Global Telematics Insurance Market Overview:
According to MarkNtel Advisors study 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.
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Scope of the Telematics Insurance Market Report Segmentation
-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 Enterprise Size
Large Enterprises
Small & Medium Enterprises
-By End User
Passenger Vehicle
Commercial Vehicle
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Geographical analysis:
-By Region
North America
South America
Europe
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.
Current Landscape of Telematics Insurance Market
The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Telematics Insurance market. The research report profiles major players, including
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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
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