Asia-Pacific Usage Based Insurance Market - Industry Trends and Forecast to 2026

  • Automotive
  • Published Report
  • Jan 2019
  • Asia-Pacific
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Asia-Pacific Usage Based Insurance Market, By Package type (pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD)),vehicle type (light-duty vehicle (LDV), heavy-duty vehicles (HDV)), device offering (company provided, bring your own device (BYOD)),technology (OBD-II, smartphone, embedded system, black box and others),vehicle age (new vehicles, on-road vehicles),electric and hybrid vehicle (hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), battery electric vehicle (BEV)), Countries (Japan, China, South Korea, India, Singapore, Thailand, Malaysia, Australia, Indonesia and Philippines ) - Industry Trends and Forecast to 2026

As name suggested usage based insurance is calculated by how corresponding vehicle is driven. In other words, usage based insurance is a kind of auto-insurance which totally depends on vehicle used, measured against time, distance, behaviour, place and others. These all usages can be measure using telematics technology; the technology is available in from of mobile application, pre-installed in the car’s network or it can be installed in USB port of the vehicle. Usage based insurance and telematics technology has wide range of benefits such as reverse gear indication, tracking of speeding, seat belt use, harsh braking, acceleration control, driver coaching by voice and others. These all benefits have potential to reduce road accidents.

Asia-Pacific usage based insurance market is expected to reach a healthy CAGR of 20.6% in the forecast period of 2019 to 2026.

Segmentation: Asia-Pacific Usage Based Insurance Market

Asia-Pacific usage-based insurance market is segmented into six notable segments which are package type, vehicle type, device offering, technology, vehicle age and electric & hybrid vehicle.

  • On the basis of package type, the market is segmented into pay-as-you-drive (PAYD), pay-how-you-drive (PHYD), and manage-how-you-drive (MHYD). In 2019, the pay-as-you-drive (PAYD), market is growing at the highest CAGR of 20.8% in the forecast period of 2019-

    • In November 2015, Intelligent Mechatronic Systems (IMS) was awarded for excellence in the innovative. This award made Intelligent Mechatronic Systems (IMS) more popular.

  • On the basis of vehicle type, the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicles (HDV). In 2018, light-duty vehicle (LDV) market is growing with the highest CAGR of 21.1% in the forecast period of 2019 to 2026.

    • In March 2016, TrueMotion has acquired The Canary Project. Due to this acquisition, company has application developer for developing telematics application.

  •  On the basis of device offering, the market is segmented into company provided and bring your own device (BYOD). The company provided market is growing at the highest CAGR of 20.1% in the forecast period of 2019-2026.

    • In June 2018, Cambridge Mobile Telematics (CMT) was awarded as best auto digital insurance product award from TU-Automotive Detroi for DriveWell. This award made Cambridge Mobile Telematics (CMT) more popular which increases the overall income of the company

  • On the basis of technology, the market is segmented into OBD-II, smartphone, embedded system, black box and others. In 2018, embedded system market is growing with the highest CAGR of 21.2% in the forecast period of 2019 to 2026.

    • In August 2017, Cambridge Mobile Telematics (CMT) has launched powerful smartphone telematics program for commercial fleets. This launch has improved employee safety, reduce the number of accidents and claims and increase operational efficiency and performance.

  • On the basis of vehicle age, the market is segmented into new vehicles and on-road vehicles. In 2018, on-road vehicles market is growing with the highest CAGR of 21.0% in the forecast period of 2019 to 2026.

    • In September 2017, the company was awarded as the global pioneer in telematics insurance and champion for road safety by UK insurance sector This award made company more popular which further increases the overall sells

  • On the basis of electric and hybrid vehicle, the market is segmented into hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV) and battery electric vehicle (BEV).In 2018 Battery Electric Vehicle (BEV) market is growing with the highest CAGR of 21.3% in the forecast period of 2019 to 2026.

    • In September 2017, the Progressive Company has introduced ELD Usage-Based Insurance Program for Commercial Truck Drivers. This launch extended the company’s service portfolio

Competitive Analysis: Asia-Pacific Usage Based Insurance Market

Some of the prominent participants operating in this market are Intelligent Mechatronic Systems Inc., TrueMotion, Cambridge Mobile Telematics, Insure The Box Limited, Progressive Casualty Insurance Company, Modus Group, LLC, Inseego Corp, Metromile Inc., The Floow Limited, Vodafone, Allstate Insurance Company, Octo Group, , TomTom International, Allianz, AXA Equitable Life Insurance Company, , Liberty Mutual Insurance, Verizon, Sierra Wireless, , Mapfre, Movitrack Viasat, Inc., ASSICURAZIONI GENERALI S.P.A., and UNIPOLSAI ASSICURAZIONI S.P.A.

Recent developments:

  • In September 2018, Allstate launched a product for life insurance which will pay on monthly basis rather than lump sum amount. This is consumer driven product which will help the company to cover more market share and to aware the people about life insurance.
  • In October 2018, The Floow launches FlowFleet for the insurer who deals in commercial line. This helped the insurance company to better manage the risk and to provide the optimal premium price to their customer in the high premium rising market.
  • In June 2018, Allstate launched pay per mile i.e. usage based insurance in New Jersey. This insurance gives more control to customer about their insurance premium and plans.for using telematics services for better management in their insurance segment.
  • In March 2018, Octo Telematics entered into partnership with Renault finance company to provide data analytics and services to its customer globally. This will increase the global market share of the company.

Research Methodology: Asia-Pacific Usage Based Insurance Market

Primary Respondents: OEMs, Manufacturers, Engineers, Industrial Professionals.

Industry Participants: CEO’s, V.P.’s, Marketing/Product Managers, Market Intelligence Managers and, National Sales Managers


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LIST OF TABLES ASIA-PACIFIC USAGE-BASED INSURANCE MARKET

TABLE 1 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026 (USD MILLION)

TABLE 2 ASIA-PACIFIC PAY-AS-YOU-DRIVE (PAYD) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 3 ASIA-PACIFIC PAY-HOW-YOU-DRIVE (PHYD) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 4 ASIA-PACIFIC MANAGE-HOW-YOU-DRIVE (MHYD) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 5 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026 (USD MILLION)

TABLE 6 ASIA-PACIFIC LIGHT-DUTY VEHICLE (LDV) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 7 ASIA-PACIFIC HIGH-DUTY VEHICLE (HDV) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 8 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 9 ASIA-PACIFIC BRING YOUR OWN DEVICE (BYOD) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 10 ASIA-PACIFIC COMPANY PROVIDED USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 11 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 12 ASIA-PACIFIC EMBEDDED SYSTEM USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 13 ASIA-PACIFIC SMARTPHONE USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 14 ASIA-PACIFIC BLACK BOX USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 15 ASIA-PACIFIC OBD-II USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 16 ASIA-PACIFIC OTHERS USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 17 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 18 ASIA-PACIFIC ON-ROAD VEHICLES USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 19 ASIA-PACIFIC NEW VEHICLES USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 20 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 21 ASIA-PACIFIC BATTERY ELECTRIC VEHICLE (BEV) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 22 ASIA-PACIFIC PLUG-IN HYBRID VEHICLE (PHEV) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 23 ASIA-PACIFIC HYBRID ELECTRIC VEHICLE (HEV) USAGE-BASED INSURANCE MARKET, BY REGION, 2017-2026, (USD MILLION)

TABLE 24 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY COUNTRY, 2017-2026, (USD MILLION)

TABLE 25 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 26 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 27 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 28 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 29 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 30 ASIA-PACIFIC USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 31 JAPAN USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 32 JAPAN USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 33 JAPAN USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 34 JAPAN USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 35 JAPAN USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 36 JAPAN USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 37 CHINA USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 38 CHINA USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 39 CHINA USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 40 CHINA USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 41 CHINA USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 42 CHINA USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 43 SOUTH KOREA USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 44 SOUTH KOREA USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 45 SOUTH KOREA USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 46 SOUTH KOREA USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 47 SOUTH KOREA USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 48 SOUTH KOREA USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 49 INDIA USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 50 INDIA USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 51 INDIA USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 52 INDIA USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 53 INDIA USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 54 INDIA USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 55 SINGAPORE USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 56 SINGAPORE USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 57 SINGAPORE USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 58 SINGAPORE USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 59 SINGAPORE USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 60 SINGAPORE USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 61 THAILAND USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 62 THAILAND USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 63 THAILAND USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 64 THAILAND USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 65 THAILAND USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 66 THAILAND USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 67 MALAYSIA USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 68 MALAYSIA USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 69 MALAYSIA USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 70 MALAYSIA USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 71 MALAYSIA USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 72 MALAYSIA USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 73 AUSTRALIA USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 74 AUSTRALIA USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 75 AUSTRALIA USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 76 AUSTRALIA USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 77 AUSTRALIA USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 78 AUSTRALIA USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 79 INDONESIA USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 80 INDONESIA USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 81 INDONESIA USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 82 INDONESIA USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 83 INDONESIA USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 84 INDONESIA USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 85 PHILIPPINES USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

TABLE 86 PHILIPPINES USAGE-BASED INSURANCE MARKET, BY VEHICLE TYPE, 2017-2026, (USD MILLION)

TABLE 87 PHILIPPINES USAGE-BASED INSURANCE MARKET, BY DEVICE OFFERING, 2017-2026, (USD MILLION)

TABLE 88 PHILIPPINES USAGE-BASED INSURANCE MARKET, BY TECHNOLOGY, 2017-2026, (USD MILLION)

TABLE 89 PHILIPPINES USAGE-BASED INSURANCE MARKET, BY VEHICLE AGE, 2017-2026, (USD MILLION)

TABLE 90 PHILIPPINES USAGE-BASED INSURANCE MARKET, BY ELECTRIC AND HYBRID VEHICLE, 2017-2026, (USD MILLION)

TABLE 91 REST OF ASIA PACIFIC USAGE-BASED INSURANCE MARKET, BY PACKAGE TYPE, 2017-2026, (USD MILLION)

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