Automotive UBI market in the Asia Pacific is expected to grow from US$ 1.71 Bn in 2018 to US$ 13.57 Bn by the year 2027 with a CAGR of 25.9% from the year 2019 to 2027.
The increasing demand for mobility-as-a-service (MaaS) and various type of insurance premium policies are boosting the growth of the automotive UBI market. Moreover, the strategic partnerships among insurance companies and telematics companies are anticipated to propel automotive UBI market growth in the forecast period. In the last few years, the consumer behavior towards intercity and intracity transit has been transformed to a newer level. A significant percentage of travelers across the globe are no more willing to drive their own vehicles with an objective to avoid traffic. This has given rise to various other transit practices such as car sharing and ride-hailing in developed countries and developing countries. These practices are known as mobility as a service as the consumer avails the vehicle and the driver from a third party service provider.
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China dominated the automotive UBI market in 2018 and is anticipated to continue its dominance in the market across the Asia Pacifica region through the forecast period. Some of the countries that are expected to witness growth in the near future include Australia, Singapore, India, and Japan, among others.
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ASIA PACIFIC AUTOMOTIVE UBI MARKET SEGMENTATION
By Technology Fitted
• Black Box
By Policy Type
• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Rest of APAC
Automotive UBI Market – Companies Mentioned
• 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.
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