Automotive Usage-Based Insurance Market to grow by 46.50 Mn units| Growth in Smartphone-enabled Programs and their Usage to Boost Market Growth | 17,000+ Technavio Research Reports

NEW YORK, Jan. 11, 2022 /PRNewswire/ -- The "Automotive Usage-Based Insurance Market by Geography (Europe, North America, APAC, MEA, and South America), Application (Embedded UBI and App-based UBI), and Other 1 (PHYD, PAYD, and MHYD) - Forecast and Analysis 2021-2025" report has been added to Technavio's offerings. With ISO 9001:2015 certification, Technavio has been proudly partnering with more than 100 Fortune 500 companies for over 16 years.

The potential growth difference for the automotive usage-based insurance market between 2020 and 2025 is 46.50 mn units. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.

Key Market Dynamics:

• Market Driver
• Market Challenges

The growth in smartphone-enabled programs and their usage is one of the key market drivers. Automotive OEMs are increasingly collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. The rising demand for electric vehicles (EVs) has also encouraged the development of applications that enable consumers to connect their smartphones with their cars and check the real-time status of vehicle batteries.

However, factors such as the high installation cost of telematics devices will challenge market growth.

To learn about additional key drivers, trends, and challenges available with Technavio. Read our FREE Sample Report right now!

Market Segmentation

The automotive usage-based insurance market report is segmented by geography (Europe, North America, APAC, MEA, and South America), application (Embedded UBI and App-based UBI), and pricing scheme (PHYD, PAYD, and MHYD). 

By geography, Europe will be the leading region with 44% of the market's growth during the forecast period. Germany, the UK, and France are the key countries for the automotive usage-based insurance market in Europe. However, market growth in Europe is expected to be slower than the growth of the market in other regions. The high demand for luxury electric cars will drive the automotive UBI market growth in Europe during the forecast period.

The automotive usage-based insurance market share growth by the PHYD segment will be significant during the forecast period. Continuous growth in vehicle ownership, rise in customer demand for vehicles, advances in technology, and growth in the availability of data are some of the key factors that will propel the growth of the PHYD segment.

View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.

Some Companies Mentioned with their Offerings

• Allianz Partners SAS - The company offers motor insurance motor for liability and own damage, accident, general liability, fire and property, legal expense.
• AXA Group - The company provides insurance for third party, fire and theft, delivery of repaired cars.
• Liberty Mutual Holding Co. Inc. - The company provides car insurance that covers damaged property, injury to the person or someone else, and others.
• OCTO Group Spa - The company offers PHYD insurance that covers teen driver insurance, PAYD insurance that covers mileage verified insurance.
• Sierra Wireless Inc. - The company offers UBI solution with Octo Telematics.
• To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

Related Reports:

• Railcar Leasing Market in Europe by Type and Geography - Forecast and Analysis 2021-2025: The railcar leasing market size in Europe is expected to reach a value of USD 254.04 million from 2020 to 2025 at a CAGR of 4.21%. Download Free Sample Report
• Car Rental Market by Type, Mode of Booking, Rental Category, and Geography - Forecast and Analysis 2021-2025: The car rental market size has the potential to grow by USD 66.62 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 18.11%. Download Free Sample Report

Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio ResearchJesse MaidaMedia & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:[email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-usage-based-insurance-market-to-grow-by-46-50-mn-units-growth-in-smartphone-enabled-programs-and-their-usage-to-boost-market-growth--17-000-technavio-research-reports-301457203.html

SOURCE Technavio