Automotive UBI market in the Asia Pacific is expected to grow from US$ 1.71 Bn in 2018 to US$ 13.57 Bn by the year 2027 with a CAGR of 25.9% from the year 2019 to 2027.
The increasing demand for mobility-as-a-service (MaaS) and various type of insurance premium policies are boosting the growth of the automotive UBI market. Moreover, the strategic partnerships among insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. In the last few years, the consumer behavior towards intercity and intracity transit has been transformed to a newer level. A significant percentage of travelers across the globe are no more willing to drive their own vehicles with an objective to avoid traffic. This has given rise to various other transit practices such as car sharing and ride-hailing in developed countries and developing countries. These practices are known as mobility as a service as the consumer avails the vehicle and the driver from a third party service provider. Mobility-as-a-Service aims to provide the consumer with end-to-end transportation with the use of different modes of transportation, thereby making substantial use of the existing transportation infrastructure in an area. The increasing traction of MaaS among the consumers is leading the third party service providers to procure increased count of vehicles so as to enhance the customer experience. With the rise in MaaS in these geographies, there has been a remarkable rise in the number of young drivers, who indulge themselves in rash driving, causing fatal accidents. With an objective to reduce vehicular accidents, several telematics providers and insurance companies are partnering with each other to develop advanced and robust insurance solutions. This is further pacing up the automotive UBI market in the current scenario. Another factor boosting the automotive UBI market through mobility-as-a-service is the rising trend of car sharing and ride-hailing in the developing regions such as India, Singapore, Malaysia, Australia, and Japan, among others.
The black box segment is one of the leading technology with the second highest market share in the Asia Pacific automotive UBI market. Moreover, the black box segment is anticipated to boost its dominance in the forecast period with the highest market share. A black box is a small device that is installed in the customer’s car to measure vehicle location, speed, driving frequency, distance traveled, and time of the day or night during the travel time. Further, other driving behaviors can also be measured, which includes monitoring braking and cornering. This helps in building a comprehensive profile of the driver. The data gathered on driving behaviors provides information on how safe the driving pattern is. This information is then converted into a score that is used by the car insurance provider for creating a customized premium for the driver. Also, an insurance provider can reward a driver securing a high score with a lower premium rate. However, issues related to data privacy is a major concern among customers’. Sharing personally identifiable information of customers’ gathered from black boxes with third parties such as law enforcement agencies or banks may result in the invasion of privacy. This may hinder the automotive UBI market growth to a certain extent.
China dominated the automotive UBI market in 2018 and is anticipated to continue its dominance in the market across the Asia Pacifica region through the forecast period. Some of the countries that are expected to witness growth in the near future include Australia, Singapore, India, and Japan, among others. The figure given below highlights the revenue share of the Canada in the Asia Pacifica automotive UBI market in the forecast period:
Exhibit: Rest of Asia Pacific Automotive UBI Market Revenue and Forecasts to 2027 (US$ Mn)
ASIA PACIFIC AUTOMOTIVE UBI MARKET SEGMENTATION
By Technology Fitted
• Smartphones
• Black Box
• Dongles
• Others
By Policy Type
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
By Country
• China
• Australia
• Singapore
• Rest of APAC
Automotive UBI Market - Companies Mentioned
• 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.
Asia Pacific Automotive Usage-Based Insurance (UBI) Market Strategic Insights
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Asia Pacific Automotive Usage-Based Insurance (UBI) Market Segmentation Analysis
Asia Pacific Automotive Usage-Based Insurance (UBI) Market Report Highlights
Asia Pacific Automotive Usage-Based Insurance (UBI) Report Scope
Report Attribute
Details
Market size in 2018
US$ 1.71 Billion
Market Size by 2027
US$ 13.57 Billion
CAGR (2019 - 2027)
25.9%
Historical Data
2016-2017
Forecast period
2019-2027
Segments Covered
By Technology Fitted
Smartphones
Black Box
Dongles
By Policy Type
Pay-As-You-Drive and Pay-How-You-Drive
Regions and Countries Covered
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
Market leaders and 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
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Asia Pacific Automotive Usage-Based Insurance (UBI) Market Country and Regional Insights
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Identical Market Reports with other Region/Countries
How big is the Asia Pacific Automotive Usage-Based Insurance (UBI) Market?
The Asia Pacific Automotive Usage-Based Insurance (UBI) Market is valued at US$ 1.71 Billion in 2018, it is projected to reach US$ 13.57 Billion by 2027.
What is the CAGR for Asia Pacific Automotive Usage-Based Insurance (UBI) Market by (2019 - 2027)?
As per our report Asia Pacific Automotive Usage-Based Insurance (UBI) Market, the market size is valued at US$ 1.71 Billion in 2018, projecting it to reach US$ 13.57 Billion by 2027. This translates to a CAGR of approximately 25.9% during the forecast period.
What segments are covered in this report?
The Asia Pacific Automotive Usage-Based Insurance (UBI) Market report typically cover these key segments-
Technology Fitted (Smartphones, Black Box, Dongles)
Policy Type (Pay-As-You-Drive and Pay-How-You-Drive)
What is the historic period, base year, and forecast period taken for Asia Pacific Automotive Usage-Based Insurance (UBI) Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Automotive Usage-Based Insurance (UBI) Market report:
Historic Period : 2016-2017
Base Year : 2018
Forecast Period : 2019-2027
Who are the major players in Asia Pacific Automotive Usage-Based Insurance (UBI) Market?
The Asia Pacific Automotive Usage-Based Insurance (UBI) Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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
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The Asia Pacific Automotive Usage-Based Insurance (UBI) Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
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Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
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Essentially, anyone involved in or considering involvement in the Asia Pacific Automotive Usage-Based Insurance (UBI) Market value chain can benefit from the information contained in a comprehensive market report.
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