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Usage-based Insurance Market share research by applications and regions for 2019 – 2026

November 18, 2020 GMT

Selbyville, Delaware, United States, November 18 2020 (Wiredrelease) Global Market Insights, Inc :Escalating environmental concerns over rising greenhouse gas emissions is expected to drive the demand for lightweight automotive materials. Automakers nowadays are focusing on developing vehicles that emit significantly low amounts of CO2 emissions, as well as offer remarkable energy fuel efficiency. To fulfill this aim, companies mostly rely on lightweight automotive components.

Regulatory bodies worldwide have started to endorse the adoption of electric vehicles as they offer various benefits including zero carbon emissions. Surge in production of electric vehicles may effectively foster the demand for lightweight auto parts. Usually, electric car manufacturers consider vehicle weight to be a crucial parameter as it could impact a vehicles overall performance and efficiency.

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In a bid to develop new and advanced material compositions, numerous OEMs are undertaking strategic collaboration and initiatives. This may in turn help carmakers to reduce overall vehicular weight as well as meet the 2021 and 2025 emission targets. Currently, Covestro AG, BASF SE, Alcoa Corporation, Toray TCAC Holding B, ThyssenKrupp AG, Arcelormittal, Stratasys Ltd., Owens Corning, Tata steel, LANXESS, Sgl Carbon, Posco, Ak steel Corporation, Aleris Corporation, Borealis, Novelis, and WHB Brasil are some of the prominent players operating in automotive lightweight materials market.

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Stringent fuel emissions norms and increasing fuel prices have impelled automakers to focus more on maximizing their vehicles fuel efficiency. In fact, the U.S. Corporate Average Fuel Economy (CAFE) regulations states that automobile manufacturers are required to produce vehicles that at least offer a mileage of 54.5 mpg or more by 2025. Consequently, when it comes to maximizing fuel economy, material substitution plays a crucial role. Utilizing lightweight materials can lower the secondary weight of load-bearing structure. Moreover, these material can help in enhancing the overall driving performance of a vehicle.

Why are advanced high strength steel (AHSS) and ultra-high strength steel (UHSS) increasingly being used in todays automotive vehicles?
Lightweight materials such as advanced high strength steel (AHSS) and ultra-high strength steel (UHSS) are becoming mainstream as they can potentially lower the manufacturing cost, offer superior strength and improve the performance in crash energy management. Features like higher work hardening and bake hardening make them a preferred material option for producing intricate automotive components.

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Substantial development in material properties is attained through the process of technologically advanced manufacturing and multi-material optimization. Also, the performance features of these lightweight components are accurately tested through modern simulation techniques. Thus, use of new lightweight materials could help reduce the cost of physical prototyping.

Stringent emission regulations have compelled automobile manufacturers to focus more on developing zero emission EVs. Governments worldwide have initiated various incentive programs to boost the adoption of electric vehicles. Using lightweight components could significantly help increase an EVs range per charge and performance. With a noticeable increase in EV sales and production across regions like Japan and China, the APAC lightweight materials market could accrue commendable growth in the coming years.

Report Content

Chapter 1. Methodology Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary

1.2.2.1. Paid sources

1.2.2.2. Public sources

Chapter 2. Executive Summary

2.1. UBI technology industry 360 synopsis, 2015- 2026

2.1.1. Business trends

2.1.2. Region trends

2.1.3. Package trends

2.1.4. Technology trends

2.1.5. Vehicle type trends

Chapter 3. UBI technology industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. Industry landscape, 2015-2026

3.4. UBI technology ecosystem analysis

3.4.1. Insurance companies

3.4.2. Automakers

3.4.3. Telematics solution providers

3.4.4. Smartphone providers

3.4.5. Telecom service providers

3.4.6. OBD device manufacturers

3.4.7. End users

3.5. Advantages of UBI

3.6. Working/Architecture of UBI technology

3.7. Technology innovation landscape

3.7.1. IoT

3.7.2. AI and machine learning

3.7.3. 5G

3.7.4. Manage-How-You-Drive (MHYD)

3.8. OBD Standards

3.8.1. The California Air Resources Board (CARB)

3.8.2. The U.S. Environmental Protection Agency (EPA) Heavy Duty Engine Standards

3.8.3. The Society of Indian Automobile Manufacturers (SIAM)

3.8.4. The European OBD Standards

3.8.5. OBD II Standards

3.8.6. China VI Emission Standards

3.9. Regulatory landscape

3.9.1. General Data Protection Regulation (GDPR), Europe

3.9.2. Telematics In-Vehicle USD Million (IVU) Functional and Technical Specification, Australia

3.9.3. Compliance and enforcement framework for heavy vehicle telematics, NTC Australia

3.9.4. CSA 2010 (Compliance and Enforcement Program), U.S.

3.9.5. Automotive Industry Standard (AIS-140) Regulation

3.10. Industry impact forces

3.10.1. Growth drivers

3.10.1.1. Growth of the automobile industry

3.10.1.2. Shifting focus towards remote diagnostic technology

3.10.1.3. Growth in the number of the connected cars bringing new UBI opportunities

3.10.1.4. Rising penetration of smartphones integrated with vehicle connectivity systems

3.10.1.5. Rapid use of UBI by insurance companies to improve profitability

3.10.1.6. Growing trend of Try-Before-You-Buy (TBYB) insurance model

3.10.2. Industry Pitfalls and Challenges

3.10.2.1. Data security and privacy concerns

3.10.2.2. Data quality issues with smartphone based UBI system

3.10.2.3. Increasing compatibility issues

3.11. Porters Analysis

3.11.1. Threat of new entrants

3.11.2. Threat of substitutes

3.11.3. Bargaining power of buyer

3.11.4. Bargaining power of supplier

3.11.5. Industry rivalry

3.12. PESTEL analysis

3.13. Growth potential analysis

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