 Segmental and Regional Analysis
- 10.8.4 Research & Development Expense
- 10.8.5 Recent strategies and developments:
- 10.8.5.1 Product launches and Product expansions:
- 10.8.6 SWOT Analysis
- 10.9 Hyundai Motor Company
- 10.9.1 Company Overview
- 10.9.2 Financial Analysis
- 10.9.3 Segmental and Regional Analysis
- 10.9.4 Research & Development Expense
- 10.9.5 Recent strategies and developments:
- 10.9.5.1 Product launches and Product expansions:
- 10.10. Nationwide Mutual Insurance Company
- 10.10.1 Company Overview
- 10.10.2 Recent strategies and developments:
- 10.10.2.1 Partnerships, Collaborations, and Agreements:
- 10.10.2.2 Acquisition and Mergers:
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