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Electric Vehicle Telematics Market Size, Share & Industry Analysis, By Technology (Embedded, Retrofitted), By Vehicle Type (Two Wheelers, Passenger Vehicles, Commercial Vehicles), By Application (Safety and Security, Entertainment, Information and Navigation, Diagnostics, Others), and Regional Forecast, 2024-2032

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI101655

 

KEY MARKET INSIGHTS

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The global electric vehicle telematics market size was valued at USD 10.25 billion in 2023. The market is projected to grow from USD 12.42 billion in 2024 to USD 63.00 billion by 2032, exhibiting a CAGR of 22.5% during the forecast period.


Electric vehicle telematics is an emerging field that is experiencing significant growth due to the increasing adoption of EVs and the need for advanced technologies to support their efficient and sustainable operation. Telematics uses telecommunication and information technologies to monitor and transmit real-time vehicle data. EV telematics can provide various benefits for drivers and fleet operators, such as remote real-time monitoring of the battery’s charge status, range, and vehicle performance. This information allows for more efficient fleet management and predictive maintenance. This type of telematics can analyze sensor data to detect potential issues and predict when maintenance is needed, thereby saving time and money.


Other benefits of EV telematics include optimizing charging station usage and availability, ensuring that EVs are charged efficiently, and reducing waiting time. Telematics can also provide real-time navigation, vehicle tracking, and vehicle-to-vehicle communication, improving the driver’s experience and safety.


The increasing demand for advanced telematics solutions for EVs is driven by government initiatives to promote sustainable transportation and the growing number of EV models introduced by automakers.


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Electric Vehicle Telematics Market Trends


Demand for Advancement in Technologies to Enhance EV Operations will Fuel Market Growth


One of the latest trends in electric vehicle telematics is using advanced data analytics and machine learning algorithms to support the efficient operation of EVs and their charging infrastructure. This includes using predictive maintenance solutions, which can help identify potential issues with EVs or charging stations before they become major problems. Telematics systems provide real-time data on EV performance, including battery status, charging patterns, and vehicle health. Advanced fleet management features enable efficient allocation of resources, optimized route planning, and proactive maintenance scheduling, leading to improved operational efficiency and cost savings for EV fleets. Telematics solutions can analyze historical data and predict charging patterns, allowing fleet operators to optimize charging infrastructure placement and capacity. This ensures that EVs are charged when and where they are needed most, reducing downtime and maximizing fleet utilization.


Another trend is developing more sophisticated and integrated EV charging networks, which can support EVs' efficient and sustainable operation. This includes using smart charging solutions, which can automatically adjust charging rates and schedules based on the availability of renewable energy sources and other factors. In addition, there is a growing focus on improving the user experience of electric vehicle telematics solutions, with a greater emphasis on intuitive interfaces, real-time data visualization, and mobile connectivity. This includes using smartphone apps and other mobile technologies to provide drivers with up-to-date information on their EV's battery status, charging options, and other key metrics. Moreover, there is a growing emphasis on interoperability and standardization within the EV telematics industry. This includes the development of common data exchange protocols and other standards to support the seamless integration of different EV telematics solutions and ensure that EVs can be efficiently and effectively managed across different charging networks and geographies.


Electric Vehicle Telematics Market Gowth Factors


Increasing Demand for Electric Vehicles to Boost Market Growth over the Forecast Period


As the adoption of EVs continues to rise, there will be a growing need for telematics solutions tailored specifically for electric vehicles. These solutions will provide insights into EV-specific parameters, such as battery state of charge, range estimation, and energy consumption, enabling more efficient fleet management and operation. Telematics systems are crucial in optimizing fleet operations by providing real-time vehicle location, status, and performance data. For electric vehicle fleets, telematics can help optimize charging schedules, route planning, and maintenance activities, maximizing fleet efficiency and productivity. With the increasing awareness of the negative impact of carbon emissions on the environment, people are looking for ways to reduce their carbon footprint. EVs emit fewer greenhouse gases and pollutants than traditional gasoline-powered vehicles, making them a more environmentally friendly option.


Advances in battery technology and charging infrastructure are making electric vehicles more convenient for everyday use. This is increasing the appeal of EVs to a wider range of consumers. Moreover, governments across the world are implementing regulations and incentives to promote EV adoption and reduce carbon emissions. This has led to a growing demand for electric vehicle telematics solutions that can support such vehicles' efficient and sustainable operation. The increasing awareness of the negative impact of carbon emissions on the environment will drive the transition toward EVs. Electric vehicle telematics solutions can help monitor and optimize the energy consumption of these vehicles, further reducing their carbon footprint. The continuously increasing demand for EVs has created ample opportunities for this market.


RESTRAINING FACTORS


Major Security Concerns and High Cost of Telematics Systems May Restrain Market Growth


Although the demand for electric vehicle (EV) telematics is increasing, several restraining factors could slow down the market's growth. Electric vehicle telematics systems can be costly to install and maintain, which may be a significant barrier for some consumers, particularly those already paying a premium for an electric vehicle. In addition, the lack of adequate charging infrastructure can be a major challenge for EV owners, especially those relying on their vehicles for long-distance travel. The owners may be reluctant to invest in telematics systems that depend on a reliable charging network without sufficient charging options. Moreover, electric vehicle telematics systems can collect data about the vehicle and the driver, raising concerns about data privacy and security. Consumers may hesitate to adopt telematics systems if they are not assured that their data will be handled securely and responsibly. These factors may hinder the electric vehicle telematics market growth.


Electric Vehicle Telematics Market Segmentation Analysis


By Application Analysis


Information & Navigation Telematics to Dominate Market Owing to Growing Demand for Smart Transportation


Based on application, the market is segmented into safety & security, entertainment, information & navigation, diagnostics, and others. The information & navigation segment is expected to dominate the market over the forecast period, holding a market share of 30.2% by 2032. Information and navigation telematics systems can provide drivers with real-time traffic updates, weather reports, and other useful information to help them navigate their routes more efficiently. This can save time and make the driving experience more convenient and less stressful. Navigation telematics systems can help drivers stay on course and avoid accidents by providing real-time information about road conditions, traffic congestion, and other potential hazards. This can aid drivers to make informed decisions and avoid dangerous situations. Information and navigation telematics systems can also be customized to meet drivers' needs and preferences, providing a more personalized driving experience. As technology enhances, innovative and useful features are expected to be added to these systems, further increasing their appeal to consumers.


The demand for safety and security telematics systems is also growing rapidly. Telematics systems can provide drivers with real-time alerts and warnings about potential hazards on the road, such as accidents, traffic congestion, and weather conditions. This can help drivers make more informed decisions and avoid dangerous situations, thereby improving road safety. Telematics systems can help prevent vehicle theft by providing real-time location information and alerts if the vehicle is moved without authorization. This can help law enforcement quickly recover stolen vehicles and reduce the theft risk.


By Technology Analysis


Increasing Demand for Connectivity within Vehicles to Boost Adoption of Embedded Telematics


Based on technology, the market is divided into embedded and retrofit.


The embedded segment held the leading market share in 2023. Embedded telematics systems can provide real-time data on an EV’s performance, such as battery life, charging status, and energy consumption. This can help EV owners monitor their vehicle's health and optimize its performance. They can also provide remote access to vehicle controls and information, such as starting or stopping the vehicle, adjusting the temperature, and viewing the vehicle's location. This can offer greater convenience and control for EV owners. Moreover, embedded telematics systems can help promote sustainability by providing data on energy consumption and carbon emissions, helping EV owners make more informed decisions about their driving habits.


Retrofitted telematics systems can be installed in older vehicles, allowing owners to enjoy the benefits of telematics technology without purchasing a new vehicle. This can be a cost-effective solution for owners who want to upgrade their vehicles without making a significant investment. Retrofitted telematics systems can be connected to the internet and other devices, such as smartphones and smart home devices, providing owners with access to a wide range of services and information.


By Vehicle Type Analysis


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Passenger Vehicle to Dominate Market Owing to Customers’ Increasing Switch from Conventional Vehicles to EVs


Based on vehicle type, the market is divided into two-wheelers, passenger vehicles, and commercial vehicles. The passenger vehicles segment is anticipated to record a significant growth rate during the forecast period. The increasing awareness of the impact of greenhouse gas emissions on the environment has accelerated the shift to cleaner and more sustainable modes of transportation. Electric vehicles produce lower or zero emissions, making them an eco-friendly option compared to traditional Internal Combustion Engine (ICE) vehicles. Governments across the world are implementing policies and incentives, such as tax credits, subsidies, and rebates, to promote EV adoption. This has made EVs more affordable and attractive to consumers.


Moreover, the rising demand for passenger vehicles is closely linked to economic growth, as consumers tend to purchase more vehicles when their disposable income increases. As economies grow, consumers have more purchasing power, thereby increasing the demand for passenger vehicles.


REGIONAL INSIGHTS


Asia Pacific Electric Vehicle Telematics Market Size, 2023 (USD Billion)

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Asia Pacific to Hold Largest Market Share Owing to Increasing Sales and Production of Connected Vehicles


Asia Pacific is anticipated to dominate the electric vehicle telematics market share throughout the forecast period. The region is experiencing a significant increase in the adoption of connected vehicles equipped with sensors and communication technology to provide real-time data and insights. This has led to a greater demand for vehicle telematics, which can help drivers and fleet operators manage their vehicles more effectively. In Asia, governments are implementing initiatives to promote the adoption of vehicle telematics, such as regulations mandating the installation of telematics systems in commercial vehicles. This has helped drive the demand for vehicle telematics in the region.


Moreover, the region is witnessing a worrying rise in road accidents and fatalities, leading to an increased focus on road safety. Vehicle telematics can help improve road safety by providing real-time alerts and warnings for potential hazards on the road, such as accidents and traffic congestion. The increased demand for electric vehicles in the Asian market is also one of the prime factors propelling the market growth in the region.


An increase in vehicle emissions and the implementation of strict government regulations in Europe are expected to boost the region's electric vehicle telematics market growth. The increasing focus on avoiding accidents and providing advanced security and safety to drivers and passengers is expected to propel the regional market growth.


The market in North America is expected to witness considerable growth during the forecast period owing to the presence of a few important players in the region, such as Trimble and TomTom International B.V.


List of Key Companies in Electric Vehicle Telematics Market


Key Players are Emphasizing on Innovative Product Development to Address Rapidly Growing Market Competition


TomTom is a leading positioning technology expert in the market. It uses high-precision maps, real-time traffic information & services, and navigation software to shape mobility. It is focused on developing precision technology that brings people closer to the company’s vision of a safer, congestion-free, and cleaner world. Continental A.G., Robert Bosch, and Geotab Inc. are a few major players in this market. Bosch is one of the leading players in providing innovative and advanced software for electric vehicle telematics.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS



  • October 2023: Dynamon launches Synthetic Telematics ‘virtual electric fleet’ feature which allows business to run a virtual electric fleet, featuring the vehicle performance in the real world.

  • January 2023: The NIA (New India Assurance) allowed insurance companies to launch telematics-based motor insurance cover, named “Pay as You Drive". This allowed vehicle owners to control and reduce their spending on insurance. This policy features coverage beyond distance limits, roadside help, and advanced protection.

  • June 2022: Geotab, one of the pioneers in IoT and connected transportation solutions, collaborated with French vehicle manufacturer, Renault, to integrate telematics solutions with its MyGeotab, a fleet management platform.

  • March 2022: Utility Trailer Manufacturing Co., the largest refrigerated trailer manufacturing company, partnered with Philips for trailer telematics to launch Utility Connect. The Utility Connect system provides a wiring harness that has been re-engineered to function with the Phillips Connect Smart7 nose box.

  • February 2022: Zonar, a pioneer in fleet technology, announced a partnership with SRM Tech, one of the leading players in next-generation technology and digital transformation services. This partnership will upgrade the AI and predictive analytics capabilities of the telematics of LCV fleets.


REPORT COVERAGE


The report provides a detailed market analysis and focuses on key aspects, such as leading companies, services, and product applications. Besides this, the report offers insights into the latest market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.


An Infographic Representation of Electric Vehicle Telematics Market

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REPORT SCOPE & SEGMENTATION



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 22.5% from 2024 to 2032



Revenue



Value (USD billion)



Segmentation



By Technology



  • Embedded

  • Retrofitted



By Vehicle Type 



  • Two Wheelers

  • Passenger Vehicles

  • Commercial Vehicles



By Application 



  • Safety & Security

  • Entertainment

  • Information & Navigation

  • Diagnostics

  • Others



By Geography



  • North America (By Technology, By Vehicle Type, By Application)

    • U.S. (By Technology)

    • Canada (By Technology)

    • Mexico (By Technology)



  • Europe (By Technology, By Vehicle Type, By Application)

    • U.K. (By Technology)

    • Germany (By Technology)

    • France (By Technology)

    • Rest of Europe (By Technology)



  • Asia Pacific (By Technology, By Vehicle Type, By Application)

    • China (By Technology)

    • India (By Technology)

    • Japan (By Technology)

    • South Korea (By Technology)

    • Rest of Asia Pacific (By Technology)



  • Rest of World (By Technology, By Vehicle Type, By Application)






Frequently Asked Questions

The report by Fortune Business Insights says that the market was valued at USD 10.25 billion in 2023 and is projected to reach USD 63.00 billion by 2032.

The market is expected to register a CAGR of 22.5% during the forecast period.

Growing demand for vehicle connectivity in electric vehicles is anticipated to boost the market growth.

Asia Pacific led the market in 2023.

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