Automotive Telematics Device Market - Driven by Rising Consumer Interest

Posted by RASHMI on July 17th, 2019

Global Automotive Telematics Device Market Introduction

An automotive telematics device is fitted in the vehicle to store and transmit recorded or gathered driving data to the insurance company. Numerous telematics devices are available such as OBD dongle, black box, and windscreen device. The telematics device records the driving parameters, such as acceleration, braking, time of travel, and route of travel, and transmits the data to insurance companies in order to analyze and quote the insurance premium.

Global Automotive Telematics Device Market – Competitive Landscape

In 2018, Bosch Connected Devices and Solutions GmbH, a subsidiary of Robert Bosch GmbH, launched Telematics eCall Plug a device to detect crash and record data of driving behavior for telematics, insurance and fleet management purpose. The Telematics eCall Plug fits into the 12V cigarette lighter socket. The telematics eCall Plug uses the micro-controller and built-in sensors to track parameters such as braking and acceleration and transmits the data to the driver’s smartphone via Bluetooth.

Global Automotive Telematics Device Market – Dynamics

Rapid rise of telematics insurance due to increase in insurance premium boosting the automotive telematics device market

Demand for Pay As You Drive type of insurance is rising, as it determines the premium based on miles driven, driving performance, route of travel, and other driving parameters. Insurance companies based in North America and Europe have started providing Pay How You Drive & Manage How You Drive type of insurance models as pilot projects. Rising consumer interest in telematics insurance, owing to its lower insurance premium, is driving the automotive telematics device market. Premium costs are rising due to rising claims expenditure, theft, and fraud. Consequently, rising awareness among consumers is prompting them to adopt telematics insurance in order to avail discounted prices.

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Shift to connected vehicle technologies drives the automotive telematics device market

Demand for vehicle connectivity is fueling the adoption of automotive telematics device. Smartphone tethering and IoT support technologies in vehicles is driving the automotive telematics device market.