Global Automotive Telematics Insurance Market was valued US$ XX Mn. in 2019 and the total revenue is expected to grow about 15% from 2020 to 2027, reaching nearly US$ XX Mn.
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Global Automotive Telematics Insurance Market: Overview
The real time driving monitoring is customized type of motor insurance Automotive Telematics Insurance. The Telematics insurance companies use motion sensor, GPS system, SIM card, and CPU module. The device fitted by telematics insurance companies called as black box. This box is filled next to vehicles On board diagnosis portal. This device transfers all captured data to the insurance companies. According to this data the insurance companies analyze the risk of accident. The customers who drive their own vehicles, they do not use highway, this customers is at low risk at accident though the customer has to pay same premium of insurance as the high risk customers has to pay. The Automotive Telematics Insurance enables the customer option of low premium. The insurance companies offer low premium to such users and attract more customers. The automotive insurance companies are effectively under rate the risk effectively. These factors will increase Global Automotive Telematics Insurance Market.
Global Automotive Telematics Insurance Market: Drivers and Restraints
The Global Automotive Telematics Insurance is expected to grow in future in insurance companies. The current market is majorly driven by the growth of passenger vehicle, which are mostly used by owners having low risk will get low cost insurance option. The real time data collection will give exact prediction of risk of vehicle thus the incurrence companies’ gives custom insurance premium to the customer. Technological advancement in vehicle and connected cars are mainly driving this market. Real time data gathering making vehicle safer by predicting maintenance need and other activities, this market growing with the awareness of insurance among the owner. The usage base premium, and the fraud clams reduction offered by Global Automotive Telematics Insurance is driving market.
The automotive industry is facing various issues such as environmental emission control, increasing road safety, and cost of resources with supply chain of this system. This system needs better connectivity needed for data transfer. Such factors are hindering the growth of Global Automotive Telematics Insurance Market.
Global Automotive Telematics Insurance Market: Regional Overview
Global E-Rickshaw Market is segmented into various regions Like Asia Pacific, North America, Europe, South America, and Middle East & Africa. Europe and North America regions are both showing growth in Global Automotive Telematics Insurance Market due to their growing insurance industry. Growing demand in usage base insurance premium is driving the Automotive Telematics Insurance market. The Asia Pacific market is expected to grow in future as the automotive manufacturers provide real time diagnostic option in future vehicles.
Global Automotive Telematics Insurance Market: Segments
Global Automotive Telematics Insurance Market is segmented by Vehicle Type (Passenger Vehicle, Commercial vehicle), by Device Type (Hardwired, On-board Device (OBD), Smartphone, and Embedded) and Region (North America, Europe, Middle East & Africa, South America, and Asia Pacific)
The report also helps in understanding Automotive Telematics Insurance Market dynamics, structure by analyzing the market segments and projects the Automotive Telematics Insurance Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Automotive Telematics Insurance Market make the report investor’s guide.
Scope of the Automotive Telematics Insurance Market: Inquire before buying
Automotive Telematics Insurance Market, by Vehicle Type
● Passenger Vehicle
● Commercial Vehicle
Automotive Telematics Insurance Market, by Device Type
● Hardwired
● On-board Device (OBD)
● Smartphone
● Embedded
Automotive Telematics Insurance Market, by Region
● Asia Pacific
● North America
● Europe
● South America
● Middle East & Africa
Key players operating in Automotive Telematics Insurance Market
● Octo Telematics
● CalAmp, Agero Inc
● AXA Group
● Cambridge Mobile Technology
● Intelligent Mechatronic System
● The Floow Ltd
● The Progressive Corporation
● TomTom
● Trakm8 Group
● TrueMotion Inc.
● Robert Bosch GmbH
● AT&T INC.
● Continental AG
● LG Electronics
● Verizon
● Harman International
● Aptiv PLC
● Visteon Corporation
● Magneti Marelli CK Holdings
● Webfleet Solution
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