11 December 2019
Visiongain’s new report the Automotive Usage-Based Insurance (UBI) Market Report 2020-2030: Forecasts by Pricing Model (Pay as You Drive (PAYD), Pay How You Drive (PHYD), Manage How You Drive (MHYD)), by Data Collection Method (On-Board Diagnostics (OBD II), Smartphone, Hybrid, Black-Box), by Technology Incorporated (Application Based System, Embedded System) & by Geography. Plus Leading Telematics Service Providers (TSP) & Companies Developing Insurance Telematics.
The global automobile UBI market is expected to be valued at $29.0 billion in 2020 and is likely to reach $90.5 billion by the end of 2030. This market will grow mainly due to the rapid development and adoption of the Connected Car and the growth of Automotive UBI products.
The result of a technological revolution as the Internet of Things (IoT) continues to further influence various industries, including this sector. Moreover, the increased adoption of ADAS in vehicles has led to increased awareness of connectivity services among customers. Road navigation systems, data from the connected cars and other connected mobile applications, which are supported by electronic maps, are useful in guiding vehicle drivers and provide improved connectivity. The demand for driver assistance systems is increasing because these systems can perceive the surroundings of a vehicle to interpret them, identify critical situations, and assist the driver. The increase in safety measures has also led to the boost in this industry.
Growing consumer awareness is a further driver of the adoption of UBI policies, especially among young drivers. The younger demographic is typically more comfortable in accepting the sharing of their driver data and are more adept at following new trends such as connected cars, IoT, UBI. Safe younger drivers are often eligible for a discount of up to 40-50% on their premium. The growing awareness of these favourable conditions is pushing younger drivers to adopt UBI policies in greater numbers; especially across developed and established car markets.
From a position in 2019 where the average UBI market premium amounts to around 571 dollars, this average premium value will drop to 456 by 2029; this is equivalent to a drop of over 25% in premium value. Such a fall in the price of premiums will facilitate the greater uptake of UBI programs, as the claim expenditures would decrease in the future, which will see insurers’ profitability remain robust. This will in turn facilitate a decrease in the price of average insurance premiums
The 150+ page report offers market forecasts and analysis for 10 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies’ chapter covering more than 10 companies leading the field in Automotive Usage Based Insurance Market.
The Automotive Usage-Based Insurance (UBI) Market Report 2020-2030 report will be of value to anyone who wants to better understand the Automotive Usage Based Insurance market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the Automotive Usage Based Insurance industry.
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