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    Usage-based vehicle insurance—all PAYD up and raring to go!
    Usage-based insurance (UBI), also known as telematics insurance, is a type of automotive insurance that uses real-time information about a driver's actual driving ability and habits to assess actuarial risk. This information is collected via a tracking device, such as a professionally installed black box; an on-board diagnostic (OBD-II) device or dongle; a smartphone; or, increasingly, a car's factory-installed connected platform that connects the car to a local wireless network, enabling data t...
    Automotive Supplier Outlook 2024
    The automotive industry grappled with a range of challenges this year, including ongoing supply chain disruptions, chip shortages, rising energy costs, inflation, recession fears, waning consumer demand, a shift towards software and electronics, labor shortages, strike action, and volatile order forecasts. It also faced several geopolitical concerns and challenges, including the ongoing trade tensions between the US and China, which resulted in tariffs and trade barriers that disrupted global su...
    Looming EV raw materials supply crunch has OEMs eyeing battery recycling and production scrap
    The expected increase in global EV sales by the end of the decade will put huge pressure on the supply chain for critical battery raw materials such as cobalt, nickel and lithium. For example, despite a current surplus in lithium, demand projections for the mineral will likely be in deficit by 2027, according to a forecast by S&P Global Market Intelligence. That will create a bottleneck for automotive supply and drive the industry’s focus toward battery recycling to keep EV battery costs d...
    Core market trends influencing the US aftermarket
    The US automotive aftermarket (consisting of light vehicles) has continued to strengthen its position on the back of its ability to meet demand in an increasingly dynamic market. The segment is forecast to grow by 8% in 2023 to $389.4 billion — exceeding 2022’s expectations of 5%, according to the channel forecast provided annually by S&P Global Mobility to the US aftermarket industry through a collaboration between Auto Care Association and Automotive Aftermarket Supplier’s Associatio...
    Havana good time: will there be unintended consequences of ICE bans?
    The push to electrify both vehicle fleets and the automotive industry is gathering pace around the world. Countries worldwide have announced targets for the percentage of new vehicles sold that will be electric by a certain date. Others have been more unequivocal: Norway’s banning the sale of internal combustion engine (ICE) light vehicles by 2025, the UK’s following suit by 2030, while the EU is looking to 2035. Outside of the national and regional mandates, the COP26 Declaration signato...
    Can Brazil’s commercial truck fleet turn electric?
    In Brazil, intermodal transport is limited, with average truck trips spanning more than 2,000 km. Combine that with a commercial truck fleet averaging 12 years of age, and a lack of affordable options to replace with new vehicles, and Brazil is facing a truck-emissions timebomb. Brazil has a truck parc of 2.2 million units, and the movements to modernize the fleet by agribusiness, e-commerce and construction have contributed to reducing the fleet average age. However, while the emission restr...
    Implications of EU’s 2035 ban on ICE light vehicles on VIO
    In March 2023, the European Council (EC) formally signed off on one of the most ambitious aspects of its Green Deal: a legislation that effectively bans the sales of new petrol and diesel cars in the EU from 2035. The EU law will require 55% CO2 emission reductions for new cars and 50% for new vans from 2030 to 2034 compared with 2021 levels and a 100% CO2 emission reduction for both new cars and vans from 2035. However, the EC pledged to create a legal route for sales of new cars that run on...
    Analysis: Average age of light vehicles in the US hits record high 12.5 years
    With more than 284 million vehicles in operation (VIO) on U.S. roads, the average age of cars and light trucks in the US has risen again this year to a new record of 12.5 years, up by more than three months over 2022, according to the latest analysis from S&P Global Mobility. The growth is in line with the firm's prediction from last year that constrained new vehicle sales would continue to impact and put upward pressure on the average age. In addition, the continued rise of light trucks/uti...
    France's vehicle scrappage program and its impact on VIO
    The French government is determined to speed up the improvement of air quality and decarbonize urban mobility. France was one of the first to adopt the target of phasing out the sale of new light-duty vehicles that use fossil fuels by 2040, and the country wants to accelerate the conversion of the car population to electric, hydrogen, and hybrid with an aim to achieve carbon neutrality by 2050. In 2021, the French parliament adopted a law that includes measures such as ending sales of new passen...
    What’s next for aftermarket in India?
    India’s automotive aftermarket industry returned to growth in fiscal year (FY) 2022 (April 2021–March 2022) after coming under pressure in the previous FY owing to the slowdown in the auto component and the overall automotive industry. In FY 2022, the aftermarket industry revenue grew at the fastest pace in five years, indicating a return to normalcy with the industry size surpassing pre-pandemic levels.   In FY 2022, the turnover of the automotive aftermarket stood at INR742.03 bill...
    What the work-from-home culture means for US vehicle miles traveled and can its recovery sustain?
    Vehicle miles traveled (VMT), which refers to the total annual miles of vehicle travel in a state or an urbanized area, is often looked at as a key indicator for the aftermarket. In addition to being a primary indicator of travel for policymakers and transportation professionals, VMT can be leveraged to derive opportunities for the vehicle service and maintenance sector. How the pandemic-induced work from home impacted VMT The year 2019 was the sixth consecutive year during which the US wi...
    Analysis: Fleet storms back as average age of cars and light trucks in the US climbs to 12.2 years in 2022
    The average age of light vehicles in operation (VIO) in the US rose to 12.2 years this year, increasing by nearly two months over the prior year, according to new research from IHS Markit. This is the fifth consecutive year that the average vehicle age in the US has risen. This year’s average age marks another all-time high for the average age, even as the vehicle fleet recovered, growing by 3.5 million units in the past year. The global microchip shortage, combined with associated supply c...
    India’s automotive aftermarket and its business opportunities
    The automotive aftermarket in India is undergoing a significant change with consumer sentiments, mobility requirements, and supply chains all experiencing transformation. There is an enhanced focus on localization and the pandemic has brought to the fore a need to have innovative solutions. To be successful, it will be important for each stakeholder to understand the impact of the disruptive effects and recognize the opportunities that the automotive aftermarket presents. Aftermarket overview...
    BEV VIO in Greater China: market size outlook for 2030
    Mainland China is the world’s largest market for battery electric vehicles (BEVs) and is expected to remain for the foreseeable future. The continued push toward new energy vehicle (NEV) adoption both for corporate and private Chinese buyers along with heavy subsidies by the central government have, to a large extent, driven this quick transition to electrified vehicles. In the Chinese context, NEVs refer to BEVs, plug-in hybrid electric vehicles (PHEVs), and fuel-cell electric vehicles (FCEVs...
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