India insurance telematics market is
expected to grow at a steady rate during the forecast period. Insurance
telematics is a kind of vehicle insurance where the prices rely upon the vehicle
type which is calculated against distance, time, behavior and other categories.
This vehicle insurance is different from traditional insurance which differentiate
and reward drivers that are driving safely, thereby offering them lower premiums.
The black box which is fitted in the car determines the style of driving by
monitoring braking and cornering, road type on which one typically travels, and
the time of driving, in order to build up a driver’s comprehensive profile.
Growing concern for safety and
security among people is the key factor in fueling market growth. The telematics
information is beneficial in many circumstances, such as, to communicate with
the police instantaneously in case of an accident for prompt action, which is
anticipated to drive the growth of India insurance telematics market in the
forthcoming years. Telematics systems assist automotive companies, insurers,
and drivers with the highest safety feature. The safety and security services
of vehicle telematics includes the automatic crash notification, emergency, as
well as the medical assistance. However, privacy concerns among consumers due to
sharing of the vehicular location used to monitor an asset by using GPS and
onboard diagnostics to record movements might act as a major impediment in the
growth of the market through 2030..
Based on vehicle type, the
insurance telematics market is bifurcated into passenger car and commercial
vehicle. The passenger car segment is projected to dominate the market in the
forthcoming years, which can be attributed to increasing security concerns among
users. Based on type, the market is segmented into third party insurance and
comprehensive insurance, of which, the former is anticipated to dominate the
market over the next 5 years on account of higher levels of protection provided
to all the motorized vehicles and it is good for drivers who are more likely to
claim for any damage they cause when driving. Additionally, it is cheaper when
compared to comprehensive insurance, thereby further contributing to the growth
of this segment.
The major market players in India
insurance telematics market are Bajaj Allianz, ICICI Lombard, etc. The key players are investing more to develop
new technologies in order to increase their customer bases and expand their
geographic reach.
Years
considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2030
Objective of the Study:
- To analyse and forecast the market size of India
insurance telematics market.
- To forecast India insurance telematics market based
on vehicle type, type, source, premium type, device type and regional
distribution.
- To identify drivers and challenges for India
insurance telematics market.
- To identify and analyse the profile of leading
players operating in the India insurance telematics market.
- To identify dominant region or segment in
India insurance telematics market
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of insurance telematics service providers across the country.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the suppliers which could not be identified due to the limitations of secondary
research. TechSci Research analyzed the product types, application types and
presence of all major insurance telematics service providers across the country.
TechSci
Research calculated India insurance telematics market size by using a bottom-up
approach, where data for various end user industries and its application across
various product types were recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company representatives
and externally validated through analyzing historical data of these product
types and applications for getting an appropriate, overall market size. Various
secondary sources such as company website, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target
Audience:
- Insurance telematics providers
- Government bodies such as regulating
authorities and policy makers
- Industry associations
- Organizations, forums and alliances related to
insurance telematics market
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as product
service providers and partners, end users etc., besides allowing them in
strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India insurance telematics market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- India Insurance Telematics Market, By Vehicle
Type:
- Passenger Car
- Commercial
Vehicle
- India Insurance
Telematics Market, By Type:
- Third party
Insurance
- Comprehensive
Insurance
- India Insurance
Telematics Market, By Source:
- India Insurance
Telematics Market, By Premium Type:
- Personal
Insurance Premium
- Commercial
Insurance Premium
- India Insurance
Telematics Market, By Device Type:
- Hardwired
- On-board Device (OBD)
- Smartphone
- Embedded
- India
Insurance Telematics Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in India insurance telematics market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit
margin analysis in case of direct and indirect sales channel.
India insurance telematics
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]