FREMONT, California, August 2, 2018 /PRNewswire/ --
According to a market research report titled "Global Automotive Telematics Insurance Market - Analysis and Forecast (2018-2022)" by BIS Research, the global automotive telematics insurance market is estimated to reach 169 million units by 2022, growing at a CAGR of 47.1% from 2018 to 2022. The growing importance of customer engagement has led to the integration of telematics insurance as a part of the automotive insurance market. The increasing demand for connectivity, safety, autonomy features, and increasing insurance premiums are expected to drive a higher number of applications of telematics insurance per vehicle. Moreover, growing implementation of telematics in vehicles provides a vast opportunity for service integration in the vehicle. An insurer can offer several bespoke package options to a consumer to select from with the help of telematics-based service.
The automotive market ecosystem has witnessed some of the drastic technological advances over the past decade. It is dominated by environmental challenges, intelligent, smart features, safety features, and occupant comfort. Original equipment manufacturers (OEMs) and technology disruptors are set for a highly competitive product development race, evident from the high rate of new product launches. Telematics-Based insurance is a combination of telematics (communication of vehicle of its condition and position in real time) and insurance policy integration.
The global automotive telematics insurance market is highly aggressive and is projected for exponential growth during the forecast period. Telematics-based insurance is a smart solution which connects a vehicle to a data center/analytics center, thus enabling the tracking of its activities during various operations. The advanced levels of telematics data are the integration of human psychology or human behavior with general data points to form a self-learning artificial intelligent system. The capabilities of telematics service are vast and have applications at various levels of industry, such as OEM's, service provider, and end users. In 2017, the Americas recorded an installed automotive telematics insurance policy of 14 million units, which is expected to increase by five times by 2022. EMEA holds the majority of technology companies which have diversified products for automotive telematics insurance market. The leading countries in the region are the U.K. and Italy. By 2022, EMEA is expected to lead the market share, and the APAC region is expected to register the highest CAGR for the forecast period (2018-2022).
According to our analyst Nishant Pahwa, "The global automotive smartphone-based telematics insurance market is expected to grow over 64 million units by 2022, growing at a CAGR of 48.5% during the period 2018-2022. The smartphone device category drives the market. The dominance of smartphone technology in a consumer's lifestyle can be attributed to demand for connectivity platform, multi-functional ability of devices and high accessibility of cost effective solutions."
The market intelligence report provides a detailed analysis of the key growth drivers and restraining forces of the global automotive telematics insurance market, along with an extensive insight into various forms of developments, trends, and the key participants in the market. The automotive telematics insurance ecosystem comprises companies from incredibly diverse backgrounds such as automotive component suppliers (Tier 1 and Tier 2), system integrators, and solutions providers. The report analyzes a list of key collaborations, mergers and acquisitions, and the launching of new products to understand the market dynamics. Furthermore, OEMs have collaborated with telematics technology providers to provide end-to-end complete service solution to their consumers. For the study of this report, the final customer is the policy user or vehicle owner while the suppliers are telematics insurance platform or service providers. Increasing joint ventures and collaborations, as well as mergers and acquisitions, are anticipated to improve product development through conducive research.
The market report includes a thorough analysis of the market trends and size, along with the market estimation based on the key geographical regions. Besides providing detailed financial analyses of the key players in the market, the report also includes individual SWOT analysis of each company. Some of the key players analyzed in the report are Octo Telematics, CalAmp, Agero Inc, AXA Group, Cambridge Mobile Technology, Intelligent Mechatronic System, The Floow Ltd, The Progressive Corporation, TomTom, Trakm8 Group, and TrueMotion Inc, among others. The key strategies adopted by the market players to attain their respective market shares in this emerging domain are joint ventures, collaborations, partnerships, contracts, and launching of products.
This report is a meticulous compilation of research on more than 100 players in the automotive telematics insurance ecosystem and draws upon insights from in-depth interviews of the key opinion leaders, market participants, and vendors.
The report addresses the following questions about the global automotive telematics insurance vehiclesmarket:
What are the major market drivers, challenges, and opportunities in the global automotive telematics insurance market?
What is the service flow in the global automotive telematics insurance market?
What was the market value of the leading segments and sub-segments of the global automotive telematics insurance market in 2017?
How will each segment of the global automotive telematics insurance market grow during the forecast period 2018-2022?
What are the factors which influence the demand for various devices used in the global automotive telematics insurance market?
What are the influencing factors that may affect the market share of the key players?
How will the industry evolve during the forecast period 2018-2022?
What are the key developmental strategies that are implemented by the key players to sustain this market?
Who are the key players in the automotive telematics insurance market and what are their contributions?
What are the region-specific key growth factors that would drive the market through the forecast period for the Americas, EMEA, and APAC?
What is the scope of automotive telematics insurance in the emerging economies of APAC?
About BIS Research: BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
Contact: Bhavya Banga Email: [email protected] 39111 PASEO PADRE PKWY STE 315, FREMONT CA 94538-1686