Automotive Telematics Insurance Market-Analysis and Forecast, 2018-2022
The global automotive telematics insurance market was dominated by aftermarket distribution channel in 2017. However, in the global scenario, the share for OEM-based automotive telematics insurance service is expected to increase exponentially. The market share of the aftermarket channel is estimated to drop from XX% in 2017 to XX% by 2022, due to higher penetration of automotive telematics insurance policies offer from the OEMs. The period 2019-2021 is expected to be an aggressive phase from an OEM stand point, and the OEM distribution channel for telematics-based policy is expected to grow at a CAGR of XX% during the period 2018-2022. It is also expected that automotive telematics insurance will increase its penetration in the new vehicle sales by 2019. OEM’s such as Ford Motors, Volkswagen, Mercedes, BMW, Porsche, and Audi, among others, have initiated to offer automotive telematics insurance as an integrated package in their premium segment vehicle offerings.
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Aftermarket service of automotive telematics insurance mainly focuses on parked vehicles and their features. It is important to define the parked vehicle’s technology for better understanding of its processing, thus helping to develop a product which can be integrated with a conventional system as well as has the flexibility to work with future technologies. The market share of the aftermarket distribution channel is expected to experience a decline during the forecast period, due to strong performance of the OEM distribution channel. However, aftermarket is expected to maintain its dominance and lead the market share. Aftermarket sale of automotive telematics insurance devices and policies is dominant as a major share of automotive insurance market is served by third-party insurers. Hence, they are already well established in the supply chain and only required to integrate this technology into their current products. In APAC, in 2017, aftermarket telematics insurance was recorded XX million units, which is expected to grow to XX million units by 2022 at a CAGR of XX%.
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