DUBLIN--(BUSINESS WIRE)--The "Global Automotive Telematics Insurance Market: Focus on Usage-based Insurance (UBI), Smartphone, Hardwired, OBD, Aftermarket, OEM Fitment, Supply Chain, Passenger Vehicle, and Commercial Vehicle - Analysis and Forecast, 2018-2022" report has been added to ResearchAndMarkets.com's offering.
The global volumes of automotive vehicles are expected to grow at a CAGR of 3% during the forecast period.
The global parked vehicle volume is one of the keys to analyze the global potential of the automotive telematics insurance market. The following figure depicts the recorded volume for 2016 and 2017 and expected volume for the forecast 2018-2022. The global parked vehicle volume is expected to increase at a sustained growth rate. A high gradient for Passenger Vehicle (PV) indicates higher growth as compared to Commercial Vehicle (CV).
In 2017, the global automotive telematics insurance market volume was estimated 24.7 million units, which is expected to reach 169.8 million units by 2022. Factors owing to this growth are an increase in the availability of digital technology, growing safety concerns related to driving behavior, and an increase in the competition in the automotive insurance market, among others. The estimated CAGR for the forecast period 2018-2022 is 37.20%.
The market estimation considers a detailed, in-depth analysis of factors impacting various regional markets and industrial trends. The highest growth period is 2017-2019, and the estimated cumulative growth rate for the period would be ~245%, which is led by the surge in the number of new market entrants and automotive telematics insurance product launches.
Market Dynamics
Market Drivers
- High Customer Engagement through UBI Platform
- UBI Offers Better Pricing and Feature Flexibility for End Users
- Growing Number of Fraud Claims and Increasing Insurance Premiums
Market Restraints
- Data Management and Security
- Automotive Insurance Market Resistance toward Digital Solution
- Automotive telematics insurance Market has a low penetration
- Myths about Automotive Telematics Insurance
Market Opportunities
- Growth in Autonomous Driving Systems
- Growing Focus on Safe Driving Habits and Vehicle Health Management
Key Topics Covered:
1. Market Dynamics
2. Competitive Insights
3. Industry Insights
4. Global Automotive Telematics Insurance Market (by Device Type)
5. Global Automotive Telematics Insurance Market (by Distribution Channels)
6. Global Automotive Telematics Insurance Market (by Vehicle Type)
7. Global Automotive Telematics Insurance Market (by Region)
8. Company Profiles
- Agero Inc.
- Amodo Ltd.
- AXA Group
- Baseline Telematics
- CalAmp Corp.
- Cambridge Mobile Telematics
- Insure Telematics Solutions
- Intelligent Mechatronic Systems
- Octo Telematics Ltd
- The Floow Limited
- The Progressive Corporation
- TomTom
- Trakm8 Group
- TrueMotion Inc.
- Verizon Communications, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/m9s4t2/global_automotive?w=4
