Press release
Electric Vehicle Telematics Market is Anticipated to Expand upto $25.89 Billion in 2029
Electric Vehicle Telematics
What Is the Forecasted Market Growth Rate of the Electric Vehicle Telematics Industry?
The expansion of the electric vehicle telematics market size has been rapid in the past couple of years. The market is projected to escalate from $10.39 billion in 2024 to $12.66 billion in 2025, with a compound annual growth rate (CAGR) of 21.9%. The exponential growth observed during the historical period can be attributed to several factors including enhanced vehicle tracking, remote diagnostics, integration with charging infrastructure, heightened fleet management, range prediction, driver behavior scrutiny, over-the-air updates, energy management, predictive maintenance, and feedback on eco-driving.
How Will the Electric Vehicle Telematics Market Size Evolve From 2025 to 2029?
Anticipated swift expansion is on the horizon for the electric vehicle telematics market, which is predicted to reach $25.89 billion in 2029, showcasing a compound annual growth rate (CAGR) of 19.6%. Factors contributing to the growth within the projected period include an elevated demand for connected vehicle services, predictions of the battery state of charge (SoC), estimates of driving range, forecasts for energy consumption, capacity of predicting charging station availability, analysis of traffic conditions, assessment of weather impacts, projections of driver behavior, route optimization, predictions of vehicle health and the demand for charging services. Key trends projected within this period encompass advancements in telematics technology, enhancement of charging infrastructure, integration with smart grids, shift towards usage-based insurance models, increased emphasis on data security and privacy, and the emergence of advanced applications such as V2X communication.
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What Are the Main Growth Drivers in the Electric Vehicle Telematics Market Today?
The surge in preference for electric vehicles is predicted to stimulate the expansion of the electric vehicle telematics market. This preference reflects the growing embracement of vehicles energized by electricity and electric motors, taking the place of conventional internal combustion engine (ICE) vehicles. The demand surge for this alternative stems from the enhanced accessibility of charging infrastructure, heightened consumer interest, and diverse environmental norms. Telematics for these electric vehicles boosts their functionality and efficiency by delivering real-time information, facilitating remote observation and regulation, making it possible for predictive maintenance, and offering connectivity specifications. For example, as per the Electric Vehicle Council, a national entity based in Australia, there was a substantial spike in electric vehicle (EV) sales in Australia in July 2023, hitting 46,624 by June 2023, almost tripling the number from the corresponding period in 2022 and reflecting a 269% escalation. EVs currently account for 8.4% of new vehicle sales, a climb of 120.5% from 2022. Therefore, the surge in the preference for electric vehicles is the driving force behind the expansion of the electric vehicle telematics market.
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Which Electric Vehicle Telematics Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Electric Vehicle Telematics Industry Growth?
Leading enterprises in the electric vehicle telematics market are concentrating their efforts on innovation, such as data analysis technology for global positioning systems (GPS), to establish an upper hand in the industry. The GPS data analysis technology involves processing and interpreting global position system data, extracting vital insights. By using algorithms, statistical methods, and visualization techniques, it is possible to analyze location-based data obtained from GPS satellites. For instance, Quartix, a tech firm based in the UK, unveiled a new service named EVolve in May 2022. The service aids companies in handling their transition to electric vehicles by examining a fleet's GPS data, the types of vehicles, distances covered, and the latest information on electric vehicles and charging points. It streamlines the selection of the appropriate electric vehicles for fleet inclusion and aids in emission reduction. This tool enables fleets to make significant decisions based on their specific data, making the move to electric vehicles less daunting.
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Which Companies Hold the Largest Market Share in the Electric Vehicle Telematics Sector?
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
Where Is the Electric Vehicle Telematics Market Experiencing the Highest Growth?
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.
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