Automotive UBI market in North America is expected to grow from US$ 7.24 Bn in 2018 to US$ 44.45 Bn by the year 2027 with a CAGR of 22.4% from the year 2019 to 2027.
The increase in Acceptance of Mobility-as-a-Service (MaaS) is fueling the growth of the Automotive Usage-Based Insurance market. Moreover, the increase in collaborations among telematics companies and insurance companies is anticipated to boost Automotive UBI market growth in the forecast period. Mobility-as-a-Service aims to provide consumer an 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 to enhance the customer experience. This factor is also increasing the number of service providers across the globe; some of the prominent mobility-as-a-service providers are Uber, Lyft, Zipcar, Car2go, Beeline Singapore, UbiGo AB, and Smile Mobility among others. The increasing procurement of vehicles by these car service providers is further influencing the telematics technology providers (TTP), telematics service providers (TSP), and auto insurers to develop advanced insurance solutions. Moreover, several telematics providers and insurance companies are partnering with each other to introduce advanced and robust insurance solutions. This is expected to ramp up the market growth of telematics insurance or automotive UBI.
The smartphone segment is expected to be one of the leading technology with the highest market share in the North America Automotive UBI market during the forecast period. A smartphone app can have powerful GPS and accelerometer competences. The app offers a compelling interface for the insurance provider to communicate with the customer and provide other services including, weather updates, traffic reports, and breakdown services. Generally, customers are more comfortable to use smartphone apps, although OBDII devices are easier to install. Smartphone apps are suitable for insurance providers that are targeting particular groups hence, acquiring niche market share. As their UBI business grows, insurance providers may invest in OBDII and offer this on a long-term basis to specific customer segments.
The US dominated the Automotive UBI market in 2018 and is anticipated to lead the market across the North American region through the forecast period, followed by Canada. The figure given below highlights the revenue share of the Canada in the North American Automotive UBI market in the forecast period:
Canada Automotive UBI Market Revenue and Forecasts to 2027 (US$ Bn)
NORTH AMERICA 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 • U.S. • Canada • Mexico
Automotive UBI Market - Companies Mentioned
• Allstate Insurance Company
• Allianz SE
• Metromile, Inc.
• 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.
North America Automotive Usage-Based Insurance (UBI) Market Strategic Insights
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North America Automotive Usage-Based Insurance (UBI) Market Segmentation Analysis
North America Automotive Usage-Based Insurance (UBI) Market Report Highlights
North America Automotive Usage-Based Insurance (UBI) Report Scope
Report Attribute
Details
Market size in 2018
US$ 7.24 Billion
Market Size by 2027
US$ 44.45 Billion
CAGR (2019 - 2027)
22.4%
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
North America
US
Canada
Mexico
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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North America 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 North America Automotive Usage-Based Insurance (UBI) Market?
The North America Automotive Usage-Based Insurance (UBI) Market is valued at US$ 7.24 Billion in 2018, it is projected to reach US$ 44.45 Billion by 2027.
What is the CAGR for North America Automotive Usage-Based Insurance (UBI) Market by (2019 - 2027)?
As per our report North America Automotive Usage-Based Insurance (UBI) Market, the market size is valued at US$ 7.24 Billion in 2018, projecting it to reach US$ 44.45 Billion by 2027. This translates to a CAGR of approximately 22.4% during the forecast period.
What segments are covered in this report?
The North America 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 North America 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 North America Automotive Usage-Based Insurance (UBI) Market report:
Historic Period : 2016-2017
Base Year : 2018
Forecast Period : 2019-2027
Who are the major players in North America Automotive Usage-Based Insurance (UBI) Market?
The North America 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
Who should buy this report?
The North America 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 North America Automotive Usage-Based Insurance (UBI) Market value chain can benefit from the information contained in a comprehensive market report.
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