Pune, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global Electric Vehicle Telematics Market Size is expected to register a steady revenue CAGR during the forecast period. Key factors such as increasing awareness about benefits of electric vehicles among individuals, growing adoption of advanced telematics platforms and technologies, and rising availability of government subsidiaries for electric vehicles are expected to drive global market growth during the forecast period.
Telematics is a trending technology that focuses on monitoring passenger cars, commercial vehicles, equipment, and other assets using GPS technology and onboard diagnostics to plot the movement of the vehicle on a computerized map. This technology is rapidly revolutionizing the automotive industry, offering a completely different perspective on how people commute and interface with their vehicles. Telematics is rapidly gaining traction and is widely deployed in modern vehicles, including electric vehicles.
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EV telematics gathers data from Digital Tachometer Graph (DTG) and GPS for depicting the state of the vehicle in terms of distance travelled, overspeeding during the journey, time taken, malfunctioning, and recording exceptional events and warnings. Some of the key benefits of EV telematics include planning charging schedules, identifying the best routes, managing recharge costs, continuous charging updates and information about nearby charging stations, identifying vehicle issues beforehand, and improving driving behavior.
Factors such as increasing sales of commercial and passenger electric vehicles, rising need for safety and security features in vehicles, growing demand for real-time tracking and remote diagnosis, and rising investments in research and development activities are expected to drive global market growth going ahead.
However, rising safety concerns about data, high costs associated with installing advanced EV telematics, and low awareness about benefits of telematics are expected to hamper overall market growth during the forecast period.
List of Top Players Operating in the Electric Vehicle Telematics Market:
- Agero
- Airbiquity
- Continental
- TomTom International
- Bosch
- Trimble
Electric Vehicle Telematic Industry Recent Developments:
- In April 2022, Borqs Technologies, a global provider of 5G wireless solutions announced its collaboration with Qualcomm to invest in R&D and sales of automotive telematics products for India and Southeast Asia.
- In August 2022, Lightning eMotors, a leading provider of medium duty and specialty commercial EVs and charging solutions for fleets announced the launch of lightning insights real-time electric vehicle telematics along with charger management software.
Plug and Play Telematics Segment To Register Rapid Revenue CAGR:
The plug-and-play telematics segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to increasing awareness about importance of telematics in EVs, growing demand for plug-and-play telematics due to easy installations, portability, and easy transfer between vehicles, and high usage of plug-and-play telematics for detecting incorrect driving behavior, GPS tracking and trouble diagnosis.
Passenger Segment to Account for a Significantly Larger Revenue Share:
The passenger segment is expected to account for a significantly larger revenue share throughout the forecast period. Factors such as increasing popularity of electric passenger vehicles worldwide, rising need for vehicle safety, supportive government initiatives, and rising adoption of advanced telematics passenger car services such as fuel and routing optimization, vehicle-finder services, stolen-vehicle recovery, and real-time tracking are expected to drive segment revenue growth going ahead.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to increasing sales of electric vehicles, rising concerns about safety and security of drivers and passengers, and high penetration of advanced telematics platforms. In addition, presence of leading automotive manufacturers, rising number of insurance telematics policies, and increasing investments in R&D activities are expected to drive North America market growth during the forecast period.
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The global electric vehicle telematics market has been segmented based on type, application, and region:
Electric Vehicle Telematic Market Segment by Type:
- Plug and Play Telematics
- Hardwired Install Telematics
Electric Vehicle Telematic Market Segment by Application:
- Commercial Vehicles
- Passenger Cars
Electric Vehicle Telematic Market Segment by Region:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia)
- Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
- Latin America (Brazil, Argentina)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
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Key Reasons to Purchase:
- Estimates 2022 to 2028 electric vehicle telematic market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the electric vehicle telematic market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global electric vehicle telematic market
Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global electric vehicle telematic market?
- What is the expected market size of the global electric vehicle telematic market between 2022 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
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