North America Automotive Usage-Based Insurance (UBI) Market -Size, Growth, Industry Share, Size,Scope,Forecast,Analysis And Statistics Report By 2027

North America Automotive Usage-Based Insurance (UBI) Market to 2027 - Regional Analysis and Forecasts by Technology Fitted (Smartphones, Black Box, and Dongles); and Policy Type (Pay-As-You-Drive and Pay-How-You-Drive)

 The North America Automotive UBI market accounted for US$ 7.24 Bn in 2018 and is expected to grow at a CAGR of 2.8% over the forecast period 2019-2027, to account for US$ 44.45 Bn in 2027. The Increase in Acceptance of Mobility-as-a-Service (MaaS) is the key driver that is propelling the growth of the automotive UBI market. Moreover, the increase in collaborations among telematics companies and insurance companies is expected to boost the automotive UBI market growth in the forecast period. The automotive UBI market is maturing substantially over the years in the countries, namely the US and Canada. The insurance companies offering telematics insurance is constantly leveraging on various factors to enhance the solutions and deliver their customers with better schemes.

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  One of the significant trends in the 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, Ana Seguros and Octo Telematics partnered to launch Mexico’s first UBI program. This partnership is expected to facilitate the vehicle owners to ensure their vehicles as per their demands. Further, the automotive UBI market players are focusing on various initiatives to enhance their capabilities and boost its position in the market.

The automotive UBI market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the automotive UBI market further. For instance, the federal government offers grants for prioritizing CAV technologies and provides opportunities by collaborating with National Laboratories. The DOE allocated millions of dollars for its Transportation as a System (TAS) Initiative in 2017. Also, DOE created Energy Efficient Mobility Systems (EEMS) subprogram for the development of CAV technology. Further, the Connected Vehicle Pilot Deployment Program is bolstering the growth of the connected vehicles in the country. This is anticipated to influence the telematics insurance market during the forecast period. These initiative provide various benefits to the automotive UBI based companies located in the region, thus, increasing the growth of the automotive UBI market.

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On the basis of policy type, the PHYD segment is leading the automotive UBI market and is expected to continue its dominance during the forecast period. A pay-how-you-drive (PHYD) method is slightly more complicated and uses more information than PAYD to determine premium rates. This method also considers measurable driving, including sharp braking, speeding, taking turns too quickly, and such parallel behaviors. This indicates that PHYD method measure information regarding how well or safe a customer drive and reward the customer for adhering to safe behaviors with discounted rates. On the other hand, the more unsafe behavior is recorded through telematics, the costlier the premium rate might become. This method can’t record all possible unsafe behaviors but adhere to a few basic barometers of safe or irresponsible driving. The added benefits of PHYD that are offered to the customers are teen driving monitoring, infotainment, navigation, emergency services, vehicle diagnostics, and stolen vehicle recovery. This is helping the automotive UBI market to grow.
The overall automotive UBI market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Automotive UBI market.

 It also provides an overview and forecast for the automotive UBI market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Automotive UBI market. Some of the players present in automotive UBI market are 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., and Unipolsai Assicurazioni S.p.A. among others.

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