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Global insurance telematics market to grow 18.9% yearly through 2034

China is emerging as a key growth driver in Asia-Pacific. 

The global insurance telematics market is projected to grow at a compound annual growth rate (CAGR) of 18.9% from 2025 to 2034, reaching beyond its $6.8b valuation in 2024, according to Global Market Insights.

Growth is driven by the wider adoption of Usage-Based Insurance (UBI) and rising vehicle connectivity.

Passenger cars dominate the market, accounting for 69% of global telematics use in 2024.

This segment is expected to expand at a CAGR of over 20% during the forecast period.

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China is emerging as a key growth driver in Asia-Pacific. 

The country is seeing strong adoption of telematics due to rapid automotive digitisation, widespread smartphone use, and rising interest in behaviour-based insurance products.

Insurers including Ping An, PICC, and China Life are deploying platforms that integrate GPS, driver behaviour scoring, and AI analytics to offer tailored premiums and streamlined claims.

Government initiatives supporting connected vehicle infrastructure and smart city development are accelerating adoption. 
 

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