Vehicle Renewal Market Outlook - 2030
A vehicle-renewal is a clause in the insurance contract that states that the policy will continue for another 12 months if notice of cancellation is not provided, normally within a certain 'notice' period. The goal of the vehicle-renewal is to create a connection between a vehicle and its owner or user. This link could be used for tax purposes or to track down criminals. Although almost all motor vehicles have a unique identification number, only registered vehicles have a vehicle registration plate and a vehicle registration certificate.
Vehicle renewal market is entirely distinct from motor vehicle licensing and certification of roadworthiness. Furthermore, to gain benefits, motor vehicles can also be registered with property owners or managers. Organizations with parking facilities, for instance, may require vehicle registration to allow authorized users to park there. Therefore, the surge in demand for the vehicle-renewal is expected to boost the growth of the market in the upcoming years.
"The Global vehicle renewal market is segmented on the basis of Vehicle Type, Application, Distribution Channel and Region. Based on vehicle type, the market is divided into Passenger Cars and Commercial Cars. In terms of application, the market is categorized into Personal and Commercial. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global vehicle renewal industry include State Farm Mutual Automobile Insurance, GEICO, Tokio Marine Group, Admiral Group plc, CHINA PACIFIC INSURANCE CO, Allstate Insurance Company. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global vehicle renewal market."
COVID-19 Scenario Analysis
- The car insurance market has grown significantly in recent years. The COVID-19 pandemic, on the other hand, has caused a sharp drop in the market in 2020. This is due to the majority of governments implementing lockdowns and halting travel around the world to prevent the virus from spreading.
- The vehicle renewal markets have established new developments in existing policies as well as adopted technologies to improve claim processes and provide a better user experience, despite the global health crisis, driving the growth of the vehicle renewal market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased awareness regarding security concerns and stringent government regulations & benefits are driving the growth of the market. In addition, an increase in the number of vehicles helps propel the growth of the market. However, the adoption of autonomous vehicles might hamper the market expansion. Contrarily, growing demand for vehicle renewal due to third-party coverage is another factor, which is expected to foster the growth of the cloud-based point of sales (POS) market in the upcoming years.
The global vehicle renewal market trends are as follows:
Increased Awareness Regarding Security Concerns:
Most importantly, one gets a sense of security when they renew their policy. This allows customers to drive around with confidence, rather than being distracted by worries about the financial consequences of an accident. If a customer does not renew their policy, they will be responsible for any financial losses incurred as a result of an accident. If they do not renew their policy on time, they might risk losing out on benefits like the no-claim bonus. If their policy expires, they will have to purchase a new one, which can be more costly and time-consuming. Further, insurers may even reject the proposal to buy a policy from them if there is a long gap between policy renewals. To avoid all of the above, one can simply renew their car insurance online before it expires, ensuring that their vehicle is covered. Therefore, the increased awareness regarding security concerns is driving the growth of the vehicle renewal market during the forecasted period.
Stringent Government Regulations & Benefits:
The government has issued guidelines across various economies to make sure that the vehicles get renewed and are never out-of-date according to the guidelines. This is because, with the vehicles safely insured & renewed, it will be easier to identify the vehicles and also it helps in identifying the owners of the vehicles in case of thefts. Furthermore, as the older vehicles emit a lot of pollution and can cause disturbances in the middle of a road all of a sudden, causing the blockage on roads, it is prescribed that while renewing the vehicle, the customer needs to make sure that the vehicle can or cannot be used by following the guidelines. Therefore, the stringent government regulations & add-ons are expected to drive the growth of the vehicle renewal market during the forecasted period.
Key Benefits of the Report:
- This study presents an analytical depiction of the global vehicle renewal market size along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global vehicle renewal market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the vehicle renewal market analysis.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the vehicle renewal market forecast.
Questions Answered in the Vehicle Renewal Market Research Report:
- Which are the leading players active in the global vehicle renewal market?
- What would be the detailed impact of COVID-19 on the global vehicle renewal market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global vehicle renewal market?
- What are the projections for the future that would help in taking further strategic steps?
Vehicle Renewal Market Report Highlights
| Aspects | Details |
 By Vehicle Type |
|
 By Application |
|
 By Distribution Channel |
|
 By Region |
|
 Key Market Players | State Farm Mutual Automobile Insurance, CHINA PACIFIC INSURANCE CO, GEICO, Allstate Insurance Company, Berkshire Hathaway Inc., Tokio Marine Group, Admiral Group plc, Allianz, People’s Insurance Company of China, Ping An Insurance (Group) Company of China Ltd |
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