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Global Usage-based Insurance Market for ICE & Electric Vehicles 2018-2025 Featuring Progressive, Vodafone, Allstate, Octo, TomTom, Allianz, AXA, Liberty Mutual, Verizon and Sierra Wireless
Thursday, September 13, 2018

DUBLIN, Sept. 13, 2018 /PRNewswire/ --

The "Usage-based Insurance Market for ICE & Electric Vehicle by Package (PAYD, PHYD, MHYD), Technology (OBD-II, Smartphone, Embedded System, Black Box), Vehicle Age, Device Offering (BYOD, Company Provided) & Region - Global Forecast to 2025" report has been added to's offering.

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%.

Reduction in insurance premium as compared to regular insurance, increasing vehicles with telematics and connected car services, and increasing vehicle sales and on-road vehicles are projected to drive the market for automotive.

Manage-How-You-Drive (MHYD) is expected to be the fastest growing market for usage-based insurance by package type owing to increasing sales of vehicles equipped with telematics unit and connected car services which make it cost-effective to adopt MHYD without any external hardware. Pay-As-You-Drive (PAYD) is estimated to be the largest market during the forecast period owing to reasons such as ease of deployment, no complex algorithms for working, and cost-effectiveness for the insurer as well as consumers.

On-road vehicles are estimated to be largest as well as the fastest growing market for usage-based insurance market by vehicle age. The penetration of usage-based insurance is lower in on-road vehicles as compared to new vehicles, however, owing to the huge difference in new vehicle sales and on-road vehicles, the market for on-road vehicles is the highest in 2018 and is projected to be the largest market by 2025 as well.

Bring your own device (BYOD) is estimated to be the fastest market for usage-based insurance market by device offering. BYOD provides flexibility to the user for device selection and is the most cost-effective when compared to company provided devices.

Embedded system is estimated to be the largest as well as the fastest market for usage-based insurance by technology during the forecast period. Embedded system is very accurate at capturing vehicle data as it is an integrated part of the system and does not require external calibration to register data. This also helps reduce the initial cost as the user does not have to buy separate devices (OBD-II or black box) to avail usage-based insurance. The market for embedded system-based UBI is directly related to the market for connected cars with inbuilt telematics.

The HEV segment is estimated to hold the largest market share in the usage-based insurance market, by electric & hybrid vehicle type. The large market share is attributed to the higher sales of HEVs than BEVs and PHEVs in all the regions. The market is also estimated to grow with the HEV market. The Americas is the largest markets for HEVs in terms of vehicle sales. Hence, this is expected to be the largest market for usage-based insurance for HEVs.

The Americas region is projected to be the largest market for usage-based insurance during the forecast period. The Americas has the highest adoption rate of usage-based insurance as compared to other regions owing to higher regular insurance premiums and high sales of premium D segment and light-duty vehicles. Apart from this, vehicles with telematics and connected car services are acting as a driving factor for the usage-based insurance market.

The usage-based insurance market consists of companies such as Progressive Corporation (US), Vodafone (UK), Allstate (US), Octo Telematics (UK), TomTom (Netherlands), Allianz (Germany), AXA (France), Liberty Mutual (US), Verizon (US), and Sierra Wireless (Canada).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Usage-based Insurance Market
4.2 Market, By Region
4.3 Market, By Package Type
4.4 Market, By Technology
4.5 Market, By Vehicle Type
4.6 Market, By Vehicle AGE
4.7 Market, By Device Offering
4.8 Market, By Electric & Hybrid Vehicle Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Increasing Adoption of Telematics and Connected Cars Telematics Connected Car Services Reduction in Insurance Premium and Risk-Related Costs Increasing Vehicle Sales and Parc
5.2.2 Restraints Ambiguity Over Regulations and Legislative Environments
5.2.3 Opportunities Automotive Usage-based Insurance Ecosystem
5.2.4 Challenges Data Privacy Lack of Standardized Systems

6 Technological Overview
6.1 Impact Analysis of Usage-based Insurance Market on the Automotive Ecosystem
6.2 Future of Market
6.2.1 Pay-Per-Mile
6.2.2 Try Before You Buy (TBYB)
6.2.3 Autonomous Vehicle
6.2.4 Usage-based Insurance for Ride-Hailing and Rentals
6.2.5 How the Insurance Policy Changes for Fleet Owners
6.2.6 AI and HMI in Transportation

7 Usage-based Insurance Market for Automotive, By Package Type
7.1 Introduction
7.2 Pay-As-You-Drive (PAYD)
7.3 Pay-How-You-Drive (PHYD)
7.4 Manage-How-You-Drive (MHYD)

8 Usage-based Insurance Market for Automotive, By Technology
8.1 Introduction
8.2 OBD-II
8.3 Smartphone
8.4 Embedded System
8.5 Black Box
8.6 Other Technologies

9 Usage-based Insurance Market for Automotive, By Vehicle Type
9.1 Introduction
9.2 Light-Duty Vehicle (LDV)
9.3 Heavy-Duty Vehicles (HDV)

10 Usage-based Insurance Market for Automotive, By Vehicle Age
10.1 Introduction
10.2 New Vehicles
10.3 On-Road Vehicles

11 Usage-based Insurance Market, By Device Offering
11.1 Introduction
11.2 Bring Your Own Device (BYOD)
11.3 Company Provided

12 Usage-based Insurance Market for Automotive, By Electric and Hybrid Vehicle
12.1 Introduction
12.2 Battery Electric Vehicle (BEV)
12.3 Hybrid Electric Vehicle (HEV)
12.4 Plug-In Hybrid Vehicle (PHEV)

13 Usage-based Insurance Market for Automotive, By Region

14 Competitive Landscape
14.1 Overview
14.2 Automotive Usage-based Insurance Market: Market Share Analysis
14.3 Company-Wise Product Matrix
14.4 Competitive Scenario
14.4.1 Partnerships/Joint Ventures
14.4.2 New Product Launches/New Product Developments
14.4.3 Mergers & Acquisitions
14.4.4 Expansions

15 Company Profiles
15.1 Progressive Corporation
15.2 Vodafone
15.3 Allstate
15.4 Octo Telematics
15.5 Tomtom
15.6 Allianz
15.7 AXA
15.8 Liberty Mutual
15.9 Verizon
15.10 Sierra Wireless
15.11 Additional CPS
15.11.1 The Americas Modus Group Intelligent Mechatronic Systems Inseego Truemotion Cambridge Mobile Telematics Metromile Movitrack Viasat
15.11.2 Europe Middle East (EME) Insure the Box Mapfre The Floow Assicurazioni Generali Unipolsai Assicurazioni

For more information about this report visit

Media Contact:

Research and Markets
Laura Wood, Senior Manager

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