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Automotive Telematics Insurance - Global Market Outlook (2019-2027)

Automotive Telematics Insurance - Global Market Outlook (2019-2027)

4.4 (63 reviews)
Published: August 2020 ID: SMRC19751
4.4 (63 reviews)
Published: August 2020 ID: SMRC19751

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Automotive Telematics Insurance Market is accounted for $45.15 million units in 2019 and is expected to reach $504.04 million units by 2027 growing at a CAGR of 35.2% during the forecast period. Demand for low insurance premium among consumers and necessity of insurance companies to underwrite the risk effectively are the major factors driving the market growth. However, lack of verification of actual mileage is restraining the market growth.

Automotive telematics insurance is an engine protection spread modified by observing ongoing driving and guaranteeing the hazard. Telematics protection includes a SIM card, movement sensor, GPS framework, and a PC module. The telematics protection gadget, likewise called black-box, is fitted in the OBD-II entry of the vehicle. The gadget catches and moves ongoing information of the vehicle to the insurance agency so as to follow the vehicle and break down the mishap dangers dependent on course of drive, speed of vehicle, miles driven, and inconvenient time ride. 

Based on insurance type, the pay-how-you-drive segment is likely to have a huge demand due to its behavior-based model that estimates the risk & consequently, is highly effective for both the insurance agency & the insured. It is broadly accepted by fleet owners in North America. By geography, Europe is going to have a lucrative growth during the forecast period due to its high rate of adoption in the U.K. and Italy. Advancement of smart phone capabilities and low cost of networking and communication have led to exponential growth of the market in the region.

Some of the key players profiled in the Automotive Telematics Insurance Market include Verizon Communications Inc, TrueMotion Inc, Trakm8 Group, TomTom, The Progressive Corporation, The Floow Limited, Octo Telematics Ltd, Intelligent Mechatronic Systems, Insure Telematics Solutions, Cambridge Mobile Telematics, CalAmp Corp, Baseline Telematics, AXA Group, Amodo Ltd and Agero Inc.

Types Covered:
• Embedded
• Hardwired
• On-board Device (OBD)
• Smartphone

Insurance Types Covered:
• Pay-As-You-Drive
• Pay-As-You-Go
• Pay-How-You-Drive   

Vehicles Covered:
• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Vehicle

Distribution Channels Covered:
• Original Equipment Manufacturer (OEM)
• Aftermarket

Technologies Covered:
• Embedded Device
• Mobile Application

Applications Covered:
• Scouting
• Yield Monitoring
• Soil Monitoring

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

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