Global Telematics-Based Auto Insurance Market Analysis and Forecast 2019-2028

Market Introduction: Key Takeaways

The global telematics-based auto insurance market is expected to grow at a CAGR of 18.2% during the forecast period of 2023-2028, as per RationalStat analysis. Telematics-based auto insurance is a type of usage-based insurance (UBI) that utilizes telematics technology, which involves collecting data from a vehicle’s onboard sensors to assess the driving behavior and usage patterns of the insured driver.

Market Drivers and Trend Analysis

The growth of the global telematics-based auto insurance market is driven by several factors, including the increasing adoption of connected cars, advancements in telematics technology, and the growing demand for personalized insurance offerings. Telematics-based auto insurance offers benefits such as personalized pricing based on individual driving behavior, improved risk assessment, and enhanced customer engagement, which is driving its adoption among insurers and consumers alike.

The report identifies several trends in the global telematics-based auto insurance market, including the increasing use of telematics for fleet management and commercial auto insurance, the integration of telematics with other emerging technologies such as artificial intelligence (AI) and machine learning (ML), and the expansion of telematics-based auto insurance in emerging markets.

Key Segmental Analysis

The market can be segmented based on the type of vehicles, including passenger cars, commercial vehicles, and others. The adoption of telematics-based auto insurance may vary across different types of vehicles, with commercial vehicles and fleet management segment witnessing significant growth due to the increasing demand for usage-based insurance offerings in the commercial auto insurance space.

Global and Regional Market Analysis – Based on Market Intelligence 

Regionally, the report identifies North America as the largest market for telematics-based auto insurance, driven by the high adoption rate of connected cars and the increasing demand for usage-based insurance offerings. Europe is also a significant market for telematics-based auto insurance, with countries such as the UK, Italy, and Germany leading the adoption of UBI programs. Asia-Pacific is expected to witness significant growth in the market, driven by the increasing adoption of connected cars and the growing awareness of telematics-based auto insurance among consumers.

Competition Overview: Market Structure and Leading Players

The global telematics-based auto insurance is highly competitive, with key players focusing on product innovation, expanding their distribution channels, and strategic partnerships to gain a competitive edge.

Some of the key market players operating in the global telematics-based auto insurance market, as identified in the market report, include: 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. among others.

Key Market Segmentation: Global Telematics-Based Auto Insurance Market

Rationalstat has segmented the global telematics-based auto insurance market on the basis of vehicle type, distribution channel, service type, region, end user.

Regional Breakdown in the Market Report

• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Chile
    • Peru
    • Argentina
    • Rest of Latin America
  • Western Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic Countries
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Hungary
    • Czech Republic
    • Rest of Eastern Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN (Indonesia, Vietnam, Thailand, Philippines, Malaysia, etc.)
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Turkey
    • Egypt
    • Sub-saharan
    • Rest of the Middle East & Africa

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs

Why Buy this Report?

The report is intended for service providers, manufacturers, industry stakeholders, government organizations, marketing departments, R&D professionals, insurance organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.