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

Global Automotive Telematics Insurance Market is expected to reach $504.04 million units by 2027 growing at a CAGR of 35.2%  during 2019 to 2027.

 

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.

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.

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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.

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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.

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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 France
o Italy
o UK
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:
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– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– 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

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