The electric vehicle telematics market size is expected to see exponential growth in the next few years. It will grow to $22.21 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to increasing demand for connected services in vehicles, battery state of charge (SoC) prediction, driving range estimation, energy consumption forecasting, charging station availability prediction, traffic conditions analysis, weather conditions impact assessment, driver behavior forecasting, route optimization, vehicle health prediction, demand for charging services prediction. Major trends in the forecast period include advancements in telematics technology, expansion of charging infrastructure, integration with smart grids and under management systems, redshift towards usage-based insurance models, enhanced focus on data security and privacy, and emergence of innovative applications like V2X communication.
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Scope Of Electric Vehicle Telematics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Vehicle Telematics Market Overview
Market Drivers –
The growth in popularity of electric vehicles is expected to propel the growth of the electric vehicle telematics market going forward. The popularity of electric vehicles refers to the increasing adoption of vehicles powered by electricity and electric motors, replacing traditional internal combustion engine (ICE) vehicles. The demand for electric vehicles is due to improved availability of charging infrastructure, increased consumer interest, and various environmental regulations. Electric vehicle telematics enhances the functionality and efficiency of electric vehicles by providing real-time data, remote monitoring and control, predictive maintenance, and connectivity features. For instance, in July 2023, according to the Electric Vehicle Council, an Australia-based national body, Australia recorded a significant surge in electric vehicle (EV) sales, reaching 46,624 by June 2023, nearly tripling from the same period in 2022, marking a 269% increase. EVs now constitute 8.4% of new car sales, showing a 120.5% rise from 2022. Therefore, the growth in popularity of electric vehicles is driving the growth of the electric vehicle telematics market.
Market Trends –
Major companies operating in the electric vehicle telematics market are focused on developing new technologies, such as global positioning system data analysis technology, to gain a competitive edge in the market. GPS data analysis technology involves the processing, interpretation, and extraction of valuable insights from global positioning system (GPS) data. It utilizes algorithms, statistical methods, and visualization techniques to analyze location-based information obtained from GPS satellites. For instance, in May 2022, Quartix, a UK-based technology company, launched a new service called EVolve. The service is designed to help companies manage their transition to electric vehicles by analyzing a fleet’s GPS data, vehicle types, distances traveled, and current information on EV vehicles and charging points. It simplifies the process of choosing which EVs to add to the fleet and helps reduce fleet emissions. The tool will help fleets make key decisions based on their real-world data and de-mystify the transition to electric vehicles.
The electric vehicle telematics market covered in this report is segmented –
1) By Technology: Embedded, Retrofitted
2) By Vehicle Type: Two Wheelers, Passenger Vehicles, Commercial
3) By Application: Safety And Security, Entertainment, Information And Navigation, Diagnostics, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the electric vehicle telematics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the electric vehicle telematics market are Verizon Communications Inc., Robert Bosch GmbH, Tesla Inc., Siemens AG, Denso Corporation, Continental AG, Hundai Kefico, Toyota Industries Corporation , Valeo Corporation, Infineon Technologies AG, Renesas Electronics, HARMAN International, Microchip Technology, Trimble Inc., Vishay Intertechnology Inc., Geotab Inc., Agero Inc., Inventure Ltd., TomTom International BV, Danfoss, Azuga Inc., Airbiquity Inc., Hangzhou Tiecheng Information Technology , Intellicar Telematics
Table of Contents
1. Executive Summary
2. Electric Vehicle Telematics Market Report Structure
3. Electric Vehicle Telematics Market Trends And Strategies
4. Electric Vehicle Telematics Market – Macro Economic Scenario
5. Electric Vehicle Telematics Market Size And Growth
…..
27. Electric Vehicle Telematics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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