Usage Based Insurance Market for ICE & Electric Vehicle, by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Embedded Telematics Box, Smartphone), Vehicle (New, Old), Device Offering (BYOD, Company Provided) and Region - Global Forecast to 2028
The usage-based insurance market is estimated to grow from USD 30.6 billion in 2023 to USD 80.7 billion by 2028 at a CAGR of 21.4% during the forecast period.
With the increased penetration of connected cars, which makes it easy to collect vehicle and driver data, usage based insurance is estimated to showcase steady growth in the coming years. Additionally, benefits offered by usage based insurance, such as personalized offerings, lower premiums, and greater control compared to conventional insurance, make it more preferred. Also, the trend for drivers to choose personalized insurance products has increased for individuals to save money on insurance premiums. Hence, these factors are driving the UBI market during the forecasted period.
“The OBD-II device segment is the fastest-growing segment in the usage based insurance market.”
Telematics solutions based on OBD continue to rule the usage based insurance (UBI) market today, where smartphone penetration seems to rise. OBD-II-based UBI programs are extensively used in personal auto insurance. OBD-II based UBI programs are extensively used in private auto insurance. The gadget connected to the OBD-II port keeps track of driving data such as mileage, speed, acceleration, and braking behaviors. The data is then used to build the insurance rates and personalized insurance choices. Embedded telematics box based UBI programs are extensively used in personal and commercial auto insurance. The devices come in four different versions: Bluetooth, Wi-Fi, 4S Shop error code clear tool, and telematics (GPS).
The OBD-II interface became popular in the US in 1996 as the US federal law amended regulations for equipping OBD-II devices in all vehicles. Later on, in January 2006, the OBD-II port was made compulsory in Australia & New Zealand. Miles had launched Miles Tracker, plugging into the port to gather the data. Mercedes Benz used Miles Tracker in European models to track the vehicle. Usage Based Insurance has become extremely popular since its introduction, especially since Progressive’s Snapshot program. The EOBD/OBD-II dongle has evolved into various solutions tailored to different rules, market needs, and market niches. Increased vehicle sales have indeed had a positive impact on the sales of OBD-II (On-Board Diagnostics II) devices. For instance, according to OICA, global production has increased by 6% in 2022 compared to 2021 (i.e., 85 million units). Thus, these factors drive the OBD-II device market in the UBI market.
“Pay As You Drive is dominating the UBI market by package type.”
“Pay as you drive” (PAYD) insurance is playing a pivotal role in driving the Usage-Based Insurance (UBI) market by revolutionizing the way of calculating the insurance premiums on the miles that are driven. PAYD technology monitors the driver’s behavior, such as their speed, distance traveled, and driving habits, and charges the insurance premiums based on actual usage and driving performance; PAYD encourages safer driving and rewards responsible behavior. This program appeals to conscientious drivers and provides insurers with more accurate risk assessment data, enabling them to offer tailored coverage and pricing. This enhances the competitiveness of insurance offerings, promotes road safety, and reduces environmental impact by encouraging reduced mileage and eco-friendly driving practices.
For Instance, Progressive Snapshot is a PAYD program that uses a small plug-in device to track how drivers drive. Progressive Snapshot participants can save up to 30% on their insurance premiums. Also, in 2020, ICICI Lombard (India) began providing telematics-based products with a Disclaimer, including 'pay as you use' and 'pay how you use.' Under the Regulatory Sandbox proposal, Pay How You Use (PHYU) (Sandbox application no. 173) is available as an experiment from 1st February 2020 to 31st January 2021. This program is saving environmental hazards by reducing vehicle emissions by encouraging drivers to drive less and greener. Due to this, the number of accidental cases has reduced as people drive less and avoid the associated risk. As consumers increasingly seek customized insurance solutions, PAYD drives the UBI market by aligning insurance pricing with actual driving habits and preferences, ultimately benefiting insurers and policyholders.
“Europe is the second fastest growing market.”
Due to a confluence of factors, Europe has emerged as the second fastest-growing region for the usage based insurance market. The region benefits from solid regulatory support, with governments and regulatory bodies actively endorsing UBI initiatives to promote road safety and incentivize insurers. In May 2019, the European governing body implemented a guidance named “European Data Protection Board” (EDPB) for the data privacy of the customers for many industries, including the automotive sector.
Europe boasts a well-established telematics infrastructure, with a significant portion of vehicles equipped with advanced telematics systems, facilitating the adoption of UBI programs. According to the European Commission report 2023, around USD 189 billion has been invested in digital technologies which contain Artificial Intelligence (AI), robotics, and new materials for which 28 new projects were selected in March 2023. These investments have helped the UBI companies develop new applications (AI, Blockchain, Machine learning) to gather information about drivers’ behavior and set insurance prices. Also, urban congestion, traffic safety concerns, and environmental priorities have further driven interest in UBI to encourage safer and eco-friendly driving behaviors. The European region has set ambitious targets to reduce vehicle emissions in the coming years. For example, the EU aims to reduce CO2 emissions from new passenger cars by 55% by 2030 and 100% by 2035. This regulation has led to the adoption of telematics vehicles to monitor vehicle performance and inform drivers to improve their driving habits. Also, several new UBI players are emerging in Europe. These players offer innovative UBI products and services tailored to European consumers’ needs. Companies like Root Insurance, Insurance, VouchForMe, Inshur, and Fair, etc. are the emerging players in the UBI market in Europe, which has increased the competition in the market, and this is helping to drive down prices and improve the quality of UBI products and services. The European UBI market is expected to multiply in the coming years.
The break-up of the profile of primary participants in the automotive tire market:
By Companies: Tier 1 - 100%, OEMs - 0%
By Designation: Directors- 30%, C-Level Executives - 50%, Manager level - 20%
By Region: North America - 70%, APAC - 20% and MEA - 10%
Global players dominate the usage-based insurance market and comprise several regional players. The key players in the usage-based market are UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), Liberty Mutual Insurance Company (US), AXA (France), Assicurazioni Generali (Italy), Allianz (Germany), Webfleet Solutions (The Netherlands), Verizon (US).
Research Coverage:
This Research Report Categorizes usage-based insurance by package type [Pay As You Drive (PAYD), Pay How You Drive (PHYD), and Manage How You Drive (MHYD)], by technology (OBD-II, smartphone, embedded telematics box and other technologies), by vehicle type (light-duty and heavy-duty vehicle), by vehicle age (new and old vehicles), by device offering type (bring your own device (BYOD) and company provided), by electric vehicle type (BEV, PHEV, and FCEV), and by Region (Asia Pacific, Europe, North America, and Rest of the World).
The report’s scope covers detailed information regarding the major factors, such as influencing factors for the growth of the usage based insurance market. A detailed analysis of the key industry players has been done to provide insights into their business overview, products, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, recession impact, and recent developments associated with the automotive tire market.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall usage based insurance market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
With the increased penetration of connected cars, which makes it easy to collect vehicle and driver data, usage based insurance is estimated to showcase steady growth in the coming years. Additionally, benefits offered by usage based insurance, such as personalized offerings, lower premiums, and greater control compared to conventional insurance, make it more preferred. Also, the trend for drivers to choose personalized insurance products has increased for individuals to save money on insurance premiums. Hence, these factors are driving the UBI market during the forecasted period.
“The OBD-II device segment is the fastest-growing segment in the usage based insurance market.”
Telematics solutions based on OBD continue to rule the usage based insurance (UBI) market today, where smartphone penetration seems to rise. OBD-II-based UBI programs are extensively used in personal auto insurance. OBD-II based UBI programs are extensively used in private auto insurance. The gadget connected to the OBD-II port keeps track of driving data such as mileage, speed, acceleration, and braking behaviors. The data is then used to build the insurance rates and personalized insurance choices. Embedded telematics box based UBI programs are extensively used in personal and commercial auto insurance. The devices come in four different versions: Bluetooth, Wi-Fi, 4S Shop error code clear tool, and telematics (GPS).
The OBD-II interface became popular in the US in 1996 as the US federal law amended regulations for equipping OBD-II devices in all vehicles. Later on, in January 2006, the OBD-II port was made compulsory in Australia & New Zealand. Miles had launched Miles Tracker, plugging into the port to gather the data. Mercedes Benz used Miles Tracker in European models to track the vehicle. Usage Based Insurance has become extremely popular since its introduction, especially since Progressive’s Snapshot program. The EOBD/OBD-II dongle has evolved into various solutions tailored to different rules, market needs, and market niches. Increased vehicle sales have indeed had a positive impact on the sales of OBD-II (On-Board Diagnostics II) devices. For instance, according to OICA, global production has increased by 6% in 2022 compared to 2021 (i.e., 85 million units). Thus, these factors drive the OBD-II device market in the UBI market.
“Pay As You Drive is dominating the UBI market by package type.”
“Pay as you drive” (PAYD) insurance is playing a pivotal role in driving the Usage-Based Insurance (UBI) market by revolutionizing the way of calculating the insurance premiums on the miles that are driven. PAYD technology monitors the driver’s behavior, such as their speed, distance traveled, and driving habits, and charges the insurance premiums based on actual usage and driving performance; PAYD encourages safer driving and rewards responsible behavior. This program appeals to conscientious drivers and provides insurers with more accurate risk assessment data, enabling them to offer tailored coverage and pricing. This enhances the competitiveness of insurance offerings, promotes road safety, and reduces environmental impact by encouraging reduced mileage and eco-friendly driving practices.
For Instance, Progressive Snapshot is a PAYD program that uses a small plug-in device to track how drivers drive. Progressive Snapshot participants can save up to 30% on their insurance premiums. Also, in 2020, ICICI Lombard (India) began providing telematics-based products with a Disclaimer, including 'pay as you use' and 'pay how you use.' Under the Regulatory Sandbox proposal, Pay How You Use (PHYU) (Sandbox application no. 173) is available as an experiment from 1st February 2020 to 31st January 2021. This program is saving environmental hazards by reducing vehicle emissions by encouraging drivers to drive less and greener. Due to this, the number of accidental cases has reduced as people drive less and avoid the associated risk. As consumers increasingly seek customized insurance solutions, PAYD drives the UBI market by aligning insurance pricing with actual driving habits and preferences, ultimately benefiting insurers and policyholders.
“Europe is the second fastest growing market.”
Due to a confluence of factors, Europe has emerged as the second fastest-growing region for the usage based insurance market. The region benefits from solid regulatory support, with governments and regulatory bodies actively endorsing UBI initiatives to promote road safety and incentivize insurers. In May 2019, the European governing body implemented a guidance named “European Data Protection Board” (EDPB) for the data privacy of the customers for many industries, including the automotive sector.
Europe boasts a well-established telematics infrastructure, with a significant portion of vehicles equipped with advanced telematics systems, facilitating the adoption of UBI programs. According to the European Commission report 2023, around USD 189 billion has been invested in digital technologies which contain Artificial Intelligence (AI), robotics, and new materials for which 28 new projects were selected in March 2023. These investments have helped the UBI companies develop new applications (AI, Blockchain, Machine learning) to gather information about drivers’ behavior and set insurance prices. Also, urban congestion, traffic safety concerns, and environmental priorities have further driven interest in UBI to encourage safer and eco-friendly driving behaviors. The European region has set ambitious targets to reduce vehicle emissions in the coming years. For example, the EU aims to reduce CO2 emissions from new passenger cars by 55% by 2030 and 100% by 2035. This regulation has led to the adoption of telematics vehicles to monitor vehicle performance and inform drivers to improve their driving habits. Also, several new UBI players are emerging in Europe. These players offer innovative UBI products and services tailored to European consumers’ needs. Companies like Root Insurance, Insurance, VouchForMe, Inshur, and Fair, etc. are the emerging players in the UBI market in Europe, which has increased the competition in the market, and this is helping to drive down prices and improve the quality of UBI products and services. The European UBI market is expected to multiply in the coming years.
The break-up of the profile of primary participants in the automotive tire market:
By Companies: Tier 1 - 100%, OEMs - 0%
By Designation: Directors- 30%, C-Level Executives - 50%, Manager level - 20%
By Region: North America - 70%, APAC - 20% and MEA - 10%
Global players dominate the usage-based insurance market and comprise several regional players. The key players in the usage-based market are UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), Liberty Mutual Insurance Company (US), AXA (France), Assicurazioni Generali (Italy), Allianz (Germany), Webfleet Solutions (The Netherlands), Verizon (US).
Research Coverage:
This Research Report Categorizes usage-based insurance by package type [Pay As You Drive (PAYD), Pay How You Drive (PHYD), and Manage How You Drive (MHYD)], by technology (OBD-II, smartphone, embedded telematics box and other technologies), by vehicle type (light-duty and heavy-duty vehicle), by vehicle age (new and old vehicles), by device offering type (bring your own device (BYOD) and company provided), by electric vehicle type (BEV, PHEV, and FCEV), and by Region (Asia Pacific, Europe, North America, and Rest of the World).
The report’s scope covers detailed information regarding the major factors, such as influencing factors for the growth of the usage based insurance market. A detailed analysis of the key industry players has been done to provide insights into their business overview, products, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, recession impact, and recent developments associated with the automotive tire market.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall usage based insurance market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (Increasing adoption of telematics and connected cars, and Increasing adoption of telematics and connected cars), restraints (Increasing adoption of telematics and connected cars), opportunities (Increasing adoption of telematics and connected cars), and challenges (Increasing adoption of telematics and connected cars, Increasing adoption of telematics and connected cars, and Increasing adoption of telematics and connected cars) influencing the growth of the usage based insurance market.
- Product Development/Innovation: Detailed insights on upcoming technologies, and new product & service launches in the usage based insurance market.
- Market Development: Comprehensive information about the markets – the report analyses the authentication and brand protection market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in usage based insurance market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like (UnipolSai Assicurazioni S.p.A (Italy), Progressive Casualty Insurance Company (US), Allstate Insurance Company (US), State Farm Automobile Mutual Insurance Company (US), and Liberty Mutual Insurance Company (US) among others in usage based insurance market.
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
TABLE 1 INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
FIGURE 1 USAGE-BASED INSURANCE MARKET SEGMENTATION
1.3.1 REGIONS COVERED
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
1.7.1 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 USAGE-BASED INSURANCE MARKET: RESEARCH DESIGN
FIGURE 3 RESEARCH DESIGN MODEL
2.1.1 SECONDARY DATA
2.1.1.1 Key secondary sources for vehicle sales
2.1.1.2 Key secondary sources for market sizing
2.1.1.3 Key data from secondary sources
2.1.2 PRIMARY DATA
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
2.1.2.1 Sampling techniques and data collection methods
2.1.2.2 Primary interview participants
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 5 USAGE-BASED INSURANCE MARKET: BY VEHICLE TYPE, VEHICLE AGE, AND PACKAGE TYPE
2.2.2 TOP-DOWN APPROACH
FIGURE 6 USAGE-BASED INSURANCE MARKET: BY TECHNOLOGY AND DEVICE OFFERING
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 7 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS AND RISKS (GLOBAL)
2.6 RESEARCH ASSUMPTIONS AND RISKS (BY SEGMENT)
2.7 RESEARCH LIMITATIONS
2.8 RECESSION IMPACT
3 EXECUTIVE SUMMARY
FIGURE 8 USAGE-BASED INSURANCE MARKET OUTLOOK
FIGURE 9 USAGE-BASED INSURANCE MARKET, BY REGION, 2023 VS. 2028 (USD MILLION)
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN USAGE-BASED INSURANCE MARKET
FIGURE 10 INCREASING ADOPTION OF TELEMATICS AND CONNECTED CAR SERVICES TO DRIVE USAGE-BASED INSURANCE MARKET
4.2 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE
FIGURE 11 LDV SEGMENT TO HOLD LARGER MARKET SHARE BY 2028
4.3 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE
FIGURE 12 OLD VEHICLE SEGMENT TO HOLD LARGER MARKET SHARE BY 2028
4.4 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE
FIGURE 13 PAYD PACKAGE TYPE TO DOMINATE MARKET BY 2028
4.5 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY
FIGURE 14 EMBEDDED TELEMATICS BOX TO COMMAND LARGEST MARKET SHARE BY 2028
4.6 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING
FIGURE 15 COMPANY-PROVIDED DEVICES TO BE LARGER SEGMENT BY 2028
4.7 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE (EV) TYPE
FIGURE 16 BEV SEGMENT TO HOLD LARGEST MARKET SHARE BY 2028
4.8 USAGE-BASED INSURANCE MARKET, BY REGION
FIGURE 17 NORTH AMERICA TO DOMINATE MARKET DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 USAGE-BASED INSURANCE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Increasing adoption of telematics and connected cars
FIGURE 19 CONNECTED CAR MARKET SIZE, 2019 VS. 2026 (USD BILLION)
FIGURE 20 AUTOMOTIVE TELEMATICS MARKET SIZE, 2022 VS. 2027 (USD BILLION)
5.2.1.2 Reduction in insurance premium and risk-related costs
5.2.2 RESTRAINTS
5.2.2.1 Ambiguity over regulations and legislative environments
5.2.3 OPPORTUNITIES
5.2.3.1 Developing automotive usage-based insurance ecosystem
5.2.4 CHALLENGES
5.2.4.1 Data privacy
TABLE 2 TOP AUTOMOTIVE ATTACK VECTORS, 2022
5.2.4.2 Lack of common framework for all services and devices
5.2.4.3 Need for transparency and accountability
5.3 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.3.1 REVENUE SHIFT IN USAGE-BASED INSURANCE MARKET
5.4 TECHNOLOGY ANALYSIS
5.4.1 PROGRESSIVE: LAUNCH OF FLO CHATBOT FOR UBI USERS
5.4.2 METROMILE: SMARTPHONE FOR CALCULATING DRIVER BEHAVIOR
5.4.3 PROGRESSIVE: USAGE-BASED INSURANCE AND FLEET MANAGEMENT PROGRAMS FOR BUSINESS OWNERS
5.4.4 WEBFLEET SOLUTIONS AND LYTX: COLLABORATION TO OFFER INTEGRATED VIDEO-BASED SOLUTION FOR ENHANCED DRIVER AND VEHICLE SAFETY
5.4.5 TELEMATICS TECHNOLOGY
5.4.6 ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML)
5.4.7 BIG DATA ANALYTICS
5.4.8 DATA MONETIZATION
5.5 IMPACT OF ELECTRIC VEHICLES ON USAGE-BASED INSURANCE MARKET
5.6 CASE STUDY ANALYSIS
5.6.1 HAPPIEST MINDS (INDIA) CASE STUDY
5.6.2 BRITISH AMERICAN TOBACCO (BAT)
5.6.3 AMALINE
5.7 ADOPTION OF VEHICLE INSURANCE IN KEY COUNTRIES
FIGURE 21 VEHICLES INSURED IN KEY COUNTRIES, 2022 (%)
5.8 PATENT ANALYSIS
TABLE 3 IMPORTANT INNOVATIONS AND PATENTS, 2020–2023
5.9 VALUE CHAIN ANALYSIS
FIGURE 22 USAGE-BASED INSURANCE MARKET: VALUE CHAIN ANALYSIS
5.10 ECOSYSTEM ANALYSIS
FIGURE 23 USAGE-BASED INSURANCE MARKET: ECOSYSTEM ANALYSIS
5.11 AVERAGE AUTOMOTIVE INSURANCE PREMIUM ANALYSIS
TABLE 4 AVERAGE AUTOMOTIVE INSURANCE PREMIUM ANALYSIS, BY REGION, 2022 (USD)
5.12 TARIFF AND REGULATORY LANDSCAPE
TABLE 5 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
5.13.1 BUYING CRITERIA
FIGURE 24 KEY BUYING CRITERIA FOR SELECTING USAGE-BASED INSURANCE COMPANY
TABLE 6 KEY BUYING CRITERIA FOR USAGE-BASED INSURANCE
5.13.2 KEY STAKEHOLDERS IN BUYING PROCESS, BY VEHICLE TYPE
TABLE 7 KEY STAKEHOLDERS IN BUYING PROCESS FOR VEHICLE TYPES
5.14 KEY CONFERENCES AND EVENTS, 2023–2024
TABLE 8 USAGE-BASED INSURANCE MARKET: KEY CONFERENCES AND EVENTS
6 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING
6.1 INTRODUCTION
6.1.1 PRIMARY INSIGHTS
FIGURE 25 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2023 VS. 2028 (USD BILLION)
TABLE 9 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2019–2022 (USD MILLION)
TABLE 10 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2023–2028 (USD MILLION)
6.2 BRING YOUR OWN DEVICE (BYOD)
6.2.1 GROWING DEMAND FOR SMARTPHONE UBI TECHNOLOGY TO DRIVE MARKET
TABLE 11 BYOD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 12 BYOD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
6.3 COMPANY PROVIDED
6.3.1 INCREASING NUMBER OF VEHICLES WITH ADVANCED SAFETY FEATURES TO DRIVE MARKET
TABLE 13 IN-BUILT TELEMATICS OFFERED IN NEW VEHICLE LAUNCHES, 2022–2023
TABLE 14 COMPANY PROVIDED: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 15 COMPANY PROVIDED: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
7 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE TYPE
7.1 INTRODUCTION
7.1.1 PRIMARY INSIGHTS
FIGURE 26 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE TYPE, 2023 VS. 2028 (USD MILLION)
TABLE 16 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE, 2019–2022 (USD MILLION)
TABLE 17 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE, 2023–2028 (USD MILLION)
7.2 BATTERY ELECTRIC VEHICLE (BEV)
7.2.1 INCREASING BEV SALES AND OPPORTUNITIES TO REDUCE AVERAGE PREMIUM TO DRIVE MARKET
TABLE 18 BEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 19 BEV: USAGE-BASED INSURANCE MARKET SIZE, BY REGION, 2023–2028 (USD MILLION)
7.3 FUEL-CELL ELECTRIC VEHICLE (FCEV)
7.3.1 ATTRACTIVE GOVERNMENT POLICIES TO PROMOTE FCEVS TO DRIVE MARKET
TABLE 20 FCEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 21 FCEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
7.4 PLUG-IN HYBRID VEHICLE (PHEV)
7.4.1 INCREASING SALES OF PHEVS EQUIPPED WITH TELEMATICS TO DRIVE MARKET
TABLE 22 PHEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 23 PHEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE
8.1 INTRODUCTION
8.1.1 PRIMARY INSIGHTS
FIGURE 27 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023 VS. 2028 (USD BILLION)
TABLE 24 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 25 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
8.2 PAY-AS-YOU-DRIVE (PAYD)
8.2.1 COST-EFFECTIVENESS AND FASTER CLAIMS SETTLEMENT TO DRIVE MARKET
TABLE 26 PAYD PROGRAM LAUNCHES, 2021–2023
TABLE 27 PAYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 28 PAYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.3 PAY-HOW-YOU-DRIVE (PHYD)
8.3.1 INCREASING SALES OF VEHICLES EQUIPPED WITH TELEMATICS TO DRIVE MARKET
TABLE 29 PHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 30 PHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.4 MANAGE-HOW-YOU-DRIVE (MHYD)
8.4.1 HIGH ADOPTION IN NORTH AMERICA AND EUROPE COMPARED TO ASIA PACIFIC TO DRIVE MARKET
TABLE 31 MHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 32 MHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY
9.1 INTRODUCTION
9.1.1 PRIMARY INSIGHTS
FIGURE 28 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2023 VS. 2028 (USD BILLION)
TABLE 33 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 34 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
9.2 OBD-II
9.2.1 HIGH RELIABILITY AND CUSTOMER ACCEPTANCE TO DRIVE MARKET
TABLE 35 OBD-II: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 36 OBD-II: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.3 SMARTPHONE
9.3.1 COST-EFFECTIVENESS AND USER CONVENIENCE TO DRIVE MARKET
TABLE 37 SMARTPHONE: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 38 SMARTPHONE: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.4 EMBEDDED TELEMATICS BOX
9.4.1 INCREASING NUMBER OF CONNECTED CARS TO DRIVE MARKET
TABLE 39 EMBEDDED TELEMATICS BOX: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 40 EMBEDDED TELEMATICS BOX: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.5 OTHER TECHNOLOGIES
TABLE 41 OTHER TECHNOLOGIES: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 42 OTHER TECHNOLOGIES: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
10 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE
10.1 INTRODUCTION
10.1.1 PRIMARY INSIGHTS
FIGURE 29 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2023 VS. 2028 (USD BILLION)
TABLE 43 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2019–2022 (USD MILLION)
TABLE 44 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2023–2028 (USD MILLION)
10.2 NEW VEHICLE
10.2.1 INCREASING SALES OF VEHICLES WITH TELEMATICS TO DRIVE MARKET
TABLE 45 NEW VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 46 NEW VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
10.3 OLD VEHICLE
10.3.1 VARIOUS BENEFITS OFFERED BY UBI PROGRAMS TO DRIVE MARKET
TABLE 47 OLD VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 48 OLD VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
11 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE
11.1 INTRODUCTION
11.1.1 PRIMARY INSIGHTS
FIGURE 30 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2023 VS. 2028 (USD BILLION)
TABLE 49 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2019–2022 (USD MILLION)
TABLE 50 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
11.2 LIGHT-DUTY VEHICLE (LDV)
11.2.1 ADVANCEMENTS IN CONNECTED CAR TECHNOLOGIES AND TELEMATICS SERVICES TO DRIVE MARKET
TABLE 51 LDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 52 LDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
11.3 HEAVY-DUTY VEHICLE (HDV)
11.3.1 INCREASING SALES OF HDVS TO DRIVE MARKET
TABLE 53 HDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 54 HDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
12 SAGE-BASED INSURANCE MARKET, BY REGION
12.1 INTRODUCTION
12.1.1 PRIMARY INSIGHTS
FIGURE 31 USAGE-BASED INSURANCE MARKET, BY REGION, 2023 VS. 2028 (USD MILLION)
TABLE 55 USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 56 USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
12.2 NORTH AMERICA
FIGURE 32 NORTH AMERICA: USAGE-BASED INSURANCE MARKET SNAPSHOT
12.2.1 RECESSION IMPACT
TABLE 57 NORTH AMERICA: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 58 NORTH AMERICA: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.2.2 US
12.2.2.1 Growing popularity of mobile telematics to drive market
TABLE 59 US: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 60 US: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.2.3 CANADA
12.2.3.1 Presence of established market players to drive market
TABLE 61 CANADA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 62 CANADA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.2.4 MEXICO
12.2.4.1 Increasing sales of premium vehicles to drive market
TABLE 63 MEXICO: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 64 MEXICO: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3 EUROPE
FIGURE 33 EUROPE: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023 VS. 2028 (USD BILLION)
12.3.1 RECESSION IMPACT
TABLE 65 EUROPE: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 66 EUROPE: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.3.2 ITALY
12.3.2.1 Presence of major UBI providers to drive market
TABLE 67 ITALY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 68 ITALY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.3 UK
12.3.3.1 Demand for connected cars to drive market
TABLE 69 UK: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 70 UK: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.4 GERMANY
12.3.4.1 New telematics-based product launches to drive market
TABLE 71 GERMANY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 72 GERMANY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.5 FRANCE
12.3.5.1 Increasing demand for fleet management to drive market
TABLE 73 FRANCE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 74 FRANCE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.6 SPAIN
12.3.6.1 High penetration of telematics in LCV fleet to drive market
TABLE 75 SPAIN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 76 SPAIN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.7 RUSSIA
12.3.7.1 Increasing demand for safety features such as anti-theft to drive market
TABLE 77 RUSSIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 78 RUSSIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.8 REST OF EUROPE
TABLE 79 REST OF EUROPE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 80 REST OF EUROPE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4 ASIA PACIFIC
FIGURE 34 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET SNAPSHOT
12.4.1 RECESSION IMPACT
TABLE 81 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 82 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.4.2 CHINA
12.4.2.1 Increasing focus on IoT to drive market
TABLE 83 CHINA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 84 CHINA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.3 JAPAN
12.4.3.1 Increasing number of vehicles with OE-fitted telematics units to drive market
TABLE 85 JAPAN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 86 JAPAN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.4 SOUTH KOREA
12.4.4.1 Presence of robust telecommunications infrastructure and mobile communications technology to drive market
TABLE 87 SOUTH KOREA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 88 SOUTH KOREA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.5 INDIA
12.4.5.1 Increasing sales of vehicles with telematics units to drive market
TABLE 89 INDIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 90 INDIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.6 REST OF ASIA PACIFIC
TABLE 91 REST OF ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 92 REST OF ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.5 REST OF THE WORLD
FIGURE 35 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET, 2023 VS. 2028 (USD MILLION)
12.5.1 RECESSION IMPACT
TABLE 93 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 94 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.5.2 BRAZIL
12.5.2.1 Popularity of embedded telematics to drive market
TABLE 95 BRAZIL: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 96 BRAZIL: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.5.3 SOUTH AFRICA
12.5.3.1 Safety concerns such as hijacking to drive market
TABLE 97 SOUTH AFRICA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 98 SOUTH AFRICA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.5.4 OTHER COUNTRIES
TABLE 99 OTHER COUNTRIES: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 100 OTHER COUNTRIES: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
13 COMPETITIVE LANDSCAPE
13.1 OVERVIEW
FIGURE 36 MARKET SHARE ANALYSIS, 2022
13.2 REVENUE ANALYSIS OF KEY PLAYERS, 2020 VS. 2022
FIGURE 37 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2020 VS. 2022
13.3 COMPANY EVALUATION MATRIX - USAGE BASED INSURANCE PROVIDERS
13.3.1 STARS
13.3.2 EMERGING LEADERS
13.3.3 PERVASIVE PLAYERS
13.3.4 PARTICIPANTS
FIGURE 38 COMPANY EVALUATION MATRIX: (USAGE BASED INSURANCE PROVIDERS), 2022
13.4 COMPANY EVALUATION MATRIX (TELEMATICS SERVICE PROVIDERS)
13.4.1 STARS
13.4.2 EMERGING LEADERS
13.4.3 PERVASIVE PLAYERS
13.4.4 PARTICIPANTS
FIGURE 39 COMPANY EVALUATION MATRIX (TELEMATICS SERVICE PROVIDERS), 2022
13.5 COMPANY FOOTPRINT
TABLE 101 COMPANY PRODUCT FOOTPRINT OF KEY PLAYERS
TABLE 102 PARTNERSHIP OF OEMS AND UBI SERVICE PROVIDERS
13.6 COMPETITIVE SCENARIO
TABLE 103 KEY STRATEGIES ADOPTED BY MARKET PLAYERS
13.6.1 PRODUCT DEVELOPMENTS
TABLE 104 PRODUCT DEVELOPMENTS, 2022–2023
13.6.2 DEALS
TABLE 105 DEALS, 2022
13.6.3 OTHERS
TABLE 106 OTHERS, 2022
14 COMPANY PROFILES
(Business overview, Products offered, Recent developments & MnM View)*
14.1 KEY PLAYERS
14.1.1 UNIPOLSAI ASSICURAZIONI S.P.A
TABLE 107 UNIPOLSAI ASSICURAZIONI S.P.A: COMPANY OVERVIEW
FIGURE 40 UNIPOLSAI ASSICURAZIONI S.P.A: COMPANY SNAPSHOT
TABLE 108 UNIPOLSAI ASSICURAZIONI S.P.A: PRODUCTS OFFERED
TABLE 109 UNIPOLSAI ASSICURAZIONI S.P.A: PRODUCT DEVELOPMENTS
TABLE 110 UNIPOLSAI ASSICURAZIONI S.P.A: DEALS
14.1.2 PROGRESSIVE CASUALTY INSURANCE COMPANY
TABLE 111 PROGRESSIVE CASUALTY INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 41 PROGRESSIVE CASUALTY INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 112 PROGRESSIVE CASUALTY INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 113 PROGRESSIVE CASUALTY INSURANCE COMPANY: PRODUCT DEVELOPMENTS
TABLE 114 PROGRESSIVE CASUALTY INSURANCE COMPANY: DEALS
14.1.3 ALLSTATE INSURANCE COMPANY
TABLE 115 ALLSTATE INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 42 ALLSTATE INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 116 ALLSTATE INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 117 ALLSTATE INSURANCE COMPANY: PRODUCT DEVELOPMENTS
TABLE 118 ALLSTATE INSURANCE COMPANY: DEALS
14.1.4 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
TABLE 119 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 43 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 120 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 121 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: PRODUCT DEVELOPMENTS
TABLE 122 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: DEALS
14.1.5 LIBERTY MUTUAL INSURANCE COMPANY
TABLE 123 LIBERTY MUTUAL INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 44 LIBERTY MUTUAL INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 124 LIBERTY MUTUAL INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 125 LIBERTY MUTUAL INSURANCE COMPANY: DEALS
14.1.6 AXA
TABLE 126 AXA: COMPANY OVERVIEW
FIGURE 45 AXA: COMPANY SNAPSHOT
TABLE 127 AXA: PRODUCTS OFFERED
TABLE 128 AXA: DEALS
14.1.7 ASSICURAZIONI GENERALI S.P.A
TABLE 129 ASSICURAZIONI GENERALI S.P.A: COMPANY OVERVIEW
FIGURE 46 ASSICURAZIONI GENERALI S.P.A: COMPANY SNAPSHOT
TABLE 130 ASSICURAZIONI GENERALI S.P.A: PRODUCTS OFFERED
TABLE 131 ASSICURAZIONI GENERALI S.P.A: DEALS
14.1.8 ALLIANZ
TABLE 132 ALLIANZ: COMPANY OVERVIEW
FIGURE 47 ALLIANZ: COMPANY SNAPSHOT
TABLE 133 ALLIANZ: PRODUCTS OFFERED
14.1.9 WEBFLEET SOLUTIONS
TABLE 134 WEBFLEET SOLUTIONS: COMPANY OVERVIEW
FIGURE 48 WEBFLEET SOLUTIONS: COMPANY SNAPSHOT
TABLE 135 WEBFLEET SOLUTIONS: PRODUCTS OFFERED
TABLE 136 WEBFLEET SOLUTIONS: DEALS
14.1.10 VERIZON
TABLE 137 VERIZON: COMPANY OVERVIEW
FIGURE 49 VERIZON: COMPANY SNAPSHOT
TABLE 138 VERIZON: PRODUCTS OFFERED
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies.
14.2 OTHER PLAYERS
14.2.1 NATIONWIDE MUTUAL INSURANCE COMPANY
TABLE 139 NATIONWIDE MUTUAL INSURANCE COMPANY: COMPANY OVERVIEW
14.2.2 ZUBIE, INC.
TABLE 140 ZUBIE, INC.: COMPANY OVERVIEW
14.2.3 CAMBRIDGE MOBILE TELEMATICS
TABLE 141 CAMBRIDGE MOBILE TELEMATICS: COMPANY OVERVIEW
14.2.4 MODUS GROUP, LLC
TABLE 142 MODUS GROUP, LLC: COMPANY OVERVIEW
14.2.5 METROMILE, INC.
TABLE 143 METROMILE, INC.: COMPANY OVERVIEW
14.2.6 AMICA
TABLE 144 AMICA: COMPANY OVERVIEW
14.2.7 SIERRA WIRELESS
TABLE 145 SIERRA WIRELESS: COMPANY OVERVIEW
14.2.8 OCTO GROUP S.P.A
TABLE 146 OCTO GROUP S.P.A: COMPANY OVERVIEW
14.2.9 TRAK GLOBAL GROUP
TABLE 147 TRAK GLOBAL GROUP: COMPANY OVERVIEW
14.2.10 INSURE THE BOX LIMITED
TABLE 148 INSURE THE BOX LIMITED: COMPANY OVERVIEW
14.2.11 MAPFRE
TABLE 149 MAPFRE: COMPANY OVERVIEW
14.2.12 THE FLOOW LIMITED
TABLE 150 THE FLOOW LIMITED: COMPANY OVERVIEW
14.2.13 ONSTAR, LLC. (GENERAL MOTORS)
TABLE 151 ONSTAR, LLC. (GENERAL MOTORS): COMPANY OVERVIEW
14.2.14 TESLA
TABLE 152 TESLA: COMPANY OVERVIEW
14.2.15 HYUNDAI MOTOR COMPANY
TABLE 153 HYUNDAI MOTOR COMPANY: COMPANY OVERVIEW
14.2.16 LEXISNEXIS
TABLE 154 LEXISNEXIS: COMPANY OVERVIEW
14.2.17 CCC INTELLIGENT SOLUTIONS INC.
TABLE 155 CCC INTELLIGENT SOLUTIONS INC.: COMPANY OVERVIEW
14.2.18 VERISK ANALYTICS, INC.
TABLE 156 VERISK ANALYTICS, INC.: COMPANY OVERVIEW
15 RECOMMENDATIONS BY MARKETSANDMARKETS
15.1 NORTH AMERICA TO BE MAJOR MARKET FOR USAGE-BASED INSURANCE
15.2 MANAGE-HOW-YOU-DRIVE AND PAY-HOW-YOU-DRIVE CAN BE KEY PLANS FOR INSURANCE SERVICE PROVIDERS
15.3 CONCLUSION
16 APPENDIX
16.1 INSIGHTS FROM INDUSTRY EXPERTS
16.2 DISCUSSION GUIDE
16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
16.4 CUSTOMIZATION OPTIONS
16.4.1 ADDITIONAL COMPANY PROFILES (BUSINESS OVERVIEW, RECENT DEVELOPMENTS, AND MNM VIEW)
16.4.2 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, BY COUNTRY
16.4.2.1 Light-duty vehicle
16.4.2.2 Heavy-duty vehicle
16.4.3 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, BY VEHICLE AGE, BY REGION
16.4.3.1 Asia Pacific
16.4.3.2 Europe
16.4.3.3 North America
16.4.3.4 RoW
16.4.4 USAGE-BASED INSURANCE MARKET, BY OFF-HIGHWAY VEHICLE TYPE, BY REGION
16.4.4.1 Construction
16.4.4.2 Agriculture
16.5 RELATED REPORTS
16.6 AUTHOR DETAILS
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
TABLE 1 INCLUSIONS AND EXCLUSIONS
1.3 MARKET SCOPE
FIGURE 1 USAGE-BASED INSURANCE MARKET SEGMENTATION
1.3.1 REGIONS COVERED
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
1.7.1 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 USAGE-BASED INSURANCE MARKET: RESEARCH DESIGN
FIGURE 3 RESEARCH DESIGN MODEL
2.1.1 SECONDARY DATA
2.1.1.1 Key secondary sources for vehicle sales
2.1.1.2 Key secondary sources for market sizing
2.1.1.3 Key data from secondary sources
2.1.2 PRIMARY DATA
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
2.1.2.1 Sampling techniques and data collection methods
2.1.2.2 Primary interview participants
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 5 USAGE-BASED INSURANCE MARKET: BY VEHICLE TYPE, VEHICLE AGE, AND PACKAGE TYPE
2.2.2 TOP-DOWN APPROACH
FIGURE 6 USAGE-BASED INSURANCE MARKET: BY TECHNOLOGY AND DEVICE OFFERING
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 7 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS AND RISKS (GLOBAL)
2.6 RESEARCH ASSUMPTIONS AND RISKS (BY SEGMENT)
2.7 RESEARCH LIMITATIONS
2.8 RECESSION IMPACT
3 EXECUTIVE SUMMARY
FIGURE 8 USAGE-BASED INSURANCE MARKET OUTLOOK
FIGURE 9 USAGE-BASED INSURANCE MARKET, BY REGION, 2023 VS. 2028 (USD MILLION)
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN USAGE-BASED INSURANCE MARKET
FIGURE 10 INCREASING ADOPTION OF TELEMATICS AND CONNECTED CAR SERVICES TO DRIVE USAGE-BASED INSURANCE MARKET
4.2 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE
FIGURE 11 LDV SEGMENT TO HOLD LARGER MARKET SHARE BY 2028
4.3 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE
FIGURE 12 OLD VEHICLE SEGMENT TO HOLD LARGER MARKET SHARE BY 2028
4.4 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE
FIGURE 13 PAYD PACKAGE TYPE TO DOMINATE MARKET BY 2028
4.5 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY
FIGURE 14 EMBEDDED TELEMATICS BOX TO COMMAND LARGEST MARKET SHARE BY 2028
4.6 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING
FIGURE 15 COMPANY-PROVIDED DEVICES TO BE LARGER SEGMENT BY 2028
4.7 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE (EV) TYPE
FIGURE 16 BEV SEGMENT TO HOLD LARGEST MARKET SHARE BY 2028
4.8 USAGE-BASED INSURANCE MARKET, BY REGION
FIGURE 17 NORTH AMERICA TO DOMINATE MARKET DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 USAGE-BASED INSURANCE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Increasing adoption of telematics and connected cars
FIGURE 19 CONNECTED CAR MARKET SIZE, 2019 VS. 2026 (USD BILLION)
FIGURE 20 AUTOMOTIVE TELEMATICS MARKET SIZE, 2022 VS. 2027 (USD BILLION)
5.2.1.2 Reduction in insurance premium and risk-related costs
5.2.2 RESTRAINTS
5.2.2.1 Ambiguity over regulations and legislative environments
5.2.3 OPPORTUNITIES
5.2.3.1 Developing automotive usage-based insurance ecosystem
5.2.4 CHALLENGES
5.2.4.1 Data privacy
TABLE 2 TOP AUTOMOTIVE ATTACK VECTORS, 2022
5.2.4.2 Lack of common framework for all services and devices
5.2.4.3 Need for transparency and accountability
5.3 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.3.1 REVENUE SHIFT IN USAGE-BASED INSURANCE MARKET
5.4 TECHNOLOGY ANALYSIS
5.4.1 PROGRESSIVE: LAUNCH OF FLO CHATBOT FOR UBI USERS
5.4.2 METROMILE: SMARTPHONE FOR CALCULATING DRIVER BEHAVIOR
5.4.3 PROGRESSIVE: USAGE-BASED INSURANCE AND FLEET MANAGEMENT PROGRAMS FOR BUSINESS OWNERS
5.4.4 WEBFLEET SOLUTIONS AND LYTX: COLLABORATION TO OFFER INTEGRATED VIDEO-BASED SOLUTION FOR ENHANCED DRIVER AND VEHICLE SAFETY
5.4.5 TELEMATICS TECHNOLOGY
5.4.6 ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML)
5.4.7 BIG DATA ANALYTICS
5.4.8 DATA MONETIZATION
5.5 IMPACT OF ELECTRIC VEHICLES ON USAGE-BASED INSURANCE MARKET
5.6 CASE STUDY ANALYSIS
5.6.1 HAPPIEST MINDS (INDIA) CASE STUDY
5.6.2 BRITISH AMERICAN TOBACCO (BAT)
5.6.3 AMALINE
5.7 ADOPTION OF VEHICLE INSURANCE IN KEY COUNTRIES
FIGURE 21 VEHICLES INSURED IN KEY COUNTRIES, 2022 (%)
5.8 PATENT ANALYSIS
TABLE 3 IMPORTANT INNOVATIONS AND PATENTS, 2020–2023
5.9 VALUE CHAIN ANALYSIS
FIGURE 22 USAGE-BASED INSURANCE MARKET: VALUE CHAIN ANALYSIS
5.10 ECOSYSTEM ANALYSIS
FIGURE 23 USAGE-BASED INSURANCE MARKET: ECOSYSTEM ANALYSIS
5.11 AVERAGE AUTOMOTIVE INSURANCE PREMIUM ANALYSIS
TABLE 4 AVERAGE AUTOMOTIVE INSURANCE PREMIUM ANALYSIS, BY REGION, 2022 (USD)
5.12 TARIFF AND REGULATORY LANDSCAPE
TABLE 5 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
5.13.1 BUYING CRITERIA
FIGURE 24 KEY BUYING CRITERIA FOR SELECTING USAGE-BASED INSURANCE COMPANY
TABLE 6 KEY BUYING CRITERIA FOR USAGE-BASED INSURANCE
5.13.2 KEY STAKEHOLDERS IN BUYING PROCESS, BY VEHICLE TYPE
TABLE 7 KEY STAKEHOLDERS IN BUYING PROCESS FOR VEHICLE TYPES
5.14 KEY CONFERENCES AND EVENTS, 2023–2024
TABLE 8 USAGE-BASED INSURANCE MARKET: KEY CONFERENCES AND EVENTS
6 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING
6.1 INTRODUCTION
6.1.1 PRIMARY INSIGHTS
FIGURE 25 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2023 VS. 2028 (USD BILLION)
TABLE 9 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2019–2022 (USD MILLION)
TABLE 10 USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2023–2028 (USD MILLION)
6.2 BRING YOUR OWN DEVICE (BYOD)
6.2.1 GROWING DEMAND FOR SMARTPHONE UBI TECHNOLOGY TO DRIVE MARKET
TABLE 11 BYOD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 12 BYOD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
6.3 COMPANY PROVIDED
6.3.1 INCREASING NUMBER OF VEHICLES WITH ADVANCED SAFETY FEATURES TO DRIVE MARKET
TABLE 13 IN-BUILT TELEMATICS OFFERED IN NEW VEHICLE LAUNCHES, 2022–2023
TABLE 14 COMPANY PROVIDED: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 15 COMPANY PROVIDED: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
7 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE TYPE
7.1 INTRODUCTION
7.1.1 PRIMARY INSIGHTS
FIGURE 26 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE TYPE, 2023 VS. 2028 (USD MILLION)
TABLE 16 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE, 2019–2022 (USD MILLION)
TABLE 17 USAGE-BASED INSURANCE MARKET, BY ELECTRIC VEHICLE, 2023–2028 (USD MILLION)
7.2 BATTERY ELECTRIC VEHICLE (BEV)
7.2.1 INCREASING BEV SALES AND OPPORTUNITIES TO REDUCE AVERAGE PREMIUM TO DRIVE MARKET
TABLE 18 BEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 19 BEV: USAGE-BASED INSURANCE MARKET SIZE, BY REGION, 2023–2028 (USD MILLION)
7.3 FUEL-CELL ELECTRIC VEHICLE (FCEV)
7.3.1 ATTRACTIVE GOVERNMENT POLICIES TO PROMOTE FCEVS TO DRIVE MARKET
TABLE 20 FCEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 21 FCEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
7.4 PLUG-IN HYBRID VEHICLE (PHEV)
7.4.1 INCREASING SALES OF PHEVS EQUIPPED WITH TELEMATICS TO DRIVE MARKET
TABLE 22 PHEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 23 PHEV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE
8.1 INTRODUCTION
8.1.1 PRIMARY INSIGHTS
FIGURE 27 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023 VS. 2028 (USD BILLION)
TABLE 24 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 25 USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
8.2 PAY-AS-YOU-DRIVE (PAYD)
8.2.1 COST-EFFECTIVENESS AND FASTER CLAIMS SETTLEMENT TO DRIVE MARKET
TABLE 26 PAYD PROGRAM LAUNCHES, 2021–2023
TABLE 27 PAYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 28 PAYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.3 PAY-HOW-YOU-DRIVE (PHYD)
8.3.1 INCREASING SALES OF VEHICLES EQUIPPED WITH TELEMATICS TO DRIVE MARKET
TABLE 29 PHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 30 PHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
8.4 MANAGE-HOW-YOU-DRIVE (MHYD)
8.4.1 HIGH ADOPTION IN NORTH AMERICA AND EUROPE COMPARED TO ASIA PACIFIC TO DRIVE MARKET
TABLE 31 MHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 32 MHYD: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY
9.1 INTRODUCTION
9.1.1 PRIMARY INSIGHTS
FIGURE 28 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2023 VS. 2028 (USD BILLION)
TABLE 33 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 34 USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
9.2 OBD-II
9.2.1 HIGH RELIABILITY AND CUSTOMER ACCEPTANCE TO DRIVE MARKET
TABLE 35 OBD-II: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 36 OBD-II: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.3 SMARTPHONE
9.3.1 COST-EFFECTIVENESS AND USER CONVENIENCE TO DRIVE MARKET
TABLE 37 SMARTPHONE: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 38 SMARTPHONE: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.4 EMBEDDED TELEMATICS BOX
9.4.1 INCREASING NUMBER OF CONNECTED CARS TO DRIVE MARKET
TABLE 39 EMBEDDED TELEMATICS BOX: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 40 EMBEDDED TELEMATICS BOX: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
9.5 OTHER TECHNOLOGIES
TABLE 41 OTHER TECHNOLOGIES: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 42 OTHER TECHNOLOGIES: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
10 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE
10.1 INTRODUCTION
10.1.1 PRIMARY INSIGHTS
FIGURE 29 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2023 VS. 2028 (USD BILLION)
TABLE 43 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2019–2022 (USD MILLION)
TABLE 44 USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2023–2028 (USD MILLION)
10.2 NEW VEHICLE
10.2.1 INCREASING SALES OF VEHICLES WITH TELEMATICS TO DRIVE MARKET
TABLE 45 NEW VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 46 NEW VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
10.3 OLD VEHICLE
10.3.1 VARIOUS BENEFITS OFFERED BY UBI PROGRAMS TO DRIVE MARKET
TABLE 47 OLD VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 48 OLD VEHICLE: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
11 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE
11.1 INTRODUCTION
11.1.1 PRIMARY INSIGHTS
FIGURE 30 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2023 VS. 2028 (USD BILLION)
TABLE 49 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2019–2022 (USD MILLION)
TABLE 50 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2023–2028 (USD MILLION)
11.2 LIGHT-DUTY VEHICLE (LDV)
11.2.1 ADVANCEMENTS IN CONNECTED CAR TECHNOLOGIES AND TELEMATICS SERVICES TO DRIVE MARKET
TABLE 51 LDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 52 LDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
11.3 HEAVY-DUTY VEHICLE (HDV)
11.3.1 INCREASING SALES OF HDVS TO DRIVE MARKET
TABLE 53 HDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 54 HDV: USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
12 SAGE-BASED INSURANCE MARKET, BY REGION
12.1 INTRODUCTION
12.1.1 PRIMARY INSIGHTS
FIGURE 31 USAGE-BASED INSURANCE MARKET, BY REGION, 2023 VS. 2028 (USD MILLION)
TABLE 55 USAGE-BASED INSURANCE MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 56 USAGE-BASED INSURANCE MARKET, BY REGION, 2023–2028 (USD MILLION)
12.2 NORTH AMERICA
FIGURE 32 NORTH AMERICA: USAGE-BASED INSURANCE MARKET SNAPSHOT
12.2.1 RECESSION IMPACT
TABLE 57 NORTH AMERICA: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 58 NORTH AMERICA: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.2.2 US
12.2.2.1 Growing popularity of mobile telematics to drive market
TABLE 59 US: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 60 US: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.2.3 CANADA
12.2.3.1 Presence of established market players to drive market
TABLE 61 CANADA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 62 CANADA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.2.4 MEXICO
12.2.4.1 Increasing sales of premium vehicles to drive market
TABLE 63 MEXICO: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 64 MEXICO: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3 EUROPE
FIGURE 33 EUROPE: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023 VS. 2028 (USD BILLION)
12.3.1 RECESSION IMPACT
TABLE 65 EUROPE: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 66 EUROPE: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.3.2 ITALY
12.3.2.1 Presence of major UBI providers to drive market
TABLE 67 ITALY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 68 ITALY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.3 UK
12.3.3.1 Demand for connected cars to drive market
TABLE 69 UK: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 70 UK: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.4 GERMANY
12.3.4.1 New telematics-based product launches to drive market
TABLE 71 GERMANY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 72 GERMANY: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.5 FRANCE
12.3.5.1 Increasing demand for fleet management to drive market
TABLE 73 FRANCE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 74 FRANCE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.6 SPAIN
12.3.6.1 High penetration of telematics in LCV fleet to drive market
TABLE 75 SPAIN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 76 SPAIN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.7 RUSSIA
12.3.7.1 Increasing demand for safety features such as anti-theft to drive market
TABLE 77 RUSSIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 78 RUSSIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.3.8 REST OF EUROPE
TABLE 79 REST OF EUROPE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 80 REST OF EUROPE: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4 ASIA PACIFIC
FIGURE 34 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET SNAPSHOT
12.4.1 RECESSION IMPACT
TABLE 81 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 82 ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.4.2 CHINA
12.4.2.1 Increasing focus on IoT to drive market
TABLE 83 CHINA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 84 CHINA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.3 JAPAN
12.4.3.1 Increasing number of vehicles with OE-fitted telematics units to drive market
TABLE 85 JAPAN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 86 JAPAN: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.4 SOUTH KOREA
12.4.4.1 Presence of robust telecommunications infrastructure and mobile communications technology to drive market
TABLE 87 SOUTH KOREA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 88 SOUTH KOREA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.5 INDIA
12.4.5.1 Increasing sales of vehicles with telematics units to drive market
TABLE 89 INDIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 90 INDIA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.4.6 REST OF ASIA PACIFIC
TABLE 91 REST OF ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 92 REST OF ASIA PACIFIC: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.5 REST OF THE WORLD
FIGURE 35 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET, 2023 VS. 2028 (USD MILLION)
12.5.1 RECESSION IMPACT
TABLE 93 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 94 REST OF THE WORLD: USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
12.5.2 BRAZIL
12.5.2.1 Popularity of embedded telematics to drive market
TABLE 95 BRAZIL: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 96 BRAZIL: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.5.3 SOUTH AFRICA
12.5.3.1 Safety concerns such as hijacking to drive market
TABLE 97 SOUTH AFRICA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 98 SOUTH AFRICA: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
12.5.4 OTHER COUNTRIES
TABLE 99 OTHER COUNTRIES: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2019–2022 (USD MILLION)
TABLE 100 OTHER COUNTRIES: USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2023–2028 (USD MILLION)
13 COMPETITIVE LANDSCAPE
13.1 OVERVIEW
FIGURE 36 MARKET SHARE ANALYSIS, 2022
13.2 REVENUE ANALYSIS OF KEY PLAYERS, 2020 VS. 2022
FIGURE 37 REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2020 VS. 2022
13.3 COMPANY EVALUATION MATRIX - USAGE BASED INSURANCE PROVIDERS
13.3.1 STARS
13.3.2 EMERGING LEADERS
13.3.3 PERVASIVE PLAYERS
13.3.4 PARTICIPANTS
FIGURE 38 COMPANY EVALUATION MATRIX: (USAGE BASED INSURANCE PROVIDERS), 2022
13.4 COMPANY EVALUATION MATRIX (TELEMATICS SERVICE PROVIDERS)
13.4.1 STARS
13.4.2 EMERGING LEADERS
13.4.3 PERVASIVE PLAYERS
13.4.4 PARTICIPANTS
FIGURE 39 COMPANY EVALUATION MATRIX (TELEMATICS SERVICE PROVIDERS), 2022
13.5 COMPANY FOOTPRINT
TABLE 101 COMPANY PRODUCT FOOTPRINT OF KEY PLAYERS
TABLE 102 PARTNERSHIP OF OEMS AND UBI SERVICE PROVIDERS
13.6 COMPETITIVE SCENARIO
TABLE 103 KEY STRATEGIES ADOPTED BY MARKET PLAYERS
13.6.1 PRODUCT DEVELOPMENTS
TABLE 104 PRODUCT DEVELOPMENTS, 2022–2023
13.6.2 DEALS
TABLE 105 DEALS, 2022
13.6.3 OTHERS
TABLE 106 OTHERS, 2022
14 COMPANY PROFILES
(Business overview, Products offered, Recent developments & MnM View)*
14.1 KEY PLAYERS
14.1.1 UNIPOLSAI ASSICURAZIONI S.P.A
TABLE 107 UNIPOLSAI ASSICURAZIONI S.P.A: COMPANY OVERVIEW
FIGURE 40 UNIPOLSAI ASSICURAZIONI S.P.A: COMPANY SNAPSHOT
TABLE 108 UNIPOLSAI ASSICURAZIONI S.P.A: PRODUCTS OFFERED
TABLE 109 UNIPOLSAI ASSICURAZIONI S.P.A: PRODUCT DEVELOPMENTS
TABLE 110 UNIPOLSAI ASSICURAZIONI S.P.A: DEALS
14.1.2 PROGRESSIVE CASUALTY INSURANCE COMPANY
TABLE 111 PROGRESSIVE CASUALTY INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 41 PROGRESSIVE CASUALTY INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 112 PROGRESSIVE CASUALTY INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 113 PROGRESSIVE CASUALTY INSURANCE COMPANY: PRODUCT DEVELOPMENTS
TABLE 114 PROGRESSIVE CASUALTY INSURANCE COMPANY: DEALS
14.1.3 ALLSTATE INSURANCE COMPANY
TABLE 115 ALLSTATE INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 42 ALLSTATE INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 116 ALLSTATE INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 117 ALLSTATE INSURANCE COMPANY: PRODUCT DEVELOPMENTS
TABLE 118 ALLSTATE INSURANCE COMPANY: DEALS
14.1.4 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
TABLE 119 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 43 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 120 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 121 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: PRODUCT DEVELOPMENTS
TABLE 122 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY: DEALS
14.1.5 LIBERTY MUTUAL INSURANCE COMPANY
TABLE 123 LIBERTY MUTUAL INSURANCE COMPANY: COMPANY OVERVIEW
FIGURE 44 LIBERTY MUTUAL INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 124 LIBERTY MUTUAL INSURANCE COMPANY: PRODUCTS OFFERED
TABLE 125 LIBERTY MUTUAL INSURANCE COMPANY: DEALS
14.1.6 AXA
TABLE 126 AXA: COMPANY OVERVIEW
FIGURE 45 AXA: COMPANY SNAPSHOT
TABLE 127 AXA: PRODUCTS OFFERED
TABLE 128 AXA: DEALS
14.1.7 ASSICURAZIONI GENERALI S.P.A
TABLE 129 ASSICURAZIONI GENERALI S.P.A: COMPANY OVERVIEW
FIGURE 46 ASSICURAZIONI GENERALI S.P.A: COMPANY SNAPSHOT
TABLE 130 ASSICURAZIONI GENERALI S.P.A: PRODUCTS OFFERED
TABLE 131 ASSICURAZIONI GENERALI S.P.A: DEALS
14.1.8 ALLIANZ
TABLE 132 ALLIANZ: COMPANY OVERVIEW
FIGURE 47 ALLIANZ: COMPANY SNAPSHOT
TABLE 133 ALLIANZ: PRODUCTS OFFERED
14.1.9 WEBFLEET SOLUTIONS
TABLE 134 WEBFLEET SOLUTIONS: COMPANY OVERVIEW
FIGURE 48 WEBFLEET SOLUTIONS: COMPANY SNAPSHOT
TABLE 135 WEBFLEET SOLUTIONS: PRODUCTS OFFERED
TABLE 136 WEBFLEET SOLUTIONS: DEALS
14.1.10 VERIZON
TABLE 137 VERIZON: COMPANY OVERVIEW
FIGURE 49 VERIZON: COMPANY SNAPSHOT
TABLE 138 VERIZON: PRODUCTS OFFERED
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies.
14.2 OTHER PLAYERS
14.2.1 NATIONWIDE MUTUAL INSURANCE COMPANY
TABLE 139 NATIONWIDE MUTUAL INSURANCE COMPANY: COMPANY OVERVIEW
14.2.2 ZUBIE, INC.
TABLE 140 ZUBIE, INC.: COMPANY OVERVIEW
14.2.3 CAMBRIDGE MOBILE TELEMATICS
TABLE 141 CAMBRIDGE MOBILE TELEMATICS: COMPANY OVERVIEW
14.2.4 MODUS GROUP, LLC
TABLE 142 MODUS GROUP, LLC: COMPANY OVERVIEW
14.2.5 METROMILE, INC.
TABLE 143 METROMILE, INC.: COMPANY OVERVIEW
14.2.6 AMICA
TABLE 144 AMICA: COMPANY OVERVIEW
14.2.7 SIERRA WIRELESS
TABLE 145 SIERRA WIRELESS: COMPANY OVERVIEW
14.2.8 OCTO GROUP S.P.A
TABLE 146 OCTO GROUP S.P.A: COMPANY OVERVIEW
14.2.9 TRAK GLOBAL GROUP
TABLE 147 TRAK GLOBAL GROUP: COMPANY OVERVIEW
14.2.10 INSURE THE BOX LIMITED
TABLE 148 INSURE THE BOX LIMITED: COMPANY OVERVIEW
14.2.11 MAPFRE
TABLE 149 MAPFRE: COMPANY OVERVIEW
14.2.12 THE FLOOW LIMITED
TABLE 150 THE FLOOW LIMITED: COMPANY OVERVIEW
14.2.13 ONSTAR, LLC. (GENERAL MOTORS)
TABLE 151 ONSTAR, LLC. (GENERAL MOTORS): COMPANY OVERVIEW
14.2.14 TESLA
TABLE 152 TESLA: COMPANY OVERVIEW
14.2.15 HYUNDAI MOTOR COMPANY
TABLE 153 HYUNDAI MOTOR COMPANY: COMPANY OVERVIEW
14.2.16 LEXISNEXIS
TABLE 154 LEXISNEXIS: COMPANY OVERVIEW
14.2.17 CCC INTELLIGENT SOLUTIONS INC.
TABLE 155 CCC INTELLIGENT SOLUTIONS INC.: COMPANY OVERVIEW
14.2.18 VERISK ANALYTICS, INC.
TABLE 156 VERISK ANALYTICS, INC.: COMPANY OVERVIEW
15 RECOMMENDATIONS BY MARKETSANDMARKETS
15.1 NORTH AMERICA TO BE MAJOR MARKET FOR USAGE-BASED INSURANCE
15.2 MANAGE-HOW-YOU-DRIVE AND PAY-HOW-YOU-DRIVE CAN BE KEY PLANS FOR INSURANCE SERVICE PROVIDERS
15.3 CONCLUSION
16 APPENDIX
16.1 INSIGHTS FROM INDUSTRY EXPERTS
16.2 DISCUSSION GUIDE
16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
16.4 CUSTOMIZATION OPTIONS
16.4.1 ADDITIONAL COMPANY PROFILES (BUSINESS OVERVIEW, RECENT DEVELOPMENTS, AND MNM VIEW)
16.4.2 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, BY COUNTRY
16.4.2.1 Light-duty vehicle
16.4.2.2 Heavy-duty vehicle
16.4.3 USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, BY VEHICLE AGE, BY REGION
16.4.3.1 Asia Pacific
16.4.3.2 Europe
16.4.3.3 North America
16.4.3.4 RoW
16.4.4 USAGE-BASED INSURANCE MARKET, BY OFF-HIGHWAY VEHICLE TYPE, BY REGION
16.4.4.1 Construction
16.4.4.2 Agriculture
16.5 RELATED REPORTS
16.6 AUTHOR DETAILS
