Automotive UBI Market 2019 | Octo Telematics , Sierra Wireless, TomTom Telematics BV, Unipolsai Assicurazioni , Vodafone Automotive
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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Market Key Players
- 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
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.
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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.
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.
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