The global automotive usage-based insurance market to grow at a CAGR of 7.93% during the period 2017-2021.
The market is at a nascent stage and has low penetration in the overall automotive insurance market. The market is seeing an influx of new players owing to its growth potential and the emergence of smartphone app technology in automotive UBI. The competition is expected to intensify during the forecast period because of product extensions and technological innovations. Many international players are expected to grow organically during the forecast period by expanding their customer base and creating differentiated products through partnerships with insurance companies.
Global Automotive Usage-Based Insurance Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
One trend in market is increasing customer retention through wider UBI usage. Customer retention is of prime importance to any organization, and this can be best achieved with broader services under one system for automotive UBI players. The offering from automotive UBI is not limited to UBI alone, as UBI technology can serve as platforms for insurers to participate in a broader value chain. Currently, the telematics market is fragmented, with the presence of many service providers, which often leads to multiple redundant devices in the vehicle often uploading the same kinds of data to multiple telematic service providers' platforms.
According to the report, one driver in market is regulations for motor insurance. Regulations play a critical part in the adoption of insurance in the automotive segment. Most countries in the world mandate motor insurance. It will be beneficial for drivers to adopt UBI due to advantages such as reduced premium cost an enhanced safety through the monitoring of driving behavior. The rising share of digital distributors of motor insurance sales is also a positive trend in the automotive UBI market.
- Intelligent Mechatronic System
- Octo Telematics
- Sierra Wireless
Other Prominent Vendors:
- Baseline Telematics
- TomTom Telematics
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by UBI type
Part 07: Geographical segmentation
Part 08: Market drivers
Part 09: Market challenges
Part 10: Market trends
Part 11: Vendor landscape
Part 12: Key vendor analysis
Part 13: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/lq8svx/global_automotive
Laura Wood, Senior Manager
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SOURCE Research and Markets