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PUBLISHER: KBV Research | PRODUCT CODE: 1432769
PUBLISHER: KBV Research | PRODUCT CODE: 1432769
Europe Usage-Based Insurance Market Size, Share & Trends Analysis Report By Vehicle Age, By Policy, By Vehicle Type, By Technology (Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid), By Country and Growth Forecast, 2023 - 2030
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The Europe Usage-based insurance Market would witness market growth of 25.3% CAGR during the forecast period (2023-2030).
The insurance industry has undergone a transformative shift in recent years, propelled by technological advancements, data analytics, and consumer behavior. One of the most notable developments within this landscape is the rise of this Insurance. UBI represents a departure from traditional insurance models, offering a personalized and dynamic approach to risk assessment. This paradigm shift is driven by integrating telematics, IoT (Internet of Things), and artificial intelligence, allowing insurers to gather real-time data on policyholders' behaviors and usage patterns.
The UBI model has transcended its automotive origins and penetrated the health and life insurance sectors. Wearable devices and health trackers provide insurers with real-time insights into policyholders' lifestyles, promoting healthier choices and allowing for more accurate risk assessment. In life insurance, policyholders can benefit from premium adjustments based on their adherence to healthier lifestyles, ultimately creating a mutually beneficial relationship between insurers and the insured. In property and casualty insurance, UBI applications have emerged to monitor and mitigate risks associated with property usage. Smart home devices, monitored through IoT technology, enable insurers to assess fire, theft, and environmental risks. This proactive approach reduces the likelihood of claims and allows for more precise premium calculations based on the actual risk exposure of each policyholder.
According to the UK government's Office for National Statistics, people's median disposable income reached £32,300. In contrast to a longer-term gain of 1.7% per year over the ten years preceding 2022 (FYE 2013 to FYE 2022), the median household disposable income climbed by an average of 0.7% per year between FYE 2020 and FYE 2022. UBI allows for more personalized insurance rates based on individual driving habits. As disposable income grows, consumers may prioritize customization and seek ways to optimize their spending, making UBI a compelling option. The potential cost savings based on safe driving habits can be particularly appealing. Due to the aforementioned factors the market growth will drive in this region.
The Germany market dominated the Europe Usage-Based Insurance Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10,185.1 Million by 2030. The UK market is exhibiting a CAGR of 24.2% during (2023 - 2030). Additionally, The France market would experience a CAGR of 26.2% during (2023 - 2030).
Based on Vehicle Age, the market is segmented into New Vehicles, and Used Vehicles. Based on Policy, the market is segmented into Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Manage-How-You-Drive (MHYD). Based on Vehicle Type, the market is segmented into Light-Duty Vehicle (LDV), and Heavy-Duty Vehicle (HDV). Based on Technology, the market is segmented into Black Box, OBD (On-Board Diagnostics)-II, Smartphone, and Hybrid. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
List of Key Companies Profiled
- Liberty Mutual Holding Company Inc.
- Allstate Insurance Company
- MAPFRE RE, COMPANIA DE REASEGUROS, S.A. (Cartera Mapfre, S.L.)
- The Progressive Corporation
- Nationwide Mutual Insurance Company
- MS&AD Insurance Group Holdings, Inc.
- Tesla, Inc.
- Hyundai Motor Company
- Octo Telematics S.p.A. (Renova Group)
- Zubie, Inc.
Europe Usage-based insurance Market Report Segmentation
By Vehicle Age
- New Vehicles
- Used Vehicles
By Policy
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
By Vehicle Type
- Light-Duty Vehicle (LDV)
- Heavy-Duty Vehicle (HDV)
By Technology
- Black Box
- OBD (On-Board Diagnostics)-II
- Smartphone
- Hybrid
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Europe Usage-Based Insurance Market, by Vehicle Age
- 1.4.2 Europe Usage-Based Insurance Market, by Policy
- 1.4.3 Europe Usage-Based Insurance Market, by Vehicle Type
- 1.4.4 Europe Usage-Based Insurance Market, by Technology
- 1.4.5 Europe Usage-Based Insurance Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Top Winning Strategies
- 4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
- 4.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2020, Feb- 2023, Oct) Leading Players
- 4.4 Porter Five Forces Analysis
Chapter 5. Europe Usage-Based Insurance Market by Vehicle Age
- 5.1 Europe New Vehicles Market by Country
- 5.2 Europe Used Vehicles Market by Country
Chapter 6. Europe Usage-Based Insurance Market by Policy
- 6.1 Europe Pay-As-You-Drive (PAYD) Market by Country
- 6.2 Europe Pay-How-You-Drive (PHYD) Market by Country
- 6.3 Europe Manage-How-You-Drive (MHYD) Market by Country
Chapter 7. Europe Usage-Based Insurance Market by Vehicle Type
- 7.1 Europe Light-Duty Vehicle (LDV) Market by Country
- 7.2 Europe Heavy-Duty Vehicle (HDV) Market by Country
Chapter 8. Europe Usage-Based Insurance Market by Technology
- 8.1 Europe Black Box Market by Country
- 8.2 Europe OBD (On-Board Diagnostics)-II Market by Country
- 8.3 Europe Smartphone Market by Country
- 8.4 Europe Hybrid Market by Country
Chapter 9. Europe Usage-Based Insurance Market by Country
- 9.1 Germany Usage-Based Insurance Market
- 9.1.1 Germany Usage-Based Insurance Market by Vehicle Age
- 9.1.2 Germany Usage-Based Insurance Market by Policy
- 9.1.3 Germany Usage-Based Insurance Market by Vehicle Type
- 9.1.4 Germany Usage-Based Insurance Market by Technology
- 9.2 UK Usage-Based Insurance Market
- 9.2.1 UK Usage-Based Insurance Market by Vehicle Age
- 9.2.2 UK Usage-Based Insurance Market by Policy
- 9.2.3 UK Usage-Based Insurance Market by Vehicle Type
- 9.2.4 UK Usage-Based Insurance Market by Technology
- 9.3 France Usage-Based Insurance Market
- 9.3.1 France Usage-Based Insurance Market by Vehicle Age
- 9.3.2 France Usage-Based Insurance Market by Policy
- 9.3.3 France Usage-Based Insurance Market by Vehicle Type
- 9.3.4 France Usage-Based Insurance Market by Technology
- 9.4 Russia Usage-Based Insurance Market
- 9.4.1 Russia Usage-Based Insurance Market by Vehicle Age
- 9.4.2 Russia Usage-Based Insurance Market by Policy
- 9.4.3 Russia Usage-Based Insurance Market by Vehicle Type
- 9.4.4 Russia Usage-Based Insurance Market by Technology
- 9.5 Spain Usage-Based Insurance Market
- 9.5.1 Spain Usage-Based Insurance Market by Vehicle Age
- 9.5.2 Spain Usage-Based Insurance Market by Policy
- 9.5.3 Spain Usage-Based Insurance Market by Vehicle Type
- 9.5.4 Spain Usage-Based Insurance Market by Technology
- 9.6 Italy Usage-Based Insurance Market
- 9.6.1 Italy Usage-Based Insurance Market by Vehicle Age
- 9.6.2 Italy Usage-Based Insurance Market by Policy
- 9.6.3 Italy Usage-Based Insurance Market by Vehicle Type
- 9.6.4 Italy Usage-Based Insurance Market by Technology
- 9.7 Rest of Europe Usage-Based Insurance Market
- 9.7.1 Rest of Europe Usage-Based Insurance Market by Vehicle Age
- 9.7.2 Rest of Europe Usage-Based Insurance Market by Policy
- 9.7.3 Rest of Europe Usage-Based Insurance Market by Vehicle Type
- 9.7.4 Rest of Europe Usage-Based Insurance Market by Technology
Chapter 10. Company Profiles
- 10.1 Liberty Mutual Holding Company Inc.
- 10.1.1 Company Overview
- 10.1.2 Financial Analysis
- 10.1.3 Recent strategies and developments:
- 10.1.3.1 Partnerships, Collaborations, and Agreements:
- 10.1.3.2 Acquisition and Mergers:
- 10.2 MAPFRE RE, Compania De Reaseguros, S.A. (Cartera Mapfre, S.L.)
- 10.2.1 Company Overview
- 10.2.2 Financial Analysis
- 10.2.3 Recent strategies and developments:
- 10.2.3.1 Partnerships, Collaborations, and Agreements:
- 10.2.3.2 Product Launches and Product Expansions:
- 10.2.3.3 Acquisition and Mergers:
- 10.3 MS&AD Insurance Group Holdings, Inc.
- 10.3.1 Company Overview
- 10.3.2 Financial Analysis
- 10.4 Octo Telematics S.p.A. (Renova Group)
- 10.4.1 Company Overview
- 10.4.2 Recent strategies and developments:
- 10.4.2.1 Partnerships, Collaborations, and Agreements:
- 10.4.2.2 Product Launches and Product Expansions:
- 10.5 Zubie, Inc.
- 10.5.1 Company Overview
- 10.6 Allstate Insurance Company
- 10.6.1 Company Overview
- 10.6.2 Recent strategies and developments:
- 10.6.2.1 Partnerships, Collaborations, and Agreements:
- 10.6.3 SWOT Analysis
- 10.7 The Progressive Corporation
- 10.7.1 Company Overview
- 10.7.2 Financial Analysis
- 10.7.3 Recent strategies and developments:
- 10.7.3.1 Partnerships, Collaborations, and Agreements:
- 10.7.3.2 Product Launches and Product Expansions:
- 10.7.3.3 Acquisition and Mergers:
- 10.7.4 SWOT Analysis
- 10.8 Tesla, Inc.
- 10.8.1 Company Overview
- 10.8.2 Financial Analysis
- 10.8.3 Segmental and Regional Analysis
- 10.8.4 Research & Development Expense
- 10.8.5 Recent strategies and developments:
- 10.8.5.1 Product launches and Product expansions:
- 10.8.6 SWOT Analysis
- 10.9 Hyundai Motor Company
- 10.9.1 Company Overview
- 10.9.2 Financial Analysis
- 10.9.3 Segmental and Regional Analysis
- 10.9.4 Research & Development Expense
- 10.9.5 Recent strategies and developments:
- 10.9.5.1 Product launches and Product expansions:
- 10.10. Nationwide Mutual Insurance Company
- 10.10.1 Company Overview
- 10.10.2 Recent strategies and developments:
- 10.10.2.1 Partnerships, Collaborations, and Agreements:
- 10.10.2.2 Acquisition and Mergers:
LIST OF TABLES
- TABLE 1 Europe Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 2 Europe Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 3 Partnerships, Collaborations and Agreements- Usage-Based Insurance Market
- TABLE 4 Product Launches And Product Expansions- Usage-Based Insurance Market
- TABLE 5 Acquisition and Mergers- Usage-Based Insurance Market
- TABLE 6 Europe Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 7 Europe Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 8 Europe New Vehicles Market by Country, 2019 - 2022, USD Million
- TABLE 9 Europe New Vehicles Market by Country, 2023 - 2030, USD Million
- TABLE 10 Europe Used Vehicles Market by Country, 2019 - 2022, USD Million
- TABLE 11 Europe Used Vehicles Market by Country, 2023 - 2030, USD Million
- TABLE 12 Europe Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 13 Europe Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 14 Europe Pay-As-You-Drive (PAYD) Market by Country, 2019 - 2022, USD Million
- TABLE 15 Europe Pay-As-You-Drive (PAYD) Market by Country, 2023 - 2030, USD Million
- TABLE 16 Europe Pay-How-You-Drive (PHYD) Market by Country, 2019 - 2022, USD Million
- TABLE 17 Europe Pay-How-You-Drive (PHYD) Market by Country, 2023 - 2030, USD Million
- TABLE 18 Europe Manage-How-You-Drive (MHYD) Market by Country, 2019 - 2022, USD Million
- TABLE 19 Europe Manage-How-You-Drive (MHYD) Market by Country, 2023 - 2030, USD Million
- TABLE 20 Europe Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 21 Europe Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 22 Europe Light-Duty Vehicle (LDV) Market by Country, 2019 - 2022, USD Million
- TABLE 23 Europe Light-Duty Vehicle (LDV) Market by Country, 2023 - 2030, USD Million
- TABLE 24 Europe Heavy-Duty Vehicle (HDV) Market by Country, 2019 - 2022, USD Million
- TABLE 25 Europe Heavy-Duty Vehicle (HDV) Market by Country, 2023 - 2030, USD Million
- TABLE 26 Europe Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 27 Europe Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 28 Europe Black Box Market by Country, 2019 - 2022, USD Million
- TABLE 29 Europe Black Box Market by Country, 2023 - 2030, USD Million
- TABLE 30 Europe OBD (On-Board Diagnostics)-II Market by Country, 2019 - 2022, USD Million
- TABLE 31 Europe OBD (On-Board Diagnostics)-II Market by Country, 2023 - 2030, USD Million
- TABLE 32 Europe Smartphone Market by Country, 2019 - 2022, USD Million
- TABLE 33 Europe Smartphone Market by Country, 2023 - 2030, USD Million
- TABLE 34 Europe Hybrid Market by Country, 2019 - 2022, USD Million
- TABLE 35 Europe Hybrid Market by Country, 2023 - 2030, USD Million
- TABLE 36 Europe Usage-Based Insurance Market by Country, 2019 - 2022, USD Million
- TABLE 37 Europe Usage-Based Insurance Market by Country, 2023 - 2030, USD Million
- TABLE 38 Germany Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 39 Germany Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 40 Germany Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 41 Germany Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 42 Germany Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 43 Germany Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 44 Germany Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 45 Germany Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 46 Germany Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 47 Germany Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 48 UK Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 49 UK Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 50 UK Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 51 UK Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 52 UK Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 53 UK Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 54 UK Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 55 UK Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 56 UK Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 57 UK Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 58 France Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 59 France Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 60 France Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 61 France Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 62 France Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 63 France Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 64 France Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 65 France Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 66 France Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 67 France Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 68 Russia Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 69 Russia Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 70 Russia Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 71 Russia Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 72 Russia Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 73 Russia Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 74 Russia Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 75 Russia Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 76 Russia Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 77 Russia Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 78 Spain Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 79 Spain Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 80 Spain Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 81 Spain Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 82 Spain Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 83 Spain Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 84 Spain Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 85 Spain Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 86 Spain Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 87 Spain Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 88 Italy Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 89 Italy Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 90 Italy Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 91 Italy Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 92 Italy Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 93 Italy Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 94 Italy Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 95 Italy Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 96 Italy Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 97 Italy Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 98 Rest of Europe Usage-Based Insurance Market, 2019 - 2022, USD Million
- TABLE 99 Rest of Europe Usage-Based Insurance Market, 2023 - 2030, USD Million
- TABLE 100 Rest of Europe Usage-Based Insurance Market by Vehicle Age, 2019 - 2022, USD Million
- TABLE 101 Rest of Europe Usage-Based Insurance Market by Vehicle Age, 2023 - 2030, USD Million
- TABLE 102 Rest of Europe Usage-Based Insurance Market by Policy, 2019 - 2022, USD Million
- TABLE 103 Rest of Europe Usage-Based Insurance Market by Policy, 2023 - 2030, USD Million
- TABLE 104 Rest of Europe Usage-Based Insurance Market by Vehicle Type, 2019 - 2022, USD Million
- TABLE 105 Rest of Europe Usage-Based Insurance Market by Vehicle Type, 2023 - 2030, USD Million
- TABLE 106 Rest of Europe Usage-Based Insurance Market by Technology, 2019 - 2022, USD Million
- TABLE 107 Rest of Europe Usage-Based Insurance Market by Technology, 2023 - 2030, USD Million
- TABLE 108 Key Information - Liberty Mutual Holding Company Inc.
- TABLE 109 Key Information - MAPFRE RE, Compania De Reaseguros, S.A.
- TABLE 110 Key Information - MS&AD Insurance Group Holdings, Inc.
- TABLE 111 Key Information - Octo Telematics S.p.A.
- TABLE 112 Key Information - Zubie, Inc.
- TABLE 113 Key Information - Allstate Insurance Company
- TABLE 114 Key Information - The Progressive Corporation
- TABLE 115 key Information - Tesla, Inc.
- TABLE 116 key Information - Hyundai Motor Company
- TABLE 117 Key Information - Nationwide Mutual Insurance Company
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