India Insurance Telematics Market By Vehicle Type (Passenger Car & Commercial Vehicle), By Type (Third party Insurance & Comprehensive Insurance), By Source (Insurance Agency & Online), By Premium Type (Personal Insurance Premium & Commercial Insurance Premium), By Device Type (Hardwired; On-board Device (OBD); Smartphone & Embedded), Competition, Forecast & Opportunities, 2030
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndia Insurance Telematics Market By Vehicle Type (Passenger Car & Commercial Vehicle), By Type (Third party Insurance & Comprehensive Insurance), By Source (Insurance Agency & Online), By Premium Type (Personal Insurance Premium & Commercial Insurance Premium), By Device Type (Hardwired; On-board Device (OBD); Smartphone & Embedded), Competition, Forecast & Opportunities, 2030
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The global insurance telematics market size was valued at USD 4.45 billion in 2024 and is projected to grow at a CAGR of 22.2% from 2025 to 2030
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 Years2015-2018
Base Year2019
Estimated Year2020
Forecast Period2021–2030
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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MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of insurance telematics service providers across the country. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the suppliers which could not be identified due to the limitations of secondary research. MIR analyzed the product types, application types and presence of all major insurance telematics service providers across the country.
MIR 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. MIR 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 MIR.
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
Insurance Agency
Online
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
North
West
East
South
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