|Timetric's 'Industry Insight: Autonomous Driving - The Benefits and Hurdles Ahead' report analyzes the challenges, innovations, market environment and regulatory developments in the automated vehicles industry, and government commitment to the industry, with a particular focus on the UK.|
The UK automotive sector is one of the most efficient and productive manufacturing industries in Europe, and the sector has undergone significant growth since the recession. The development of driverless cars is expected to play a vital role in the UK's economic future, and the government has estimated that the autonomous vehicle market could be worth aroundGBP900 billion (US$1.1 trillion) worldwide by 2025.
The report also reviews industry concerns, particularly the views of industry association bodies and insurers, to understand their plans and expected changes to their business models and processes, including projected product types, claims-handling processes and market collaborations with other industries such as motor manufacturers.
|Timetric's 'Industry Insight: Autonomous Driving - The Benefits and Hurdles Ahead' report analyzes the developing driverless vehicle industry to provide: |
o An overview of the markets in terms of the opportunities and product line expansion for insurers and reinsurers
o Regulatory developments, including current regulations and those under development, consultation and government study
o The impact of the industry on cyberinsurance, especially in terms of product innovation and demand for cyberinsurance and cyber-reinsurance
o Understanding of the current views and expectations of the industry from the perspectives of insurers and insurance associations, policymakers and motor manufacturers
Report Source Information
|Supplied by: Research and Experts|
|Date Published: 2017-05-31|
Report: Autonomous Driving - The Opportunities and Obstacles Ahead
|1 Executive Summary|
2 The State of the UK Motor Insurance Industry
3 UK Self-Driving Industry Transformation
4 Stimuli for Autonomous Vehicles
5 UK Government and Autonomous Vehicles Espousal
6 AV Technology and Liability
7 Industry Concern
8 Full Automation Adoption and the Future for Insurance
9 Industry View and Insurers' Actions
10 Insurer and Manufacturer Collaboration
11 Future Expectations
12 Definitions and Methodology
13 About Timetric
13.1 Contact Timetric
13.2 About Timetric
13.3 Timetric's Services
List of Tables
|Table 1: Insurance Industry Definitions|
List of Figures
|Figure 1: UK Motor Insurance - Direct Written Premium and Paid Claims (GBP Billion), 2011-2020|
Figure 2: New Registered Cars with Autonomous Systems (Thousand), 2017
Figure 3: Consumer Preference for Self-Driving Vehicles (%), 2014-2017
Figure 4: Motor Vehicle Traffic - Great Britain (%), 2007-2017
Figure 5: Percentage of Consumers That See AVs Unsafe (%), 2016
This report provides
o The motor industry is investing heavily in self-driving technology. According to data from the Society of Motor Manufacturers & Traders (SMMT) and JATO Dynamics, 30.7% of new cars registered in 2015 were fitted with safety-enhancing collision-warning systems as standard, with the technology offered as an option on an additional 27.4% of cars.
|Language Code: EN|
|Region: United Kingdom|
|Report Type: Industry Report|
|Industry: Service Industries|
Admiral Group Plc Aviva Plc Direct Line Insurance Group Plc Nissan Roborace Volvo Moovel Car2Go
Reasons to buy this report
|o Learn about market views and expectations of the industry from various perspectives|
o Be informed of the UK's government role in the development of autonomous vehicles
o Gain an understanding of the driverless vehicles sector, and the market opportunities available to insurers and reinsurers
o Develop an insight into current and expected regulatory changes concerning claims and liabilities, and their effects on product underwriting
Autonomous Driving - The Opportunities and Obstacles Ahead
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The UK economy is the second largest in the eurozone. Almost every industrial sector is well established in the UK and those worth mentioning include Aerospace, Agriculture, Automotive, Business and professional services, Chemicals, Construction, Consumer goods, Defence equipment, Education, Electronics, Energy, Entertainment, Financial services, Food and beverages, Healthcare, Hospitality and leisure, Industrial equipment, Information technology, Media, Pharmaceuticals and biotechnology, Processed metals, Real estate, Retailing, Scientific equipment, Telecommunications, Tourism, Transportation and logistics, Utilities.
The UK is emerging from recession in the Eurozone with growth in manufacturing and construction. The National Institute for Economic and Social Research is predicting growth of 2.5% in 2014 and 2.1% in 2015. Some economists predict that growth could reach 3% if inflation is properly managed. Unemployment is expected to fall to 6.5 -7% in 2014. Interest rates will remain low and inflation should remain around 2%.
Growth in 2013 was helped by a boost in consumer spending but that will not continue without an increase in wages and a higher debt-to-income ratio in the future.
The manufacturing and construction sectors are still not as strong as they should be and further investments in these sectors is required.
One of the issues that businesses in the UK are keen to address is productivity and many companies are holding off on hiring and pay increases until this issue is tackled.
David Cameron is keen to push more 'reshoring' of jobs in the manufacturing sector and 2013 saw over 1,500 jobs return to the UK in the automobile, clothing, manufacturing and other industries. The provision of cheaper energy including nuclear and 'shale gas' is seen as paramount to increased job creation.
Other challenges in the British economy include an aging population, youth unemployment, an inflexible labour market and competing with the US on energy costs. The US has the advantage of shale gas which is three times cheaper than British gas.
In an effort to increase competitiveness the conservative government is investing £375billion in energy, transport, communications and water over the next 5 years. This will be matched by £25billion from the insurance industry. Taxes have been cut and welfare has undergone reform. There are generous tax incentives for investors in start-up companies. All these efforts should go a long way towards driving growth in the UK.
Researchandexperts.com is a leading source of market research on the UK.
Fifty six sovereign states are listed with territory in Europe (six have limited rocognition). The 50 soverign states of Europe are Albania, Andorra, Armenia, Austria, Azerbaijan, Belarus, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, The Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Vatican City (Holy See).
The leading economies of Europe are Germany, France, UK, Italy and Russia.
Branch ID: 381
The taxonomy on the left shows the ancestors of the Insurance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.
Clicking on a parent category will present the list of reports in the parent node in a separate window.
The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets.
Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.
Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector.
Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.
Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.
Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc.
Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while UNIVERSAL MCCANN GMBH was selected as a best trading partner.
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