Automotive and Transportation Research Reports

  The Usage-Based Insurance Market is projected to reach USD 66.8 billion by 2026 from an estimated USD 19.6 billion in 2021, growing at a CAGR of 27.7% during the forecast period. The increasing adoption of telematics and connected car services is expected to drive the usage-based insurance market. The rolling out of various UBI packages in countries such as India, South Africa is expected to further drive its popularity. UBI providers can work directly with OEMs to capitalize on the increasing trend of connected cars in developed as well as developing regions. UBI service providers can also provide customized plans for embedded systems that can give incentives to connected car owners to choose UBI policies. Manage-how-you-drive or MHYD is estimated to be the fastest-growing usage-based insurance market. MHYD is an extended version of PHYD, which provides feedback to drivers on improvement areas besides just ranking them on driving behavior. This model is ideal for young driv...

  The report  “ Usage-Based Insurance Market  for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Black box, Smartphone, Embedded), Vehicle Age (New, Old), Device Offering (BYOD, Company Provided) and Region – Global Forecast to 2026″ , is projected to reach USD 66.8 billion by 2026 from an estimated USD 19.6 billion in 2021, at a CAGR of 27.7% during the forecast period. The growth of the usage-based insurance market is influenced by factors such as the increasing sales of telematics-equipped vehicles and government regulations on safety and telematics services. In addition, the anticipated increase in demand for connected cars and lower insurance premiums compared to regular insurance are expected to boost the market growth. Therefore, the usage-based insurance market is expected to witness significant growth in the future. Light-Duty Vehicle (LDV) is expected to lead the market during the forecast period Light-duty vehicles constitute pass...

  The Usage-Based Insurance Market is projected to reach USD 66.8 billion by 2026 from an estimated USD 19.6 billion in 2021, growing at a CAGR of 27.7% during the forecast period. The increasing adoption of telematics and connected car services is expected to drive the usage-based insurance market. The rolling out of various UBI packages in countries such as India, South Africa is expected to further drive its popularity. UBI providers can work directly with OEMs to capitalize on the increasing trend of connected cars in developed as well as developing regions. UBI service providers can also provide customized plans for embedded systems that can give incentives to connected car owners to choose UBI policies. Manage-how-you-drive or MHYD is estimated to be the fastest-growing usage-based insurance market. MHYD is an extended version of PHYD, which provides feedback to drivers on improvement areas besides just ranking them on driving behavior. This model is ideal for young driv...

The Usage-Based Insurance Market for automotive is estimated to be USD 28.43 billion in 2018 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95% from 2018 to 2025. The increasing number of vehicles with telematics and connected car services and a reduction in insurance premiums as compared to regular insurance are projected to drive the usage-based insurance market Technology start-ups to play an important role in the usage-based insurance ecosystem In the current market scenario vehicle insurance is dominated by larger insurance companies providing regular vehicle insurance. As the momentum shifts towards usage-based insurance models such as pay-as-you-drive and pay-how-you-drive, the integration of technology with the regular insurance model becomes very integral.   Usage-based-insurance heavily depends on telematics to capture driver data and analyses driving behavior to calculate insurance premiums. This is where multiple start-ups and new com...

The Usage-Based Insurance Market for automotive is estimated to be USD 28.43 billion in 2018 and is projected to reach USD 95.81 billion by 2025, at a CAGR of 18.95%. The growing market for connected cars services, increasing regular vehicle insurance, and increased customer acceptance of connected services will drive the market for usage-based insurance. Usage-based insurance providers should focus on open platforms for integration of any application. For instance, Octo Telematics launched its Next Generation Platform (NGP), a business and technology investment of more than USD 40 million. The platform provided open access and seamless integration of any Application Programming Interface (API) as well as a fully-modular insurance telematics structure, offering flexibility through mix-and-match service selection. The development of the platform as an IoT ecosystem provided innovators the scope and ability to meet the rapidly growing global demand for user-based insurance. Hence, u...