According to a new report published by MarkWide Research, titled, “Automotive Telematics Insurance Market,” the global market for automotive telematics insurance is expected to exceed $42.6 billion by 2030, displaying a robust CAGR of 7.1% during the forecast period from 2023 to 2030.
Automotive telematics insurance, also known as usage-based insurance (UBI), leverages data from connected vehicles to provide personalized and cost-effective insurance solutions. The market’s growth is driven by the increasing adoption of telematics technology, demand for fair and customized insurance premiums, and efforts to improve road safety.
Key findings from the report:
- Connected Vehicle Data: Telematics insurance relies on data from connected vehicles to assess driver behavior and offer tailored insurance rates.
- Safety and Risk Management: Insurance companies use telematics data to encourage safe driving habits and reduce accidents.
- Personalization: Consumers seek personalized insurance rates based on their driving habits and risk profiles.
- Market Competitors: Leading players in the automotive telematics insurance market include Progressive Corporation, Allstate Corporation, and State Farm Mutual Automobile Insurance Company, who continually innovate to meet evolving industry demands.
The report predicts substantial growth in the global automotive telematics insurance market as consumers and insurance providers recognize the benefits of data-driven insurance solutions. MarkWide Research’s comprehensive analysis provides insights into the market’s current landscape and future trends, empowering industry stakeholders to make informed decisions and capitalize on opportunities in the automotive telematics insurance market.
MarkWide Research is a leading market research and consulting firm, providing in-depth analysis and strategic insights across various industries. With a team of experienced analysts, MarkWide Research is committed to delivering actionable intelligence, assisting clients in making informed business decisions and achieving sustainable growth.