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Electric Vehicles (EV) in Insurance - Thematic Research

Publisher GlobalData
Published Jun 27, 2023
Length 69 Pages
SKU # GBDT18065129

Description

Electric Vehicles (EV) in Insurance - Thematic Research


Summary

The automotive industry is undergoing an unprecedented evolution, and the rapid, global spread of electric vehicles (EVs) is the most immediately pressing matter in the industry. The electrification of transport is seen as a key hurdle to overcome in the global systemic transition towards net-zero emissions targets. The insurance sector must stay up to date with the changing motor vehicle environment. Because there is a lack of comprehensive historical data and expertise, evaluating and pricing the risk profile of EVs poses an obvious challenge. As EVs gain popularity across the globe, insurers are racing against time to improve their offerings.

GlobalData forecasts that the global EV insurance industry will grow from $51.6 billion in 2021 to over $420 billion by 2034 as EVs become increasingly pertinent to consumers, manufacturers, and governments alike. However, challenges to claims management and control (including battery costs, supply chain issues, underdeveloped repair networks, and insufficient charging infrastructures) remain major sticking points to insurers. In addition, the data-driven future of connected cars will continue to challenge the motor insurance market status quo going forward.

Scope
  • The cost of batteries remains the main driver behind EV insurance premiums, as such a high proportion of the total car cost is attributed to the battery pack.
  • Through connected car capabilities and an in-depth knowledge of their own vehicles, original equipment manufacturers may be able to disrupt the motor insurance industry with their own in-house insurance.
  • Leading insurance providers have a standalone, EV-specific product for customers, often taking into consideration any liabilities or damages cause by or to the charging apparatus.
Reasons to Buy
  • Visualize the growth potential of global electric vehicle insurance markets.
  • Identify key challenges and opportunities arising within the space.
  • Benchmark yourself against the progress of leading insurers within this developing sector.

Table of Contents

69 Pages
Executive Summary
Players
Technology Briefing
Lithium-ion is the leading battery technology for BEVs
Alternatives to lithium-ion
Solid-state batteries are the next most viable option
Power management systems are also key to battery performance
Fuel cells can also power electric vehicles
Is Tesla’s advantage insurmountable?
Mega-castings
Structural battery pack
4680 cells
Autonomous technology
Removing 12V systems
What other automakers are doing to compete with Tesla
BMW
Daimler
Ford
Geely
General Motors
Hyundai
Renault-Nissan
Stellantis
Volkswagen
Trends
Technology trends
Macroeconomic trends
Regulatory trends
Industry Analysis
Market size and growth forecasts
The global EV insurance market is forecast to grow exponentially
Competitive analysis
Tesla is regarded as a pioneer, but it lags behind legacy automakers
Momentum towards EVs is now established and production will increase rapidly
Regional EV insurance markets and competitors
Europe EV insurance markets
Europe competitive analysis
North America EV insurance market
North America competitive analysis
Asia EV Insurance market
Asia competitive analysis
Timeline
Mergers and acquisitions
Value Chain
Product development
Marketing and distribution
Underwriting and risk profiling
Claims management
Customer service
Companies
Sector Scorecards
Non-life insurance sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Technology trends
Table 2: Macroeconomic trends
Table 3: Regulatory trends
Table 4: Key M&A transactions associated with the electric vehicles in insurance theme since January 2022
Table 5: Companies
Table 6: Glossary
Table 7: GlobalData reports
List of Figures
Figure 1: Who are the leading players in the electric vehicles in insurance theme and where do they sit in the value chain?
Figure 2: Automotive industry survey results on solid-state battery timeline
Figure 3: Automotive industry survey results on solid-state battery timeline
Figure 4: Tesla production by country
Figure 5: The global EV insurance market is forecasted to reach over $400 billion by 2034
Figure 6: Toyota was the leading global auto manufacturer (all fuel types) in 2022
Figure 7: EV powertrains as a proportion of all new powertrains 2016–2030
Figure 8: Toyota was the leading global auto manufacturer (all fuel types) in 2022
Figure 9: In 2034, the EU market for EV insurance will account for 59.4% of the total EU motor insurance market
Figure 10: BEVs and HEVs are slowly growing in popularity in the UK, although premiums remain higher
Figure 11: The cost-of-living crisis has altered the speed at which consumers are planning to transition to EVs
Figure 12: Allianz is the leading motor insurer in Europe
Figure 13: The North American EV insurance market will grow by a CAGR of 19.9% from 2021 to 2034
Figure 14: The Progressive is the largest insurer in North America
Figure 15: Asia’s EV market is forecast to clear $167 billion in 2033
Figure 16: MS&AD Insurance is the largest motor insurer in Asia (excluding China)
Figure 17: The electric vehicles in insurance story
Figure 18: Electric vehicles M&A activity has grown rapidly over the last few years
Figure 19: The insurance industry value chain
Figure 20: Uptake of UBI policies in the UK private and commercial motor insurance
Figure 21: Who does what in the non-life insurance space?
Figure 22: Thematic screen
Figure 23: Valuation screen
Figure 24: Risk screen
Figure 25: Our five-step approach for generating a sector scorecard

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