Automotive UBI market in North America is expected to grow from US$ 7.24 Bn in 2018 to US$ 44.45 Bn by the year 2027 with a CAGR of 22.4% from the year 2019 to 2027.

The increase in Acceptance of Mobility-as-a-Service (MaaS) is fueling the growth of the Automotive Usage-Based Insurance market. Moreover, the increase in collaborations among telematics companies and insurance companies is anticipated to boost Automotive UBI market growth in the forecast period. Mobility-as-a-Service aims to provide consumer an end-to-end transportation with the use of different modes of transportation, thereby, making substantial use of the existing transportation infrastructure in an area. The increasing traction of MaaS among the consumers is leading the third party service providers to procure increased count of vehicles to enhance the customer experience. This factor is also increasing the number of service providers across the globe; some of the prominent mobility-as-a-service providers are Uber, Lyft, Zipcar, Car2go, Beeline Singapore, UbiGo AB, and Smile Mobility among others. The increasing procurement of vehicles by these car service providers is further influencing the telematics technology providers (TTP), telematics service providers (TSP), and auto insurers to develop advanced insurance solutions. Moreover, several telematics providers and insurance companies are partnering with each other to introduce advanced and robust insurance solutions. This is expected to ramp up the market growth of telematics insurance or automotive UBI.

The smartphone segment is expected to be one of the leading technology with the highest market share in the North America Automotive UBI market during the forecast period. A smartphone app can have powerful GPS and accelerometer competences. The app offers a compelling interface for the insurance provider to communicate with the customer and provide other services including, weather updates, traffic reports, and breakdown services. Generally, customers are more comfortable to use smartphone apps, although OBDII devices are easier to install. Smartphone apps are suitable for insurance providers that are targeting particular groups hence, acquiring niche market share. As their UBI business grows, insurance providers may invest in OBDII and offer this on a long-term basis to specific customer segments.

The US dominated the Automotive UBI market in 2018 and is anticipated to lead the market across the North American region through the forecast period, followed by Canada. The figure given below highlights the revenue share of the Canada in the North American Automotive UBI market in the forecast period:

Canada Automotive UBI Market Revenue and Forecasts to 2027 (US$ Bn)

NORTH AMERICA AUTOMOTIVE UBI MARKET SEGMENTATION

By Technology Fitted

• Smartphones

• Black Box

• Dongles

• Others

By Policy Type

• Pay-As-You-Drive (PAYD)

• Pay-How-You-Drive (PHYD)

By Country

• U.S.
• Canada
• Mexico

Automotive UBI Market - Companies Mentioned

• 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.

• Unipolsai Assicurazioni S.p.A.

North America Automotive Usage-Based Insurance (UBI) Strategic Insights

Strategic insights for the North America Automotive Usage-Based Insurance (UBI) provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

strategic-framework/north-america-automotive-usage-based-insurance-ubi-market-strategic-framework.webp

Get more information on this report

North America Automotive Usage-Based Insurance (UBI) Report Scope

Report Attribute	Details
Market size in 2018	US$ 7.24 Billion
Market Size by 2027	US$ 44.45 Billion
Global CAGR (2019 - 2027)	22.4%
Historical Data	2016-2017
Forecast period	2019-2027
Segments Covered	By Technology Fitted Smartphones Black Box Dongles By Policy Type Pay-As-You-Drive and Pay-How-You-Drive
Regions and Countries Covered	North America US Canada Mexico
Market leaders and key company profiles	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

Get more information on this report

North America Automotive Usage-Based Insurance (UBI) Regional Insights

The geographic scope of the North America Automotive Usage-Based Insurance (UBI) refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.