DUBLIN--(BUSINESS WIRE)--The "Asia Pacific 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 Asia Pacific Automotive UBI market accounted for US$ 1.71 Bn in 2018 and is expected to grow at a CAGR of 25.9% over the forecast period 2019-2027, to account for US$ 13.57 Bn in 2027.
The increasing demand for mobility-as-a-service (MaaS) and various type of insurance premium policies is the key driver that is propelling the growth of the automotive UBI market. Moreover, the strategic partnerships among insurance companies and telematics companies are expected to boost the automotive UBI market growth in the forecast period.
The insurance companies offering telematics insurance is constantly leveraging on various factors to enhance the solutions and deliver their customers with better schemes. One of the significant trends in the automotive UBI market is the increasing number of partnerships among telematics companies and insurance companies.
These partnerships are nourishing the UBI ecosystems in various countries, and the same trend is anticipated to proliferate the market size in the coming years. For instance, Allianz, a prominent insurance brokerage company, extended its partnership with Marmalade, a British insurance company. The agenda of this partnership was to offer the insurance policyholders a smart digital customer interaction platform through new mobile application and portal.
In addition, GrabTaxi, a taxi service provider based in Singapore collaborated with AXA, an insurance provider, to introduce UBI policies in the country. The telematics companies are seeking interest in the automotive industry in developing regions worldwide, which is also pacing up the revenue generation stream of the automotive UBI market. 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, APAC is one of the fastest growing IoT in the automotive market globally. The key countries such as China, Japan, and India are greatly adopting IoT at a rapid pace that is propelling the adoption of IoT in APAC automotive market as well. Rising pollution in the APAC countries, particularly in China, is a major concern. Thus, the governments of several countries are focusing on less CO2 emission as well as fuel efficient solutions.
Owing to this, several companies are seeking to integrate the telematics and IoT enabled navigation that plays a vital role to reduce carbon emission and offer real-time emission data. Recently, Maruti Suzuki launched Suzuki Connect,' advanced telematics solution for its customers' in India.
Also, the Ministry of Industry and Information Technology and the Standardization Administration of China together issued Guidelines for Developing the Standards System of the Telematics Industry (Intelligent and Connected Vehicles). Such initiates would result in the growth of vehicle telematics, thus, driving the growth of automotive UBI during the forecast period.
Key Topics Covered:
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
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 Asia Pacific - PEST Analysis
5. Automotive UBI Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Increasing Demand for Mobility-as-a-Service (MaaS)
5.1.2 Various Type of Insurance Premium Policies
5.2 Key Market Restraints
5.2.1 Less Focus on Creating Awareness on Usage-Based Insurance in Emerging Countries
5.3 Key Market Opportunities
5.3.1 Strategic Parnerships among Insurance Companies and Telematics Companies
5.4 Future trends
5.4.1 Integration of Advanced Telematics Technologies in the Vehicles to Accentuate the Demand of UBI
5.5 Impact Analysis of Drivers and Restraints
6. Automotive UBI - Asia Pacific Market Analysis
6.1 Asia Pacific Automotive UBI Market Overview
6.2 Asia Pacific Automotive UBI Market Forecast and Analysis
7. Asia Pacific Automotive UBI Market Revenue and Forecasts to 2027 -Technology Fitted
7.2 Asia Pacific Technology Fitted Market Forecasts and Analysis
7.4 Black Box
8. Asia Pacific Automotive UBI Market Revenue and Forecasts to 2027 - By Policy Type
8.2 Asia Pacific Policy TYPE Market Forecasts and Analysis
8.3 PAY-as-you-Drive (PAYD)
8.4 Pay-how-you-Drive (PHYD)
9. Asia Pacific Automotive UBI market- Country Analysis
10. Industry Landscape
10.1 Market Initiative
10.2 Merger and Acquisition
10.3 New Development
11. Automotive UBI Market- Key Company Profiles
- Allianz SE
- Assicurazioni Generali S.p.A.
- AXA SA
- Liberty Mutual Insurance Company
- MS&AD Insurance Group Holdings, Inc.
- Octo Telematics S.p.A
- Sierra Wireless, Inc.
- TomTom Telematics BV
- Unipolsai Assicurazioni S.p.A.
- Vodafone Automotive S.P.A
For more information about this report visit https://www.researchandmarkets.com/r/i7i0h8