According to a recent report published by Allied Market Research, titled, “Asia-Pacific usage-based insurance market size by Type, Technology, Vehicle Age, And Vehicle Type: global opportunity analysis and industry forecast, 2021–2030,” the Asia-Pacific usage-based insurance market size was valued at $5.64 billion in 2020, and is projected to reach $64.29 billion by 2030, growing at a CAGR of 27.6% from 2021 to 2030.
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Usage-based insurance (UBI), also known as pay as you drive (PAYD), pay how you drive (PHYD) and mile-based auto insurance, is a type of vehicle insurance whereby the costs are dependent upon the type of vehicle used, measured against time, distance, behavior and place. In addition, in the car insurance industry, UBI is also known as Telematics insurance. Moreover, telematics is useful to track, store, and transfer driving-related data. This data comes in handy to understand the driving behavior and charge appropriate vehicle insurance rates. Furthermore, key factors that drives the Asia-Pacific usage-based insurance market growth includes growing adoption of usage-based insurance among end users, owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums boosts growth of the global usage-based insurance industry in Asia-Pacific. In addition, factors such as higher possibility of vehicles being recovered, in case they are stolen and lower fuel consumption positively impact growth of the market. However, high installation cost of telematics and various data security issues are expected to hamper the market growth. On the contrary, adoption of advance technology such as smartphone-based UBI insurance & hybrid-based UBI car insurance and increase in concerns regarding driver safety across the globe are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The used vehicle segment is expected to experience fastest growth in the coming years, owing to rise in demand for old vehicles with customized models, limited budget for availing car insurance, and changes in business preferences of consumers toward vehicles across the Asia-Pacific Countries. Furthermore, value of a pre-owned car would have already undergone a significant depreciation over the years, hence, customer gets insurance at much lower price by quoting an insured declared value (UDV) for vehicles
By type, the Asia-Pacific usage-based insurance market share was led by the pay-as-you-drive segment in 2020, and is projected to maintain its dominance during the forecast period. Encouragement to consumers to drive less and green is expected to increase the demand for PAYD insurance policies in the Asia-Pacific usage-based insurance market. However, the manage-how-you-drive segment is expected to grow at the highest rate during the forecast period, owing to technological advancement and rise in awareness among the youth is projected to attract many new consumers, which boost the market.
With the wake of the COVID-19 pandemic, many Asia-Pacific usage-based insurance industry vendors are adopting various business and marketing strategies, including innovating their product portfolio and trying to come up with more advanced & suitable solutions as per clients’ needs. Ongoing severe health and financial crisis changed mobility domain drastically and restricted travelling across many countries. All these factors put car buying on hold and reduce the need of usage-based insurances currently among consumers. Majority of population has started working from home and others prefer to avoid travel through public transportation due to health concerns. This enforced consumers around the world to shift from public transportation to private vehicles for safety, which, in turn, is anticipated to increase the Asia-Pacific usage-based insurance market size. Hence, purchasing of new and used vehicles by owners boosts sales of usage-based insurance in India and many other Asia-Pacific countries.
Key Findings Of The Study
- By policy type, the pay-as-you-drive segment accounted for the largest Asia-Pacific usage-based insurance market share in 2020.
- By technology, the OBD-II generated the highest revenue in 2020.
The key players profiled in the Asia-Pacific usage-based insurance market analysis are Assicurazioni Generali S.P.A., ALLIANZ SE, Aviva, AXA, Liberty Mutual Insurance Company, Mapfre S.A., TomTom International B.V., Octo Telematics S.P.A., Sierra Wireless, and Vodaphone limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the Asia-Pacific usage-based insurance market.
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