The global automotive usage-based insurance market size is poised to grow by 37.25 million units during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Automotive Usage-Based Insurance Market 2020-2024 (Graphic: Business Wire)

The growth in smartphone-enabled programs and their usage will be a significant factor driving the growth of the automotive usage-based insurance market. Automotive OEMs are increasingly collaborating with smartphone and tablet manufacturers to provide in-vehicle products and services. The growing demand for electric vehicle (EVs) has also encouraged the development of applications that allow consumers to connect their smartphones with their cars to check the real-time status of vehicle batteries. These factors coupled with the rising penetration of smartphones have resulted in the development of app-based UBI systems for the automotive industry. Hence, the increasing use of smartphone-enabled programs will fuel the growth of the automotive usage-based insurance market during the forecast period.

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Report Highlights:

  • The major automotive usage-based insurance market growth came from the pay-how-you-drive (PHYD) pricing scheme segment. The premium in the pay-how-you-drive (PHYD) pricing scheme is calculated based on the driving behavior of the driver. Continuous growth in vehicle ownership, an increase in customer demand for vehicles, advancement in technology, and increased availability of data are some

Inclination toward lowering weight of vehicles and rise in production and sales activities of automobiles worldwide fuel the growth of the global automotive bearings market

PORTLAND, Ore., Oct. 7, 2020 /PRNewswire/ — Allied Market Research published a report, titled, Automotive Bearings Market by Bearing Type (Ball Bearing, Roller Bearing, and Others) and Vehicle Type (Passenger Car, Commercial Vehicle, and Two-wheeler), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global automotive bearings industry generated $31.60 billion in 2019, and is estimated to reach $48.41 billion by 2027, growing at a CAGR of 6.8% from 2020 to 2027.

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Prime determinants of growth

Focus on overall weight reduction of vehicles and surge in production and sales of automobiles across the globe drive the global automotive bearings market. However, rise in vehicle electrification and variations in raw materials hinder the market growth. On the other hand, advent of sensor bearing units and development of additive manufacturing technologies and materials present new opportunities in the coming years.

Download Report Sample (249 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/6122

Covid-19 Scenario

  • Owing to lockdown restrictions, manufacturing factories have shut down their operations. Moreover, lockdown resulted in the disrupted supply chain, which in turn, created a shortage of raw materials.

  • Labors have returned to their hometowns with the closedown of manufacturing facilities. Though manufacturing activities resumed post-lockdown, there is a shortage of laborers.

  • Research and development activities have been stopped due to the shutdown of facilities. However, they would gain traction as facilities begin to operate with full capacity.

  • Vehicle sales and demand for advanced technology-based bearings would boost post-lockdown, as daily operations in production plants and supply chain get on track.

Get detailed COVID-19 impact analysis on the