Automotive UBI market in Europe is expected to grow from US$ 6.01 Bn in 2018 to US$ 43.30 Bn by the year 2027 with a CAGR of 24.6% from the year 2019 to 2027.
The rising trend of mobility-as-a-service (MaaS) and wide-range of insurance premiums are boosting the growth of the automotive UBI market. Moreover, the significant partnerships among the insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. The UBI market is maturing substantially over the years in the countries, namely the US, Italy, and the UK. 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 increase the market size in the coming years. For instance, Vodafone Automotive and Generali Spain to boost the telematics insurance sector in the Spanish automotive industry. Generali Spain is one of the leading insurance providers, and with this partnership, both the companies are expected to digitalize the vehicle insurance sector. Further, 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.
The PHYD segment is one of the leading policy types with the highest market share in the Europe automotive UBI market. UBI utilizes actual driver data for calculating the premiums, which are more discrete and precise than traditional methods. This results in potential savings to the customers’. The two basic types of automotive UBI include pay-as-you-drive (PAYD) and or pay-how-you-drive (PHYD). Each of these types is analyzed slightly different information to determine premium rates for customers’. The PHYD method of calculating UBI also helps in reducing accident frequency as the driver is cautious about driving behavior. Moreover, since the risk rate of an accident is high for young drivers, PHYD for teen drivers is resulting beneficial for society. PHYD is more mature than PAYD, contributing more comprehensive data to customers and insurers. Also, for insurers, PHYD offers benefits such as price accuracy, correction of risk misclassifications, enabling lower premiums, and fighting fraudulent claims, etc.
Italy dominated the automotive UBI market in 2018 and is anticipated to continue its dominance in the market across the European region through the forecast period. The automotive UBI market in Europe is dominated by Italy and the UK, however, acceptance in other markets are noticeably lower. Some of the countries that are expected to witness growth in the near future include Spain, France, Austria, Scandinavia, Benelux, Switzerland, and Germany, among others. The figure given below highlights the revenue share of the Canada in the European Automotive UBI market in the forecast period:
Exhibit: Rest of Europe Automotive UBI Market Revenue and Forecasts to 2027 (US$ Bn)
EUROPE 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
• Italy
• UK
• Germany
• Rest of Europe
Automotive UBI Market - Companies Mentioned
• Allstate Insurance Company
• Allianz SE
• Ingenie Services Limited
• Octo Telematics S.p.A
• Vodafone Automotive S.P.A.
• AXA SA
• Liberty Mutual Insurance Company
• TomTom Telematics BV
• Sierra Wireless, Inc.
• Unipolsai Assicurazioni S.p.A.
Europe Automotive Usage-Based Insurance (UBI) Market Strategic Insights
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Europe Automotive Usage-Based Insurance (UBI) Market Segmentation Analysis
Europe Automotive Usage-Based Insurance (UBI) Market Report Highlights
Europe Automotive Usage-Based Insurance (UBI) Report Scope
Report Attribute
Details
Market size in 2018
US$ 6.01 Billion
Market Size by 2027
US$ 43.30 Billion
CAGR (2019 - 2027)
24.6%
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
Europe
UK
Germany
France
Russia
Italy
Rest of Europe
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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Europe 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 Europe Automotive Usage-Based Insurance (UBI) Market?
The Europe Automotive Usage-Based Insurance (UBI) Market is valued at US$ 6.01 Billion in 2018, it is projected to reach US$ 43.30 Billion by 2027.
What is the CAGR for Europe Automotive Usage-Based Insurance (UBI) Market by (2019 - 2027)?
As per our report Europe Automotive Usage-Based Insurance (UBI) Market, the market size is valued at US$ 6.01 Billion in 2018, projecting it to reach US$ 43.30 Billion by 2027. This translates to a CAGR of approximately 24.6% during the forecast period.
What segments are covered in this report?
The Europe 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 Europe 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 Europe Automotive Usage-Based Insurance (UBI) Market report:
Historic Period : 2016-2017
Base Year : 2018
Forecast Period : 2019-2027
Who are the major players in Europe Automotive Usage-Based Insurance (UBI) Market?
The Europe 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 Europe 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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Essentially, anyone involved in or considering involvement in the Europe Automotive Usage-Based Insurance (UBI) Market value chain can benefit from the information contained in a comprehensive market report.
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