The global electric vehicle (EV) telematics market is projected to grow at a CAGR of 10.75% during the forecast period, reaching a total market size of US$5.132 billion in 2026 from US$2.511 billion in 2019. Telematics is a method of monitoring a vehicle. By combining a GPS with on-board diagnostics it's possible to record – and map – exactly where a car is and how fast it's traveling, and cross-reference that with how a car is behaving internally. The market shows the possibility of growing into an influential market as it has been playing a significant role in impressing positive impacts on the international economy.
The need for Electric Vehicle Telematics is slowly increasing and will become a necessity as it offers a wide range of possibilities such as effective route management, energy and charge reporting, GPS vehicle tracking, and battery health monitoring; along with all the other aspects of the equation. Telematics can be integrated with all Solutions of vehicles and vehicle fleets in a variety of ways; the three primary capabilities of telematics include wireless communication, location services, and GPS location tracking, and a computing platform for system control and interface to automotive electronic systems.
Rapid urbanization, fast industrial growth, and advancement in telematics services/devices are leading the way for vehicle health monitoring and communication solutions. The rising trend of usage of telematics in electric vehicles is boosting the demand for telematics software and devices. This, in turn, is compelling OEMs to produce telematics-equipped vehicles or provide telematics devices to make them more user-friendly and to improve the services across the globe.
The key players are trying to commercialize the usage of Telematics systems in vehicles. Car telematics has the potential to increase road safety, improve driving behavior, align insurance premiums with actual need via usage-based insurance (UBI), and boost car-insurance-industry profitability, all these benefits are fueling the global electric vehicle telematics market.
Many key players in the market are devising new strategies to innovate and become the market leader. For instance, Robert Bosch GmbH, in July 2019, announced the development of cloud services to help electric vehicle batteries last longer. The cloud service will analyze the status of batteries constantly and take action to prevent cell aging.
Geographically, Asia Pacific is expected to grow at an impressive rate owing to the increasing usage of telematics devices in this region. Currently, America has a considerable amount of share in the market. Europe is also expected to exhibit lucrative growth owing to the imposition of stringent rules and norms regarding the reduction of emissions.
North America is projected to grow considerably due to the presence of prominent key players in the region, such as TomTom International B.V. By Solution, Some of the big players like BOSCH are using device-based telematics more than the software-based telematics solutions as the suitability of device-based telematics is much more compared to the software-based.
By Vehicle Type, Hybrid Electric Vehicles hold a good amount of share as most people use hybrid electric vehicles. By Vehicle Weight, the light segment holds a significant share in the market while heavy vehicles are projected to witness a decent CAGR over the coming years.
The Global Electric Vehicle Telematics Market is segmented based on Solution, Vehicle Type, Vehicle Weight, and Geography.
The increasing popularity of high-charge capacity enabled batteries is expected to boost the demand for electric vehicles in the market. To provide long-term power, manufactures have been emphasizing the development of innovative batteries, which are expected to propel the growth of the market. In addition, constant research and development in the field of lithium-sulfur, metal-air, and aluminum-ion batteries is set to boost the electric vehicle telematics market growth during the forecast period.
The government across the globe is taking stringent steps towards reducing pollution caused by vehicles by imposing stringent laws and restrictions on the makers. Governments across the world are pressurizing automakers to manufacture environment-friendly vehicles. The growth of electric vehicle telematics is driven by the increasing restrictions on the usage of internal combustion engines by the governments. The regulatory agencies are encouraging people to purchase low or zero-emission cars by luring them with tax exemptions or tax reductions or by offering them discounts. For instance, in India, the National Highway Traffic Safety Administration and EPA regulate the automotive industry.
The raising safety and privacy concerns associated with breaking methods, GPS systems, and user driving patterns may hinder the growth of the market. The linked system can access confidential information such as family details, medical history, routes taken, and addresses. The breach of such confidential information may cause a hindrance to the growth of the market. For instance, in China and North America violation of data privacy is very prevalent so the regulations are very stringent.
The novel coronavirus pandemic has impacted the electric vehicle telematics market negatively. Due to the nationwide lockdown, the production of electric vehicles has been restricted due to which the automotive industry has experienced a slowdown. The operations of key players have been affected by the pandemic. The majority of the companies had to shut down or cut down on their operations. Thus, the Global Electric Vehicle Telematics market has experienced a severe slow down to the pandemic, which may take years to recover.
Prominent/major key market players in the Global Electric Vehicle Telematics include Airbiquity Inc., Geotab Inc. Azuga, Inc., ViriCiti BV., ERM Advanced Telematics, The Hundert, Continental AG, Agero, Inc., Robert Bosch GmbH, and TomTom International BV.
The players in the Global Electric Vehicle Telematics Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, TomTom International BV, in September 2019, collaborated with Microsoft’s Connected Vehicle Platform. This collaboration will diagnose the data from cars to Microsoft Azure, where automakers will provide customized services to improve the design and engineering results.
Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Global Electric Vehicle Telematics Market.
|Market size value in 2019||US$2.511 billion|
|Market size value in 2026||US$5.132 billion|
|Growth Rate||CAGR of 10.75% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Solution, Vehicle Solution, Vehicle Weight, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Airbiquity Inc., Geotab Inc., Azuga, Inc., ViriCiti BV., ERM Advanced Telematics, Trimble, Inc., Continental AG, Agero, Inc., Robert Bosch GmbH, TomTom International BV|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the global electric vehicle telematics market size by 2026?
A1. The global electric vehicle (EV) telematics market is projected to reach a total market size of US$5.132 billion in 2026.
Q2. What are the growth prospects for the electric vehicle telematics market?
A2. The electric vehicle telematics market is projected to grow at a CAGR of 10.75% during the forecast.
Q3. What is the size of global electric vehicle telematics market?
A3. Electric Vehicle Telematics Market was valued at US$2.511 billion in 2019.
Q4. Which region holds the largest market share in the electric vehicle telematics market?
A4. North America holds a noteworthy share in the global electric vehicle telematics market.
Q5. Who are the major players in the electric vehicle telematics market?
A5. Prominent/major key market players in the global electric vehicle telematics market include Airbiquity Inc., Geotab Inc. Azuga, Inc., ViriCiti BV., ERM Advanced Telematics, The Hundert among others.