Automotive Telematics Insurance - Global Market Outlook (2019-2027)
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.
• On-board Device (OBD)
Insurance Types Covered:
• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Vehicle
Distribution Channels Covered:
• Original Equipment Manufacturer (OEM)
• Embedded Device
• Mobile Application
• Yield Monitoring
• Soil Monitoring
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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