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Rapid Growth Expected: Electric Vehicle Telematics Market to Hit $22.21B by 2028

04-15-2024 06:48 PM CET | Media & Telecommunications

Press release from: The Business Research Company

Electric Vehicle Telematics Market Report

Electric Vehicle Telematics Market Report

The electric vehicle telematics market size has grown exponentially in recent years. It will grow from $8.41 billion in 2023 to $10.39 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to increased vehicle tracking, remote diagnostics, charging infrastructure integration, increased fleet management, range prediction, driver behavior monitoring, over-the-air updates, energy management, predictive maintenance, and eco-driving feedback.

The electric vehicle telematics market size is expected to see exponential growth in the next few years. It will grow to $22.21 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to increasing demand for connected services in vehicles, battery state of charge (SoC) prediction, driving range estimation, energy consumption forecasting, charging station availability prediction, traffic conditions analysis, weather conditions impact assessment, driver behavior forecasting, route optimization, vehicle health prediction, demand for charging services prediction. Major trends in the forecast period include advancements in telematics technology, expansion of charging infrastructure, integration with smart grids and under management systems, redshift towards usage-based insurance models, enhanced focus on data security and privacy, and emergence of innovative applications like V2X communication.

Market Overview -
Electric Vehicle (EV) telematics refers to the integrated use of telecommunications and informatics technologies to provide data and information related to electric vehicles. It involves the integration of telecommunications and informatics to monitor, collect, and analyze data from electric vehicles, enhance functionalities such as real-time tracking and remote diagnostics of vehicle, and optimize charging strategies for improved efficiency and user experience.

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https://www.thebusinessresearchcompany.com/sample.aspx?id=14350&type=smp

Rising Popularity Of Electric Vehicles Fuels Growth In The Electric Vehicle Telematics Market
The growth in popularity of electric vehicles is expected to propel the growth of the electric vehicle telematics market going forward. The popularity of electric vehicles refers to the increasing adoption of vehicles powered by electricity and electric motors, replacing traditional internal combustion engine (ICE) vehicles. The demand for electric vehicles is due to improved availability of charging infrastructure, increased consumer interest, and various environmental regulations. Electric vehicle telematics enhances the functionality and efficiency of electric vehicles by providing real-time data, remote monitoring and control, predictive maintenance, and connectivity features. For instance, in July 2023, according to the Electric Vehicle Council, an Australia-based national body, Australia recorded a significant surge in electric vehicle (EV) sales, reaching 46,624 by June 2023, nearly tripling from the same period in 2022, marking a 269% increase. EVs now constitute 8.4% of new car sales, showing a 120.5% rise from 2022. Therefore, the growth in popularity of electric vehicles is driving the growth of the electric vehicle telematics market.

Competitive Landscape -
Major companies operating in the electric vehicle telematics market are Verizon Communications Inc., Robert Bosch GmbH, Tesla Inc., Siemens AG, Denso Corporation, Continental AG, Hundai Kefico, Toyota Industries Corporation , Valeo Corporation, Infineon Technologies AG, Renesas Electronics, HARMAN International, Microchip Technology, Trimble Inc., Vishay Intertechnology Inc., Geotab Inc., Agero Inc., Inventure Ltd., TomTom International BV, Danfoss, Azuga Inc., Airbiquity Inc., Hangzhou Tiecheng Information Technology , Intellicar Telematics

Companies Embrace GPS Data Analysis Technology In The Electric Vehicle Telematics Market
Major companies operating in the electric vehicle telematics market are focused on developing new technologies, such as global positioning system data analysis technology, to gain a competitive edge in the market. GPS data analysis technology involves the processing, interpretation, and extraction of valuable insights from global positioning system (GPS) data. It utilizes algorithms, statistical methods, and visualization techniques to analyze location-based information obtained from GPS satellites. For instance, in May 2022, Quartix, a UK-based technology company, launched a new service called EVolve. The service is designed to help companies manage their transition to electric vehicles by analyzing a fleet's GPS data, vehicle types, distances traveled, and current information on EV vehicles and charging points. It simplifies the process of choosing which EVs to add to the fleet and helps reduce fleet emissions. The tool will help fleets make key decisions based on their real-world data and de-mystify the transition to electric vehicles.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/electric-vehicle-telematics-global-market-report

Key Segments -
The electric vehicle telematics market covered in this report is segmented -
1) By Technology: Embedded, Retrofitted
2) By Vehicle Type: Two Wheelers, Passenger Vehicles, Commercial
3) By Application: Safety And Security, Entertainment, Information And Navigation, Diagnostics, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

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