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The global electric vehicle telematics market size was valued at USD 0.18 billion in 2018 and it is projected to reach USD 1.50 billion by 2026, exhibiting a CAGR of 29.0% during the forecast period.
The manufacturers are developing various types of power sources for the electric vehicles for proficiently powering the internal components without affecting the travel range. Telematics has several viable opportunities in future mobility trends. The number of telematics applications will rise owing to several government policies across the world that are implemented for regulating the e-facility and electronic logging device in the transportation system. Stringent government regulations to reduce the emission of CO2 from vehicles for preventing air pollution will help to propel the growth of the electric vehicle (Ev) telematics market. Besides, supportive government initiatives for security & safety of the vehicles, such as Russia’s ERA-GLONASS and European Union’s e-cell initiative will also boost the demand for the market. Advanced technologies, such as the Internet of Everything (IoE), Vehicle-to-Everything (V2X), and Cellular Vehicle-to-Everything (C-V2X) are bound to roll on future prospects of the electric vehicle telematics market.
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The electric vehicle telematics provides information on pricing, electrical usage, and state of charge to the driver’s mobile. By utilizing telematics in electric vehicles, the government can collect detailed information regarding green initiatives. Fleet owners can track their EV’s battery health by using telematics. The key market players are concentrating on making competitive advantage by climbing up fast, reinforced by LTE and cloud service-based connectivity solutions. Additionally, they are also working persistently to develop solutions by adopting machine learning (ML) and artificial intelligence (AI) to empower the smooth operations of a telematics ecosystem.
“Rising Development of Batteries is Expected to Drive the Market”
The electric vehicle telematics market is anticipated to propel the market owing to the rising adoption of high charging capacity batteries. Key automotive firms have invested huge sums in their R&D to develop batteries that can carry electricity for a longer period. Continuous development in aluminum-ion batteries, lithium-sulfur batteries, and metal-air batteries is also expected to boost the market. The development in these batteries has helped to reduce the weight of the vehicle, decrease emission, and increase the efficiency of the vehicle. Due to the recent development in batteries, they are able to efficiently provide electricity to each electronic component. This helps the electric vehicles to run smoothly, without discharging quickly.
“Stringent Government Rules to Reduce Pollution is Anticipated to Propel the Growth of Market”
Governing bodies worldwide are focusing on reducing pollution that is caused by vehicles, by imposing stringent rules on automobile manufacturers to produce vehicles that are more environmentally friendly. Hence, increasing stringency by governing bodies towards the usage of internal combustion engines is anticipated to drive the electric vehicle telematics market. Presently, majority of the vehicles are running on internal combustion engines that account for huge share for air pollution. To reduce pollution, ruling bodies worldwide are encouraging people to buy vehicles with zero or low emissions by offering them tax exemption or reducing tax by a few percent and by providing them with various discounts while purchasing the vehicle. The latter is occurring the most for passenger vehicles.
“Growing Advancement in Telematics to Drive the Electric Vehicle Telematics Market”
The rising adoption of technologically advanced telematics is expected to drive the market as they do not reduce the charging of the battery and contribute to the increasing efficiency of the vehicle. Advancement in telematics has made driving safer. It not only locates the vehicle and its route but also monitors the user’s driving behavior, keeps a check on the vehicle and notifies if any maintenance is required, and avoids collisions. Hence, there is a huge demand for technologically advanced telematics for the electric vehicles.
“Embedded Telematics to Hold the Largest Market Share During the Forecast Period”
By type, the electric vehicle telematics market is segmented into embedded and retrofitted. Embedded type is expected to dominate the market over the forecast period owing to strict government rules that are imposed on the manufacturers to equip safety systems in the vehicle. Other factors responsible for the growth of the segment are the rising penetration of cloud-based embedded telematics for tracking the vehicle and also an increasing usage of embedded telematics in the connected cars. In connected cars, the embedded telematics plays a vital role by providing important information to the user to avoid sudden collisions. Rising usage of the anti-lock braking system, blind-spot detection, and automated emergency braking are gaining huge demand among fleet managers to avoid any mishaps. However, the increasing risk of cyber-attack and data theft on the infotainment systems is expected to hinder the growth of embedded telematics. The retrofit telematics segment, on the other hand, is expected to show lucrative growth over the forecast amid rising adoption in the electric passenger vehicle.
“OEM Segment is Anticipated to Lead the Market During the Forecast Period”
Based on market type, the global electric vehicle market is segmented into OEM and aftermarket. OEM segment is anticipated to hold the leading position in the market during the forecast period. It is because numerous key original equipment manufacturers are focusing on providing advanced telematics systems in their vehicles to meet the rising demand of their customers. The aftermarket segment is expected to show significant growth during the forecast period amid its property to provide flexible solutions to the consumers. For example, industries have different brands and models of vehicles as fleets. It is mainly because they require various types of vehicles to perform several jobs. If the fleet consists of a mixture of vehicles of different models, they would require various OEM to manage the fleet. But, this system proves to be very costly. Hence, in the future, the majority of users are expected to implement telematics system that would be easy to customize and is also cost-effective. This would help to propel the aftermarket segment in the near future.
“Safety and Security Segment Dominate the Market Owing to Strict Government Rules”
Based on service, the electric vehicle telematics market is segmented into safety & security, entertainment, information and navigation, diagnostics, and others. Safety and security segment is expected to dominate the market over the forecast period amid stringent government rules to keep data safe. The infotainment system can store all the data of the user as well as of the vehicle. Data, namely, where the vehicle is heading to, what is the route of the vehicle, driving habits of the user, how many halts have the vehicle made, etc. are recorded.
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This information is mainly used by the fleet managers to create a report and statistics for their future reference to improve the efficiency of the vehicle and reduce traveling time. This vital information can be hacked or stolen and misused by the hackers. Hence, many key players are developing a telematics system that would be very difficult to hack. Safety and security segment is also anticipated to grow owing to the ability of telematics to monitor the driving style of the user. This helps the fleet manager to recognize the faults in driving style and provide suitable training to the user instead of offering a verbal speech. Telematics not only helps to avoid collision of the vehicle or driving style of the user but also aids in remotely troubleshooting any problem in the vehicle.
Europe is anticipated to dominate the electric vehicle telematics market during the forecast period. Stringent government regulations in this region due to the emission of vehicles is a prime factor for the growth of the electric telematics market in this region. The European Union aims for zero-emission by 2020. Therefore, they are encouraging the masses to use zero-emission vehicles, i.e., green cars. This factor will also fuel the growth of the market.
Europe Electric Vehicle Telematics Market Share, 2018
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Asia Pacific is also estimated to exhibit a substantial increase in the electric vehicle telematics market. China is the leader of this region for the electric vehicle (EV) telematics market. The key players in this region are investing highly in R&D for technological innovation of telematics applications. Additionally, the rising production & sales of passenger vehicles in this region will also help to maintain the growth of this region during the forthcoming years.
North America, on the other hand, will show lucrative growth in this market over the forecast period. The presence of several significant players in this region, such as TomTom International B.V. and Trimble as well as technological innovations in telematics, will help to propel the growth of this region. The increasing infrastructure of communication and information technology, such as 5G or cloud-based connectivity will further help this region to showcase growth over the forecast period.
“Market players like TomTom International B.V., Trimble, and Continental AG would reinforce their market position by supplying telematics solution across major regions”
The global electric vehicle telematics market is dominated by some of the leading companies due to their critical strategic decisions, robust product portfolio, and dominance of market share. These include a group of 4-5 key companies with more extensive geographic presence and persistent R&D, resulting in secure regulatory approvals.
The stringent government regulations regarding emissions and advanced technologies in telematics are expected to increase the global electric vehicle telematics market growth.
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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, technological advancements in the telematics applications, key strategies adopted by market leaders, competitive landscape, and company profiles.
Volume (Million Units) & Value (USD Million/ Billion)
Fortune Business Insights says that the global electric vehicle telematics market size was valued at USD 0.18 billion in 2018 and it is projected to reach USD 1.50 billion by 2026.
The global electric vehicle telematics market is projected to grow at a CAGR of 29.0% in the forecast period (2019-2026).
The service segment is expected to be the leading segment in the global electric vehicle telematics market during the forecast period.
Stringent government regulations regarding the emission of vehicles is driving the global electric vehicle telematics market growth.
TomTom International B.V, Trimble Inc., and Continental AG are the top players in the global electric vehicle telematics market.
Europe is expected to hold the highest share in the global electric vehicle telematics market.
The advancement in the telematics application by service providers would drive the adoption of the electric vehicle telematics.
The rising risk for safety & security and maintenance management of the electric vehicles are the hyper-market trends of the global electric vehicle telematics market.
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