January 24, 2021

Globally

NOIDA, India, Dec. 3, 2020 /PRNewswire/ — A comprehensive overview of the automotive usage-based insurance market is recently added by UnivDatos Market Insights to its humongous database. The automotive usage-based insurance market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the automotive usage-based insurance market. The automotive usage-based insurance market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the digital advertisement market at the global and regional levels. The Global Automotive Usage-Based Insurance Market is expected to grow at a CAGR of 24.4% from 2021-2026 to reach US$ 93 billion by 2026.

Market Overview

The National Association of Insurance Commissioners (NAIC) revealed in 2015 that about one-fifth of auto insurers will offer automotive usage-based insurance in the next five years. Moreover, nearly 90% of the new car sales in 2020 will include embedded telematics packages, as per the European Commission. The key factor impacting the market of automotive usage-based insurance is the government regulations on telematics, lower insurance premium compared to regular insurance, surging vehicle fleet, etc., and a rise in the connected car services. In 2019, the global sales of connected cars with embedded telematics are estimated to have hit 28.5 million units. Moreover, it is expected that the number of connected cars would reach around 74 million units by 2025.

Automotive Usage-Based Insurance (UBI) is a type of auto insurance that tracks mileage and driving behaviors. The global auto industry is undergoing a major transformation due to technological advancements.  The growing adoption of IoT coupled with the introduction of 5G technology worldwide has generated a wave of connectivity. Moreover, surging automotive production and sales coupled with the escalating internet penetration has pleasantly impacted the market of automotive usage-based insurance.

Request Sample Copy of this Report @ https://univdatos.com/report/automotive-usage-based-insurance-market-current-analysis-and-forecast-2020-2026

Covid-19 Impact

COVID-19 pandemic adversely impacted the industries. The insurance companies started making unparalleled moves such as reduce premium, partial refund, etc., Moreover, the demand for the new insurance policies witnessed an uptick with a low premium. As per a report by J.D Survey, online demand for new insurance policies has gone up by 27% since March. Also, as of May around 40% of consumers were interested in telematics-based auto insurance options. Moreover, the driven hours also reduced due to the lockdown in the counties. In a study, it was found that driven hours in Washington reduce from 29.2% to 11.6% in the month of April-May. Also, in a survey, it was found that the COVID-19 pandemic impacted the willingness to use usage-based insurance. As of 24 March 2020, there were around 10% of people who were more willing to use UBI. However, the number increased to 31% till 12 May 2020 which is 3.1 times the prior results.

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MUNICH/FRANKFURT–(Business Wire)–Electromobility, autonomous driving and digital transformation of cars: Technological change continues to put pressure on margins at automotive suppliers. The Covid-19 pandemic has further intensified this trend. As a result, this year’s global sales are expected to slump by an average of 15 to 20 percent compared to 2019. Suppliers’ average EBIT margin fell to 1.7 percent in the first half of 2020. The pandemic’s effect on automotive suppliers is revealed in the “Global Automotive Supplier Study 2020”, from Roland Berger and Lazard. The study analyzed performance indicators of approximately 600 suppliers around the globe to assess the current state of the industry, as well as trends and challenges.

“Despite difficult underlying data, a brighter year-end is emerging. Automotive suppliers are able to stabilize financially, mainly thanks to the rapid recovery process in China,” says Felix Mogge, Partner at Roland Berger. “However, many suppliers lack the capital for the necessary technological transformation following the slump.”

Poor key figures affect creditworthiness

Overall, the coronavirus shock will affect the automotive industry for a long time to come. The peak volume of global vehicle sales that was reached in 2017 (94.3 million), is not expected to be met again until 2026. In Europe and North America, it will take even longer, while China and South America will recover more quickly, according to the report.

Together with poor key financial indicators, these forecasts may have a negative impact on the creditworthiness of automotive suppliers. “In 2019 we already observed banks becoming more restrictive in their credit financing,” says Christof Söndermann, Managing Director at Lazard. “In recent months, many suppliers were confronted with rating downgrades. This increased financial pressure further.”

Lessons from the post financial crisis era 2008/09

The current situation can be compared to the global financial crisis in 2008 and 2009. In the period that followed, some automotive suppliers benefited more than the average. “We identified four general characteristics that were crucial to success after the financial crisis,” says Felix Mogge. “Suppliers can use these to orient themselves and gain a better position in the market based on clear strategic guidelines.”

One characteristic that will distinguish the winners from the losers of the coronavirus crisis in coming years is consistent market and technology leadership in every business area. Another is strategic coherence, which includes having a coherent product portfolio that allows for the realization of synergies. The third characteristic is the achievement of a critical company size to ensure sufficient access to the capital markets. Finally, winners will demonstrate consistent implementation of their strategic decisions and a performance-driven corporate culture.

Balancing act between restructuring and strategic realignment

Technological change and the effects of the Covid-19 pandemic will continue to impact the margin performance of automotive suppliers for the foreseeable future. “The challenges of the coming years will structurally overwhelm many suppliers,” predicts Felix Mogge. “As a consequence, we will see greater consolidation in the industry.” In order to be among the winners in this environment, automotive suppliers must strategically develop their business

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Portland, Ore., Nov. 17, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Software Market by Application (Safety System, Infotainment and Telematics, Powertrain and Chassis), Product (Operating System, Middleware and Application Software) and Vehicle Type (ICE Passenger Car, ICE Light Commercial Vehicle, ICE Heavy Commercial Vehicle, Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle and Autonomous Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global automotive software industry was estimated at $18.5 billion in 2019 and is anticipated to hit $43.5 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027.

Download Report Sample at https://www.alliedmarketresearch.com/request-sample/2871

Drivers, restraints, and opportunities-

Rise in adoption of ADAS features in vehicles, growing inclination toward connected car services, and intervention of innovative technologies for advanced user interface (UI) drive the global automotive software market. On the other hand, lack of standard protocols to develop software platforms and scarcity of connected infrastructure restrain the growth to some extent. Nevertheless, future potential of 5G and Artificial Intelligence (AI), surge in developments in semi-autonomous and autonomous vehicles, and data monetization in extended automotive ecosystem are expected to create lucrative opportunities in the industry.

COVID-19 Scenario-

  • The outbreak of Covid-19 led to a sharp decline in demand and investment for automobiles. There’s also been a huge change in the consumer behavior that has impacted the market negatively.
  • Nonetheless, with more and more government bodies coming up with ameliorated regulations and dictums, the market is projected to get back to its stance soon.

Get detailed COVID-19 impact analysis on the Automotive Software Market Request Here!

The safety system segment to dominate by 2027-

Based on application, the safety system segment accounted for around one-third of the global automotive software market share in 2019 and is expected to rule the roost by the end of 2027. The infotainment and telematics segment, on the other hand, would manifest the fastest CAGR of 16.2% throughout the forecast period, due to technological advancements and increasing demand for smartphone features in vehicles.

The application software segment to maintain the dominant share-

Based on product, the application software segment contributed to nearly half of the global automotive software market revenue in 2019 and is anticipated to lead the trail by 2027, owing to the growing demand for smartphone-based infotainment system applications, real-time onboard diagnostic system and car maintenance. Simultaneously, the operating system segment would portray the fastest CAGR of 17.2% from 2020 to 2027. Growing trend of connected cars and autonomous vehicles technology propels the segment growth.

Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/2871

Europe, followed by Asia-Pacific and North America, garnered the major share in 2019 –

Based on region, Europe, followed by Asia-Pacific and North America, garnered the major share in 2019, holding more than one-fourth of the global automotive software market. At the same time, Asia-Pacific would register the fastest CAGR of 16.6% till 2027. This is due to rapid development of intelligent

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The MarketWatch News Department was not involved in the creation of this content.

Nov 11, 2020 (CDN Newswire via Comtex) —
Global Global Automotive Radar Sensors Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2026 interprets market overview, value chain structure, industrial environment, regional analysis, applications, market size, and forecast. The report is one of the most comprehensive and important additions to our archive of market research studies. The report presents an extensive analysis of market competition, regional expansion, and market segmentation by type, application, and geography supported by exact market figures. The report discusses different growth drivers, market challenges and restraints, and trends, and opportunities in detail. It focuses on the global Automotive Radar Sensors market trends, future forecasts, growth opportunities, key end-user industries, and market players. The objectives of the study are to present the key developments of the market across key regions.

Report Description:

The research report features an in-depth investigation of the potential segments including product type, application, and end-user, and their contribution to the overall global Automotive Radar Sensors market size. A detailed outlook and future prospects of the industry are given. The report also includes various topics like market size & share, product types, applications, key market drivers & restraints, challenges, growth opportunities, key players, competitive landscape. It considers key aspects of every leading player such as company size, market share, market growth, revenue, production volume, and profits. The report splits the market size, by volume and value, on the basis of application type and geography.

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NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

The market report mainly contains the following manufacturers: Autoliv, Continental, Delphi Automotive, DENSO, HELLA, InnoSenT, NXP Semiconductors, Robert Bosch, Smartmicro, Wistron NeWeb, ZF-TRW, Asahi Kasei, Mitsubishi Electric, Nidec Elesys Americas, FUJITSU TEN, Valeo, Brigade, Analog Devices, Inc., Continental AG, Custom Sensors & Technologies, Inc.,

The report highlights product types which are as follows: Long Range ((3)77 GHz), Medium Range (76-77 GHz), Short Range (24 GHz)

The report highlights top applications which are as follows: AEBS, ACC, BSD, PPS, Park Assist Systems, LDWS

Regional Overview: Global Market:

  • The report gives an understanding of global Automotive Radar Sensors market overview, details on leading market participants, including details on upstream and downstream market developments.
  • Inputs on crucial areas such as dominant trends, upstream and downstream developments inclusive of vital details such as product and services extensions, portfolio diversification
  • Further, the report also gives its readers with an immense understanding of various stakeholder developments, new segment expansions, opportunity
  • An assessment of budding opportunities as well as growth across regions and countries
  • Geographically, this report studies the top producers and consumers, focuses on product capacity, production, value, consumption, market share, and growth opportunity in these key regions, covering: North America (United States, Canada
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