The global telematics-based auto insurance market is expected to produce approximately USD 2,513.9 million in revenue in the year 2023. This market is projected to experience substantial growth, with an anticipated annual increase of 18.7%, ultimately reaching USD 13,998.3 million by 2033.
Governments want to develop the automotive industry by implementing cutting-edge telematics in cars. This is one of the key drivers of global market expansion. However, on-board Diagnosis (OBD)-ll dongles offer possible entry points that hackers use to steal information, cars, and remotely operate vehicles.
The use of various systems in the insurance telematics industry increases the risk of malware and virus assaults. This may hurt the market internationally.
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Potential Market Opportunity
AI, IoT, and 5G technologies are speeding innovation in the automotive sector and opening up new possibilities for enhanced user experiences and data monetization. Additionally, businesses have tremendous opportunities to exchange data from telematics devices with numerous parties. Moreover, gain insightful data on a large scale by implementing telematics devices.
Key Takeaways from the Telematics-based Auto Insurance Market Report:
- By 2033, the telematics-based auto insurance market in the United Kingdom is likely to expand, with a CAGR of 18.2%.
- In 2022, the United States dominated the telematics-based auto insurance sector, with a share of 18.5%.
- The telematics-based auto insurance market was significantly expanding, with a size of USD 2,146.8 million in 2022.
- By 2033, the telematics-based auto insurance market in China is likely to expand, with a CAGR of 17.7%.
- In 2022, Germany expanded the telematics-based auto insurance business, with an expected share of 7.6%.
- The market is expected to grow at a USD 4,204.02 million valuation by 2026, with a rise in passenger vehicles.
- By 2033, India is projected to expand significantly in the telematics-based auto insurance market, with a share of 19.3%.
- Japan’s telematics-based auto insurance industry share expanded significantly, with a 9.6% share in 2022.
- In 2022, the passenger car dominated the market with a share of 48.5%. It is anticipated to control the market by 2033 in terms of vehicle type.
- Based on vehicle age, used vehicles dominated the market with a share of 54.5% in 2022.
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Effective Approaches by Key Players
Insurance regulators are used to selling and delivering packaged products to families both directly through digital and ‘captive agent’ channels. As well as indirectly through agencies, brokers, and other intermediaries. This practice necessitates a huge marketing and commission investment.
Telematics-based auto insurance service providers are looking for investment opportunities. To support their marketing and technological base.
Key Players:
- Progressive Corporation
- Allstate Corporation
- State Farm Mutual Automobile Insurance Company
- Liberty Mutual Insurance Group
- Metromile Inc.
- Insure The Box Ltd.
- UnipolSai Assicurazioni S.p.A.
- Admiral Group plc
- Allianz SE
- Octo Telematics Ltd
- Others
Recent Developments
- Snapshot ProView, a voluntary UBI and fleet management program for small business owners, was introduced by Progressive Corporation. Based on the type of vehicle and the nature of business use, many clients save 8%. Whereas, others can even save up to 18%, for their initial term.
- Driven Telematics teamed up with Cambridge Mobile Telematics (CMT) in October 2022. To assist teen drivers in increasing driving safety and lowering their auto insurance costs. The brand-new Driven app, which is available for free, offers families insights into their driving habits and a driving score. So they can compare insurance and keep premiums affordable.
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Telematics-Based Auto Insurance Market Segmentation:
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Two-wheelers)
By Technology:
- OBD-I
- Hybrid
- Smartphone
- Black-box
By Deployment:
- On-Premise
- Cloud
By Type:
- Pay-As-You-Drive (PAYD)
- Pay-How-You-Drive (PHYD)
- Manage-How-You-Drive (MHYD)
By Vehicle Age:
- New Vehicle
- Used Vehicle
By Organization Size:
- Large Enterprises
- Small & Medium-sized Enterprises
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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