Growth Opportunities in Passenger Vehicle Usage-based Insurance Market, Global, 2024–2030
Digitalization; Smartphone Use; Connected, Autonomous, Shared, and Electric Mobility; Post-pandemic Shifts; and Innovative Usage-based Insurance Business Models are Driving Transformational Growth in the UBI Market
The global usage-based insurance (UBI) market is experiencing a transformative shift, driven by the rapid adoption of connected technologies and data-driven insights. Traditional insurance models have struggled to keep pace with the evolving automotive landscape, where driver behavior and vehicle usage patterns are becoming more integral to risk assessment. UBI has emerged as a solution to this challenge, offering insurance models that prioritize personalization, transparency, and real-time data analytics. The rise of telematics and technological advancements in artificial intelligence (AI), machine learning (ML), and Internet of things (IoT) are enabling insurers to develop highly tailored programs that better align with individual driving habits.
Drawing on interviews with key stakeholders in the industry, this research uncovers growth opportunities and identifies challenges that market participants must navigate to stay competitive. The report provides actionable insights for companies looking to capitalize on the emerging trends and technologies shaping the future of the UBI market, offering a clear road map for success in this rapidly evolving sector.
Research Highlights
This Frost & Sullivan analysis of the global UBI market for passenger vehicles…
…examines the growth of UBI programs in North America, Europe, Asia-Pacific, South America, and the Middle East and Africa, focusing on revenue potential and the number of active policies.
…forecasts market development trends through 2030, offering insights into expected growth trajectories for UBI adoption.
…identifies key market trends such as the shift towards integrated solutions, along with the increasing relevance of connected vehicle ecosystems.
…profiles leading players in the UBI space, detailing their strategies and innovations that are shaping the market landscape.
…highlights the significance of partnerships between insurers, automakers, and telematics providers in offering enhanced services.
- Growth Environment: Key Findings
- Key Findings
- UBI Penetration and Forecast Snapshot-Global
- Regional Market Snapshot-NA
- Regional Market Snapshot-Europe
- Regional Market Snapshot-APAC
- Regional Market Snapshot-South America
- Regional Market Snapshot-the Middle East and Africa
- UBI Portfolio and Technology Snapshot-Insurers
- Portfolio Snapshot-TTPs/TSPs
- Key Strategic Partnerships and Recent Initiatives in the UBI Space
- Growth Environment: Transformation in the Automotive UBI Market
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative 8™
- The Impact of the Top 3 Strategic Imperatives on the Automotive UBI Industry
- Ecosystem in the Automotive UBI Market
- Scope of Analysis
- Segmentation
- Regional Segmentation
- Market Definition
- Distribution Channels
- Competitive Environment
- Key Competitors
- Growth Generator in the Global Automotive UBI Market
- Growth Metrics
- Growth Drivers
- Growth Restraints
- Forecast Considerations
- Revenue and UBI Policy Forecast
- Revenue Forecast by Region
- Table Automotive UBI Market: Revenue Forecast by Region, Global, 2021-2030
- Revenue Forecast Analysis
- UBI Policy Forecast by Region
- Table Automotive UBI Market: UBI Policy Forecast by Region, Global, 2021-2030
- UBI Pricing Trends Forecast by Region
- Table Automotive UBI Market: Pricing Trend Forecast by Region, Global, 2021-2030
- Pricing Trends and Forecast Analysis
- Growth Generator in UBI-Current State and Future Road Map
- Evolution of Automotive UBI
- UBI-Hardware Variations
- Automotive UBI Business Models
- UBI Pricing Model Analysis
- Parameters in the Automotive Insurance Sector
- Connected Cars-New Parameters
- Major Trends Impacting Automotive UBI
- CASE Impact
- Connectivity Enabler for UBI and New Use Cases
- Connectivity Improving Automotive Insurance Underwriting
- UBI Services-Leveraging IoT and New Technologies
- Future Roadmap
- Growth Generator North America
- Growth Metrics
- Revenue and UBI Policy Forecast
- UBI Penetration Forecast
- Forecast Analysis
- Growth Generator Europe
- Growth Metrics
- Revenue and UBI Policy Forecast
- UBI Penetration Forecast
- Forecast Analysis
- Growth Generator APAC
- Growth Metrics
- Revenue and UBI Policy Forecast
- UBI Penetration Forecast
- Forecast Analysis
- Growth Generator South America
- Growth Metrics
- Revenue and UBI Policy Forecast
- UBI Penetration Forecast
- Forecast Analysis
- Growth Generator Middle East and Africa
- Growth Metrics
- Revenue and UBI Policy Forecast
- UBI Penetration Forecast
- Forecast Analysis
- Insurers Profiling
- Allstate
- Progressive
- State Farm
- Liberty Mutual
- Allianz SE
- AXA
- Assicurazioni Generali S.p.A (Generali Group)
- Unipoltech Solution Technology (Unipol Sai)
- Aioi Nissay Dowa Insurance (MS & AD Insurance Group Holdings, Inc.)
- MAPFRE
- Technology Services Provider Profiles
- Octo Telematics
- Targa Telematics
- CMT (Cambridge Mobile Telematics)
- IMS
- CCC
- LexisNexis Risk Solutions
- Verisk Analytics
- Zendrive
- Growth Opportunity Universe
- Growth Opportunity 1: Expanding into Emerging Markets
- Growth Opportunity 2: Strategic Partnerships with OEMs and Technology Providers
- Growth Opportunity 3: Leveraging AI, ML, and Blockchain
- Appendix & Next Steps
- Benefits and Impacts of Growth Opportunities
- Next Steps
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