The global automotive usage-based insurance market produced almost 78 million units in 2016 and is expected to surpass 113 million units by 2021, says Technavio.
Technavio has announced its latest market research report on the global automotive usage-based insurance market to its automotive manufacturing portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Intelligent Mechatronic System, Octo Telematics, Hubio, and Sierra Wireless.
According to Siddharth Jaiswal, a lead analyst for automotive manufacturing research at Technavio, “The growing need for constant connectivity and increasing the reliability of data will increase the adoption of embedded telematics in the automotive industry. The establishment of various stringent norms by the government will also encourage vendors to install embedded telematics in all vehicles.”
The automotive telematics and infotainment markets are expanding at a fast pace in the emerging markets, especially in the BRIC countries. Safety awareness and increasing regulations are encouraging consumers to install navigation and infotainment systems in their cars. The vendors in the automotive industries are collaborating with connectivity solution providers and are planning to introduce new products and services to various markets across the globe.
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Growing popularity of high-speed data connections in cars lead to developments in supporting infrastructure
The manufacturers in the connected car market are increasingly using 4G LTE to offer seamless functioning of its ADAS and infotainment systems. The rising demand for high connectivity inside the vehicle has led to the development of sophisticated in-vehicle electronics to support advanced functionality. The vendors are also providing Ethernet connectivity that will support real-time data transport throughout the vehicle.
Big data platform provided by connected cars to push developments in UBI
The OEMs in the automotive market are investing in the development of connectivity solutions that will increase the availability of real-time data to consumers. Installation of telematics devices will enable vendors to provide data for information like date, time, speed, acceleration, deceleration, cumulative mileage, fuel consumption, and navigation details. Such innovations will also help insurance providers to calculate the optimum premium for each customer as per their driving behavior, which is calculated based on the vehicle usage real-time data.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Usage-Based Insurance Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Solar Carport Charging Station Market 2017-2021
- Global Automotive Premium Audio System Market 2017-2021
- Global Commercial Telematics Market 2016-2020
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