India Insurance Telematics Market to Grow at Steady Rate During Forecast Period
Increasing concern for safety and security and fuel-efficiency
to boost growth of India insurance telematics market during forecast period.
According
to TechSci Research report, “India
Insurance Telematics Market By Vehicle Type, By Type, By Source, By Premium
Type, By
Device Type, Competition, Forecast & Opportunities, 2030”,
India insurance telematics market is expected to grow at a steady rate during the
forecast period on account of increasing concern for safety and security, effective
transportation and logistics purpose. Telematics interconnects
telecommunications with computer technology to provide enterprises with data on
remote products like vehicles in real time. Telematics or black box insurance
provides insurance to the vehicles by monitoring the location, movements,
status and behavior of a vehicle or fleet of vehicles. This is achieved through
a combination of a GPS receiver and an electronic device installed in each
vehicle. This black box, which is fitted into the car, allows the users to find
out their performance and will show if there is need to make any changes to the
driving style besides providing tips to improve the driver score, thereby
cutting down the cost of insurance. Therefore, this technology will be most
helpful for the ones who are paying a relatively high price for their car
insurance.
Browse xx market data Tables and Figures spread through Pages and an
in-depth TOC on "India Insurance Telematics Market ".
India
insurance telematics market can be segmented based on vehicle type, type,
source, premium type, device type and region. Considering the premium type, the
market can be bifurcated into personal insurance premium and commercial
insurance premium. Out of these two, the personal insurance premium is the
fastest growing sector in India as it is compulsory for all the new cars. Based
on device type, the smartphones and embedded segments are anticipated to
witness high growth in the upcoming years. In telematics systems, smartphone
integration benefits the drivers with features like doors can be locked and
unlocked even when the keys are lost and light flashing when the driver is
facing trouble finding his car. Considering the type, third party insurance segment
is forecast to dominate the market through 2030 as this cover is mandatory in
India under the Motor Vehicles Act, 1988. Bajaj Allianz, ICICI Lombard, among
others are the leading players operating in India insurance telematics market. The
key players are focusing more on technological advancements to track the
vehicles more efficiently and to boost their share in the market.
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“India
insurance telematics market is expected to grow steadily during the forecast
period which can be attributed to the advantage it provides through vehicle
diagnose due to the telematics systems. In short, if the driver stays away from
the more hazardous roads, there will be a reduction in the price of the policy.
Furthermore, if the driver is not driving frequently, a downfall in the cost of
policy is observed. Telematics systems are majorly adopted by the automobile
insurance companies and fleet management companies to monitor the location and
behavior of the vehicle. Moreover, government regulations for vehicle
telematics coupled with the increasing trend of connectivity solutions are
expected to boost the growth of India insurance telematics market.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based India
management consulting firm.
“India Insurance Telematics Market By Vehicle Type, By
Type, By Source, By Premium Type, By Device Type, Competition, Forecast &
Opportunities, 2030” has
evaluated the future growth potential of India insurance telematics market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India insurance telematics market.
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