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The global electric vehicle telematics market size was USD 413.1 million in 2019 and is projected to reach USD 1095.4 million by 2027, exhibiting a CAGR of 20.3% during the forecast period.
Manufacturers are developing several types of power supplies for electric vehicles to efficiently power internal components without affecting travel. Telematics has numerous viable opportunities in future mobile trends. The number of telematics applications will increase due to the employment of some government policies around the world for regulating electronic recording equipment and electronic facilities in the transportation systems. Strict government regulations require the reduction of CO2 emissions from vehicles to stop air pollution, which will help encourage the growth of the EV market.
For instance, supportive measures provided by the government for vehicle safety, such as the EU's e-cell and Russia's ERA-GLONASS measures will also stimulate growth.
Advanced technologies such as the Internet of Everything (IoE), Cellular Vehicle to Everything (C-V2X), and Vehicle to Everything (V2X) are bound to develop in the prospects of this market.
COVID-19 Pandemic to Slow Down Growth Backed by Shut Down of Manufacturing Facilities
Due to the COVID-19 pandemic and blockades in many countries, the production of electric vehicles has been restricted. Therefore, the global automotive industry is facing a slowdown. The operations of key companies are affected by this pandemic. The majority of these companies have shut down their electric vehicle manufacturing amenities and shifted their focus on the making of personal protective equipment (PPE). In the next few years, the government's stimulus plan may help solve the economic crisis caused by COVID-19 in the electric vehicle market by investing heavily in the charging infrastructure.
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Technological Advancements in Telematics Worldwide is a Current Trend
Since technologically advanced telematics will not reduce battery charging and improve vehicle efficiency, it is expected to promote market development. Advancements in telematics technology have made driving safer. It can not only locate the vehicle and its route, but also monitor the user's driving behavior, inspect the vehicle type, and notify to avoid collisions or whether it needs maintenance. Therefore, there is a vast demand for technologically advanced telematics for electric vehicles.
Continuous Development of Batteries is Expected to Drive Growth
The increasing popularity of high-charge capacity batteries will propel the growth of electric vehicles. Subsequently, it will also aid the growth of the EV telematics market. Key automobile companies have invested heavily in research and development activities to develop batteries that can provide long-term power. The continued development of aluminum-ion batteries, metal-air batteries, and lithium-sulfur batteries is also expected to drive the market. The development of these batteries has helped reduce the weight of vehicles, improve their efficiency, and reduce emissions. Due to the latest development of batteries, they can efficiently power every electronic component. This helps the electric vehicle to run smoothly without swiftly discharging.
Strict Government Regulations for Reducing Pollution will Propel Growth
Regulatory agencies around the world are committed to reducing pollution caused by vehicles by imposing strict regulations on automakers to produce more environmentally-friendly vehicles. Therefore, the market for electric vehicle telematics is driven by the increasing restrictions on the usage of internal combustion engines by regulatory agencies. Currently, most vehicles run on internal combustion engines, which amount to a massive share of air pollution. In order to lessen pollution, ruling agencies around the world are encouraging people to buy low-emission or zero-emission cars by providing them with tax exemptions or tax reductions of a few percent and offering them various discounts when buying cars.
Increased Communication Leading to Privacy and Security Issues May Hinder Growth
With the development of vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication technologies and unmanned vehicles, the number of cars that can intercommunicate is increasing. It is further surging the safety and privacy issues related to GPS location, user driving patterns, breaking methods, and speeds to process these data. The linked system can access information such as family details, medical details, routes are taken, and addresses. For instance, violation of data privacy is one of the foremost reasons that hamper end-users from using telematics solutions, specifically in countries/regions such as China and North America, where regulations are very stringent.
Embedded Segment to Hold Largest Share Owing to Rising Usage of Cloud-based Technology
Based on the type, this market is segmented into embedded and retrofitted. The embedded segment accounts for the major electric vehicle telematics market share in the global market owing to the popularity of cloud-based embedded telematics technology for tracking vehicles. It is also used extensively in connected cars. On the other hand, due to the popularity of electric passenger vehicles, it is expected that the retrofitted segment will show a more favorable growth than expected.
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Safety and Security Segment to Dominate Fueled by Presence of Stringent Laws
Based on the application, the market for electric vehicle telematics is segmented into safety & security, entertainment, information and navigation, diagnostics, and others. The safety & security segment holds the largest share in the global market owing to the increasing imposition of strict regulations regarding data and security. Many major players are developing a telematics system that is difficult to crack. The information and navigation segment is also expected to experience good growth in the market owing to the rising inclination of consumers towards connected vehicle technology. The entertainment segment is also likely to experience good growth in the market owing to the rising demand for entertainment in vehicles.
Asia Pacific Electric Vehicle Telematics Market Size, 2019 (USD Million)
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The market size for electric vehicle telematics in Asia-Pacific stood at USD 119.6 million in 2019. The region holds dominance in the global market and continues to maintain its position over the forecast period. China is the leader in the electric vehicle (EV) telematics market in the region. Major players in the region are investing heavily in research and development activities for technological innovations in telematics applications. In addition, the rising production and sales of electric vehicles in the region will also help maintain the region's growth in the next few years.
Europe is also expected to show lucrative market growth for the electric vehicle telematics owing to rising vehicle emissions and the implementation of strict government regulations in the region. On the other hand, North America is likely to show considerable electric vehicle telematics market growth during the forecast period. The presence of a few important players in the region such as Trimble, TomTom International B.V. and innovation in telematics technology, will help promote the development of this region.
TomTom International B.V. is the Top Player Owing to Its Focus on Developing Unique Technologies
TomTom is a leading positioning technology expert in the market. It uses high-precision maps, real-time traffic information and services, and navigation software to shape mobility. It is focused on developing precision technology which helps to bring people closer to the company’s vision of a safer, congestion-free, and cleaner world. Continental A.G, Robert Bosch, and Geotab Inc. are also a few of the major players in this key market. Bosch is one of the leading players in providing innovative and advanced software for electric vehicle telematics.
An Infographic Representation of Electric Vehicle Telematics Market
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The market research report covered a detailed market analysis and focuses on key aspects such as the leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the electric vehicle telematics market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Million) & Volume (Thousand units)
Fortune Business Insights says that the global electric vehicle telematics market size for electric vehicle telematics was USD 413.1 million in 2019 and is projected to reach USD 1095.4 million by 2027.
In 2019, the Asia Pacific electric vehicle telematics market value stood at USD 119.6 million.
The electric vehicle telematics market is projected to grow at a CAGR of 20.3% and will exhibit exponential growth in the forecast period (2020-2027).
The embedded segment is expected to be the leading segment in this market during the forecast period.
The continuous development of telematics is the key factor driving the global market.
TomTom International B.V. is the major player in the global market.
Asia Pacific dominated the market in terms of share in 2019.
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