Pune, India, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle telematics market size was USD 413.1 million in 2019. The market is projected to reach USD 1095.4 million by 2027, exhibiting a CAGR of 20.3% during the forecast period. The global electric vehicle telematics market is set to gain momentum from the increasing need to improve the vehicle efficiency and get fast charging. Several manufacturers are focusing on the development of technologically advanced EV telematics. Fortune Business Insights™ published this information in a new report, titled, “Electric Vehicle Telematics Market Size, Share & Industry Analysis, By Type (Embedded and Retrofitted), By Application (Safety & Security, Entertainment, Information & Navigation, Diagnostics, Others) and Regional Forecasts, 2020-2027.”
COVID-19 is Compelling Automakers to Shut Down their Manufacturing Facilities
The outbreak of the COVID-19 pandemic is resulting in the implementation of complete lockdown and social distancing measures by the regulatory bodies. Owing to this, the automakers are shutting down their electric vehicle manufacturing facilities and are aiming to develop personal protective equipment (PPE). This factor may take a toll on the demand for electric vehicle telematics. Our elaborate reports would help you understand the current scenario of the market and take decisions accordingly.
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Market Drivers & Restraints-
Rising Development of Aluminum-ion & Lithium-sulfur Batteries to Spur Demand
The rising popularity of high-charge capacity batteries is anticipated to boost demand for electric vehicles. Manufacturers nowadays are emphasizing on the development of innovative batteries for providing long-term power. Besides, the persistent research and development of lithium-sulfur, metal-air, and aluminum-ion batteries is set to bolster the electric vehicle telematics market growth in the coming years. However, the increasing safety and privacy concerns associated with breaking methods, GPS system, and user driving patterns may hinder growth.
With the rising awareness about the global warming, there is a growing demand for the Global Electric Vehicle Telematics Market. In the recent years, the electric vehicle segment has witnessed favorable demand. The introduction of "green" initiatives for the reduction of greenhouse gas emissions and the rising number of government supports for the development of electric vehicles are some of the factors that are anticipated to boost the demand for Global Electric Vehicle Telematics Market.
Segment:
Safety & Security Segment to Grow Rapidly Backed by Rising Government Laws
Based on application, the safety and security segment generated 23.1% in terms of electric vehicle telematics market share in 2019. At present, it holds the largest share. This growth is attributable to the rising implementation of stringent rules and regulations by the government to prevent hacking of crucial systems.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-telematics-market-101655
Regional Analysis:
Increasing Production & Sales of EVs to Favor Growth in Asia Pacific
Geographically, in 2019, Asia Pacific procured USD 119.6 million and is expected to retain its dominant position throughout the forthcoming years. This growth will be contributed majorly by China because of the increasing sales and production of electric vehicles in the region.
Europe, on the other hand, would exhibit lucrative growth stoked by the imposition of stringent rules and norms regarding the reduction of emissions. Lastly, North America is anticipated to grow considerably fueled by the presence of multiple prominent companies, such as TomTom International B.V. and Trimble in the region. They are increasingly developing novel electric vehicle telematics.
Competitive Landscape:
Key Players Focus on Unveiling State-of-the-art Solutions to Gain Competitive Edge
The market for electric vehicle telematics contains numerous manufacturers that are trying to develop new telematics solutions to cater to the growing demand. Some of them are also engaging in the strategy of collaborations and partnerships to intensify competition. Below are two latest industry developments:
- August 2020: Zoomcar introduced its latest telematics software named Zoomcar Mobility Stack, especially for fleet owners. Its main aim is to help the mobility startups make money amid the current slowdown.
- July 2019: Bosch announced the development of its cloud services to aid electric vehicle batteries last longer. It will analyze the status of batteries constantly and take action to prevent cell aging.
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Electric vehicle telematics companies mentioned in report:
- TomTom International B.V. (Amsterdam, Netherlands)
- Continental AG (Hanover, Germany)
- Agero, Inc. (Massachusetts, United States)
- Airbiquity, Inc (Washington, United States)
- Trimble, Inc. (California, United States)
- Robert Bosch GmbH (Stuttgart, Germany)
- Geotab Inc. (Oakville, Canada)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Merger, Acquisitions, and Partnerships
4.2 Distributor Analysis – For Major Players
4.3 Growth and Penetration Analysis
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 Vendor Landscape
5. Global Electric Vehicle Telematics Market Analysis, Insights and Forecast, 2016-2027
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Application
5.2.1 Safety & Security
5.2.2 Entertainment
5.2.3 Information & Navigation
5.2.4 Diagnostics
5.2.5 Others
5.3 Market Analysis, Insights and Forecast – By Type
5.3.1 Embedded
5.3.2 Retrofitted
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia pacific
5.4.4 Rest of the World
6. North America Electric Vehicle Telematics Market Analysis, Insights and Forecast, 2016-2027
6.1. Key Findings / Summary
6.2. Market Analysis – By Application
6.2.1 Safety & Security
6.2.2 Entertainment
6.2.3 Information & Navigation
6.2.4 Diagnostics
6.2.5 Others
6.3. Market Analysis – By Type
6.3.1 Embedded
6.3.2 Retrofitted
6.4. Market Analysis – By Country
6.4.1 U.S.
6.4.2 Canada
6.4.3 Mexico
Continued…
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