Implications of Electric Vehicles on the P&C Insurance Economy

CCC Trends: Electric Vehicles Go Mainstream

Chicago, IL (Sept. 9, 2021) – The latest CCC Trends report analyzes emerging trends in electric vehicles. This year, the U.S. has joined numerous countries using the pandemic as an impetus to shift their vehicles in operation from internal combustion engine vehicles to electric vehicles (EVs). Driven by new federal requirements from the Biden administration, as well as competition with China’s aggressive goals to move to an electric vehicle fleet, automakers and many of their suppliers have announced that they will be making significant investments in electric vehicles and battery technologies. Consumer acceptance of EVs is expected to grow, and sales in the U.S. have already begun to ramp up.

Read the full report to learn more about emerging electric vehicle trends and the challenges and opportunities they pose for businesses across the P&C insurance ecosystem.

Introduction

The U.S. has joined numerous countries using the pandemic as an impetus to shift their vehicles in operation from internal combustion engine vehicles to electric vehicles. In early August the Biden administration proposed fuel economy and emissions requirements that would strengthen mandates eased by the Trump administration and result in a 10 percent reduction in vehicle emissions in model year 2023. Biden also announced a national goal for half of U.S. new vehicle sales to be powered by batteries or other no-emission technology.¹ This announcement came as the Detroit automakers committed to EV sales target of at least 40 percent of sales by the end of the decade.

China has seen strong uptick in vehicle demand with their swift recovery from the pandemic, and even before the pandemic had set aggressive goals to move to an electric vehicle fleet. More than 500 EV models are expected to be available globally by 2022.

In response, automakers such as GM, VW, Ford, Hyundai and Kia, Toyota, other OEs, and many of the largest suppliers announced they would be making significant investments in EV and battery technologies. Consumer acceptance of EVs is expected to grow, and sales in the U.S. have begun to ramp up.
U.S. sales of new electric vehicles, hybrids, and plug-in hybrid vehicles surpassed 100,000 for the first time ever in Q2 2021, accounting for nearly 9 percent of all new sales, and doubling their share of sales versus Q2 2020.

Read the full report: Electric Vehicles Go Mainstream: Implications for the P&C Insurance Economy.

About CCC

CCC Intelligent Solutions Inc. (NYSE: CCCS) is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at cccis.com.

SOURCE: CCC Information Services Inc.

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