Market Research Report

Global Telematics Insurance Market Research Report: Forecast (2023-2028)

By Distribution Channel (OEM, Aftermarket), By Device Type (Smartphone, On Board Device, Blackbox, OEM Embedded), By Type (Pay-as-you-drive [PAYD], Pay-how-you-drive [PHYD]), By En......terprise Size, (Large Enterprises, Small & Medium Enterprises), By End User (Passenger Vehicle, Commercial Vehicle), By Region (North America, South America, Europe, Middle East & Africa, Asia-Pacific), By Company (Octo Group SpA, Insurance Mobility Solutions, Agero Inc, Webfleet Solutions BV, Verizon Communications Inc, AXA Group, The Progressive Corporation, Amodo Ltd, Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc, Insurethebox Ltd, Insure Telematics Solutions, CalAmp Corp) Read more

  • ICT & Electronics
  • Jan 2023
  • Pages 211
  • Report Format: PDF, Excel, PPT

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Market Definition

In order to track the real-time driving behavior of drivers telematics insurance is a solution used by motor insurance companies & accordingly decide their policy premiums. It works by setting up a device, known as a Black Box, in the vehicle, which monitors & stores its different parameters like speed, braking pattern, driving style, distance, and the type of road one travels. Telematics insurance is a potential system to evaluate the ongoing situation of motor insurance and positively impact policy claims, risk selection, & fraud detection. Numerous research & developments are being conducted toward expanding its utilization globally.

Market Insights & Analysis: Global Telematics Insurance Market (2023-28)

The Global Telematics Insurance Market is anticipated to grow at a CAGR of around 34% during the forecast period, i.e., 2023-28. Reduced costs of connected car solutions, stringent norms imposed by governments of different countries worldwide associated with driver safety, growing consumer inclination toward in-car connectivity, and the mounting penetration of smartphones worldwide are the prime aspects likely to drive the market through 2028. Besides, various technological advancements in the automotive insurance sector, such as the integration of telematics into vehicles are also fueling the market growth.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 34%
Regions Covered North America: The US, Canada, Mexico
South America: Brazil, Argentina
Europe: The UK, Germany, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Australia
Middle East & Africa: Saudi Arabia, the UAE, South Africa
Key Companies Profiled Octo Group SpA, Insurance Mobility Solutions, Agero Inc, Webfleet Solutions BV, Verizon Communications Inc, AXA Group, The Progressive Corporation, Amodo Ltd, Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc, Insurethebox Ltd, Insure Telematics Solutions, CalAmp Corp
Unit Denominations USD Million/Billion

 

Automotive telematics aid in improving driving behavior & road safety, positioning insurance premiums with actual requirements through UBI (Usage-Based Insurance), and enhancing the profitability of motor insurance companies. Besides insurance & road safety improvements, telematics offers added benefits to individuals, governments, & organizations, including driving-style improvements to foster fuel economy, location-based services like real-time tracking, vehicle maintenance alerts, & recovery of stolen vehicles, among others.

The mounting demand of customers for extraordinary connectivity & intellect in their vehicles and several government initiatives for encouraging telematics services in their respective countries would create profitable prospects for the market in the coming years. Furthermore, low policy premiums and providing personalized & value-added services in insurance to effectively suffice consumer requirements are other prominent advantages of telematics insurance that would fuel the expansion of the industry during 2023-28.


Global Telematics Insurance Market Research Report: Forecast (2023-2028)

Global Telematics Insurance Market (2023-28): Segmentation Analysis

The Global Telematics Insurance Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified

Based on Deployment Type:

  • Cloud
  • On-Premise

Of both, Cloud-based deployment is more likely to witness an upward demand trend in the Global Telematics Insurance Market. The growing integration of the Internet of Things (IoT) into vehicles is the prime aspect propelling the utilization of cloud-based solutions in telematics insurance. With soaring preferences toward cloud platforms & innovative practices in the automotive sector, most market players are now offering cloud-based UBI services.

Cloud-based telematics insurance also provides insights into various risks related to driving patterns, which can help keep track of the vehicle's running activity. Additionally, it incurs lesser data storage costs than On-Premise deployment, i.e., another crucial aspect projected to fuel the adoption of these services and propel the overall growth of the telematics insurance market in the coming years.

Based on Type:

  • Pay-As-You-Drive (PAYD)
  • Pay-How-You-Drive (PHYD)

Here, PHYD (Pay-How-You-Drive) model is expected to witness a rapidly rising demand during 2023-28. PHYD, also known as Black Box insurance, uses real-time driving data like cornering, speed, & distracted driving, among others, to more accurately compute premiums. It highly varies from conventional motor insurance policies since, with PHYD, the policy premium relies entirely upon the driving pattern while comprising other facilities like vehicle theft & roadside assistance. Moreover, it offers impressive discounts & frequent rewards for decent driving behavior.

The burgeoning demand for PHYD insurance models is primarily due to automotive manufacturers actively developing faster & more powerful vehicles that are connected & some of them even have autopilot modes. Because of this, insurance providers are offering newer & upgraded policies by swiftly adopting advanced technologies & seeking ways to reduce costs to promote the emerging connected cars sector. Many players across different nations like the United States, Canada, Japan, Germany, & France, among others, have now begun utilizing PHYD telematics to efficiently tackle the insurance costs for fleets like public transportation, driving schools, government & commercial, etc. Hence, based on these aspects, PHYD insurance offerings are projected to grab significant momentum at the global level over the coming years.

Global Telematics Insurance Market Regional Projection

Geographically, the Global Telematics Insurance Market expands across:

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Of them, Europe & North America are the largest Telematics Insurance Markets. Stringent regulations for insurance providers to deploy telematics devices in vehicles are driving the Europe Telematics Insurance Market, mainly in Italy & the UK. Italy-based companies use Black Box & smartphone application telematics to examine driving patterns. The data generated is used for formulating risk modes, which, as a result, leads to cost-effective policy premiums for customers, especially the young generation, as premium prices for them are significantly high. Furthermore, mobile apps with ADAS (Advanced Driver Assistance Systems) technologies are a crucial headway for fleet management in Italy since it has been facing a few challenges over the past few years. Hence, the above-cited aspects project remunerative opportunities for the telematics insurance market across Europe over the forecast years.

On the other front, with the vast presence of leading market players, rapid technological advancements, and tremendous demand for interconnected services in vehicles, North America is another notable contributor to the telematics insurance market growth. Automotive insurance providers across the region are increasingly adopting cloud-based solutions and shifting applications & data to the cloud network in order to stay ahead in a highly competitive market. Moreover, the mounting adoption of Mobility-as-a-Service and increasing collaborations between OEMs, insurers, and telematics providers across the US & Canada are other crucial aspects driving the regional market.

Gain a Competitive Edge with Our Global Telematics Insurance Market Report

  1. Global Telematics Insurance Market report provides a detailed and thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics and make informed decisions.
  2. This report also highlights current market trends and future projections, allowing businesses to identify emerging opportunities and potential challenges. By understanding market forecasts, companies can align their strategies and stay ahead of the competition.
  3. Global Telematics Insurance industry report aids in assessing and mitigating risks associated with entering or operating in the market.
  4. The report would help in understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks and optimize their operations.

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Frequently Asked Questions

   A. The Telematics Insurance Market is projected to grow at a CAGR of around 34% during 2023-28.

   A. The growing consumer inclination toward in-car connectivity and stringent norms imposed by governments of different countries worldwide associated with driver safety are the most prominent aspects projected to drive the Telematics Insurance Market in the coming years.

   A. PHYD (Pay-How-You-Drive) is anticipated to emerge as an area of remunerative opportunities for the leading players in the Telematics Insurance Market through 2028.

   A. Octo Group SpA, Insurance Mobility Solutions, Agero Inc, Webfleet Solutions BV, Verizon Communications Inc, AXA Group, The Progressive Corporation, Amodo Ltd, Cambridge Mobile Telematics, Generali Group, The Floow Limited, TrueMotion Inc, Insurethebox Ltd, Insure Telematics Solutions, and CalAmp Corp are the top Telematics Insurance companies operating in the global Market.

   A. Europe & North America would continue creating remunerative prospects for the Telematics Insurance Market during 2023-28.

Global Telematics Insurance Market Research Report (2023-2028) - Table of Contents

 

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Market Segmentation
    4. Assumptions
  2. Preface
  3. Executive Summary
  4. Impact of COVID-19 on Global Telematics Insurance Market
  5. Global Telematics Insurance Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Distribution Channel
        1. OEM
        2. Aftermarket
      2. By Device Type
        1. Smartphone
        2. On Board Device
        3. Blackbox
        4. OEM Embedded
      3. By Type
        1. Pay-as-you-drive (PAYD)
        2. Pay-how-you-drive (PHYD)
      4. By Enterprise Size
        1. Large Enterprises
        2. Small & Medium Enterprises
      5. By End User
        1. Passenger Vehicle
        2. Commercial Vehicle
      6. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      7. By Company
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Matrix
  6. North America Telematics Insurance Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Distribution Channel
      2. By Device Type
      3. By Type
      4. By Enterprise Size
      5. By End User
      6. By Country
        1. The US Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        2. Canada Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        3. Mexico Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
  7. South America Telematics Insurance Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Distribution Channel
      2. By Device Type
      3. By Type
      4. By Enterprise Size
      5. By End User
      6. By Country
        1. Brazil Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        2. Argentina Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
  8. Europe Telematics Insurance Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Distribution Channel
      2. By Device Type
      3. By Type
      4. By Enterprise Size
      5. By End User
      6. By Country
        1. The UK Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        2. Italy Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        3. Germany Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        4. France Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        5. Spain Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
  9. Middle East & Africa Telematics Insurance Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Distribution Channel
      2. By Device Type
      3. By Type
      4. By Enterprise Size
      5. By End User
      6. By Country
        1. Saudi Arabia Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        2. UAE Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        3. South Africa Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
  10. Asia-Pacific Telematics Insurance Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Distribution Channel
      2. By Device Type
      3. By Type
      4. By Enterprise Size
      5. By End User
      6. By Country
        1. China Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        2. Japan Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        3. India Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        4. South Korea Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
        5. Australia Telematics Insurance Market Outlook, 2018-2028F
          1. Market Size & Analysis
            1. Revenues
          2. Market Share & Analysis
            1. By End User
  11. Global Telematics Insurance Market Policies, Regulations, Product Standards
  12. Global Telematics Insurance Market Trends & Insights
  13. Global Telematics Insurance Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  14. Global Telematics Insurance Market Hotspot & Opportunities
  15. Global Telematics Insurance Market Key Strategic Imperatives for Success & Growth
  16. Competition Outlook
    1. Competition Matrix
      1. Product/ Solution Portfolio
      2. Target Markets
      3. Target End Users
      4. Research & Development
      5. Strategic Alliances
      6. Strategic Initiatives
    2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Octo Group SpA
      2. Insurance Mobility Solutions
      3. Agero Inc
      4. Webfleet Solutions BV
      5. Verizon Communications Inc
      6. AXA Group
      7. The Progressive Corporation
      8. Amodo Ltd
      9. Cambridge Mobile Telematics
      10. Generali Group
      11. The Floow Limited
      12. TrueMotion Inc
      13. Insurethebox Ltd
      14. Insure Telematics Solutions
      15. CalAmp Corp
  17. Disclaimer


Telematics Insurance Market Segmentation

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

Data Trangulation

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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