The Europe Insurance Telematics Market size is estimated at USD 0.79 billion in 2024, and is expected to reach USD 2.26 billion by 2029, growing at a CAGR of 23.34% during the forecast period (2024-2029).
The market is expected to witness the active adoption of new methods through plug-and-play apparatus and in-vehicle intelligent monitoring systems, revolutionizing buying vehicle insurance. Government regulations in different European countries are also likely to back the idea of insurance telematics by making the process mandatory and boosting market growth.
There are several prominent participants in the insurance telematics business. Nearly none of the market players now hold a considerable position in terms of market share. The major competitors concentrate on growing their consumer base beyond international borders to stay on top of the industry. These businesses use strategic collaboration initiatives to expand their market share and profits. Industry players are also purchasing start-ups working on insurance telematics market technology to strengthen their product capabilities.
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