Global automotive usage-based insurance market segmentation by application and geography
Technavio’s report on the global automotive usage-based insurance market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, which includes automotive embedded UBI and automotive app-based UBI. The global automotive UBI market is expected to grow to 123.12 mn units by 2022.
“Embedded UBI solutions use external devices fitted into vehicles’ onboard diagnostics to collect data about the driving behavior. The data is transmitted to the insurer for optimum premium pricing. As the requirement of an external device posed as a challenge for the adoption of embedded UBI, app-based UBI saw huge adoption in the last 2-3 years. However, the adoption of the Linux-based embedded application framework increased the flexibility of the system and led to its wider in-vehicle applications. This system allows the collection of data directly through vehicle embedded system instead of using an external device. Hence, embedded UBI will witness a stronger growth than app-based UBI solutions during the forecast period,” says a senior analyst at Technavio for automotive services research.
Based on geography, the global automotive usage-based insurance market has been segmented APAC, North America, and Europe. Europe dominated the global automotive UBI market in 2017, with a share of 49.82% owing to the legislative push from governments that support data-driven approaches for premium calculation. The automotive UBI market in APAC is in its nascent stage compared with other regions and accounted for the lowest share in 2017. However, it is expected to witness the highest growth among all regions during the forecast period to reach close to 14% share in 2022.
Save more with Technavio. Buy 2 reports and get the third for free: View Technavio’s latest discounts and promotions
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Other topics covered in the report:
- Flexible pricing scheme
- Lower accidents and vehicle theft possibilities
- High cost of telematics device installation
- Maintenance of data accuracy for optimum UBI scores
- Shared data plans to reduce data subscribers per user
- Big data platform provided by connected cars to push further developments in UBI
Get a sample copy of the global automotive usage-based insurance market report free of cost
Access Technavio’s continuously growing automotive services research library and find expert analysis on hundreds of markets.
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 10,000 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.
If you are interested in more information, please contact our media team at email@example.com.