Global Electric Vehicle Telematics Market Projected to Surpass $26.48 Billion by 2029 with 20% Annual Growth

What combination of drivers is leading to accelerated growth in the electric vehicle telematics market?
The increasing popularity and adoption of electric vehicles is predicted to stimulate the expansion of the electric vehicle telematics market. This rise in the usage of electrically powered vehicles, as a replacement for conventional internal combustion engine (ICE) vehicles, is encouraged by improved charging infrastructure, increased customer interest, and various environmental laws. Electric vehicle telematics improve the functionality and performance of such vehicles by providing services like real-time data, distant monitoring and control, predicted maintenance, and connectivity. For example, in July 2023, the Electric Vehicle Council, a national institution based in Australia, reported a considerable increase in electric vehicle sales, reaching 46,624 by June 2023. This number almost tripled from the prior year, demonstrating a growth of 269%. Electric vehicles currently account for 8.4% of new car purchases, representing a 120.5% increase from 2022. Hence, the rising popularity of electric vehicles is contributing to the expansion of the electric vehicle telematics market.

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What is the projected compound annual growth rate (CAGR) of the electric vehicle telematics market from 2025 to 2034, and what factors influence it?
In recent times, there has been a significant expansion in the electric vehicle telematics market size. The market, which was valued at $10.39 billion in 2024, is projected to rise to $12.79 billion in 2025, with a compound annual growth rate (CAGR) of 23.1%. The augmentation in the historical period can be credited to the growth in vehicle tracking, remote assessments, the integration of charging infrastructure, amplified fleet management, range forecasting, driver habits observation, updates executed over-the-air, management of energy, anticipatory maintenance, and feedback on eco-driving.

The market size for electric vehicle telematics is predicted to witness fast-paced growth in the coming years, escalating to $26.48 billion in 2029 at a CAGR of 20.0%. This significant growth during the forecast period can be attributed to the rising demand for connected services in vehicles such as battery SoC forecasts, driving range estimates, energy usage forecasts, predictions for charging station availability, traffic and weather impact analysis, prediction of driver behaviour, route optimisation, vehicle health estimation, and charging service demand forecasting. The forecast period is also likely to see key trends like improvements in telematics technology, growth of charging infrastructure, integration with smart grids and under-management systems, shifting towards usage-based insurance models, heightened emphasis on data security and privacy, and the introduction of innovative applications like V2X communication.

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What new trends are reshaping the electric vehicle telematics market and its opportunities?
A primary strategy adopted by leading firms in the electric vehicle telematics market is to innovate and develop new technologies such as GPS data analysis technology, which gives them a competitive advantage. This technology process, interpret and extract meaningful insights from global positioning system (GPS) data with the help of algorithms, statistical methods, and visualization techniques. As an illustrative example, Quartix, a technological firm from the UK, rolled out a new service termed as EVolve in May 2022. Designed to assist firms with their shift to electric vehicles, EVolve analyzes GPS data of a fleet, distances covered, types of vehicles, and current information on EV vehicles and charging points. By simplifying the selection of which EVs to incorporate into the fleet and helping cut down on the fleet's emissions, it provides added value. By using actual data, the tool helps fleets make critical decisions, thereby making the transition to electric vehicles easier to understand.

What are the major segments of the electric vehicle telematics market and their role in driving growth?
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

Subsegments:
1) By Embedded: In-Vehicle Telematics Systems, OEM Integrated Telematics, Cloud-Based Telematics Platforms, On-Board Diagnostic (OBD) Systems
2) By Retrofitted: After market Telematics Devices, Plug-And-Play Telematics Kits, Mobile-Based Retrofitting Solutions, External Telematics Units For EVs

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Which regions are key players in the growth of the electric vehicle telematics market?
Asia-Pacific was the largest region in the electric vehicle telematics market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the electric vehicle telematics market?
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

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What Is Covered In The Electric Vehicle Telematics Global Market Report?

• Market Size Forecast: Examine the electric vehicle telematics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electric vehicle telematics market for a structured understanding.
• Key Players Overview: Analyze major players in the electric vehicle telematics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle telematics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle telematics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle telematics market.
• Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle telematics market.
• Competitive Landscape: Review strategic developments in the electric vehicle telematics market, including expansions, agreements, and new product launches.

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