Dublin, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The "Electric Vehicle Telematics Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
Global electric vehicle (EV) telematics market is projected to grow at a CAGR of 10.75% during the forecast period, reaching a total market size of US$5.132 billion in 2026 from US$2.511 billion in 2019.
The market shows the possibility of growing into an influential market as it has been playing a significant role in impressing positive impacts on the international economy. The need for Electric Vehicle Telematics is slowly increasing and will become a necessity as it offers a wide range of possibilities such as effective route management, energy and charge reporting, GPS vehicle tracking, and battery health monitoring, along with all the other aspects of the equation.
Telematics can be integrated with all solutions of vehicles and vehicle fleets in a variety of ways; the three primary capabilities of telematics include wireless communication, location services, and GPS location tracking, and a computing platform for system control and interface to automotive electronic systems.
Rapid urbanization, fast industrial growth, and advancement in telematics services/devices are leading the way for vehicle health monitoring and communication solutions. The rising trend of usage of telematics in electric vehicles is boosting the demand for telematics software and devices.
This, in turn, is compelling OEMs to produce telematics-equipped vehicles or provide telematics devices to make them more user-friendly and to improve the services across the globe. The key players are trying to commercialize the usage of Telematics systems in vehicles.
Car telematics has the potential to increase road safety, improve driving behavior, align insurance premiums with actual need via usage-based insurance (UBI), and boost car-insurance-industry profitability, all these benefits are fueling the global electric vehicle telematics market. Many key players in the market are devising new strategies to innovate and become the market leader.
Geographically, Asia Pacific is expected to grow at an impressive rate owing to the increasing usage of telematics devices in this region.
Currently, America has a considerable amount of share in the market. Europe is also expected to exhibit lucrative growth owing to the imposition of stringent rules and norms regarding the reduction of emissions. North America is projected to grow considerably due to the presence of prominent key players in the region, such as TomTom International B.V..
By Solution, Some of the big players like BOSCH are using device-based telematics more than the software-based telematics solutions as the suitability of device-based telematics is much more compared to the software-based. By Vehicle Type, Hybrid Electric Vehicles hold a good amount of share as most the people use hybrid electric vehicles. By Vehicle Weight, the light segment holds a significant share in the market while heavy vehicles are projected to witness a decent CAGR over the coming years.
Growth Factors: Constant development in batteries
The increasing popularity of high-charge capacity enabled batteries is expected to boost the demand for electric vehicles in the market. To provide long-term power, manufactures have been emphasizing the development of innovative batteries, which is expected to propel the growth of the market. In addition, constant research and development in the field of lithium-sulfur, metal-air, and aluminum-ion batteries is set to boost the electric vehicle telematics market growth during the forecast period.
Strict Government regulations for pollution reduction
The government across the globe are taking stringent steps towards reducing pollution caused by vehicles by imposing stringent laws and restrictions on the makers. Governments across the world are pressurizing automakers to manufacture environment-friendly vehicles.
The growth of electric vehicle telematics is driven by the increasing restrictions on the usage of internal combustion engines by the governments. The regulatory agencies are encouraging people to purchase low or zero-emission cars by luring them with tax exemptions or tax reductions or by offering them discounts. For instance, in India, the National Highway Traffic Safety Administration and EPA regulate the automotive industry.
Restraints: Privacy and Security issues
The raising safety and privacy concerns associated with breaking methods, GPS systems, and user driving patterns may hinder the growth of the market. The linked system can access confidential information such as family details, medical history, routes taken, and addresses. The breach of such confidential information may cause a hindrance to the growth of the market. For instance, in China and North America violation of data privacy is very prevalent so the regulations are very stringent.
Impact of COVID - 19
The novel coronavirus pandemic has impacted the electric vehicle telematics market negatively. Due to the nationwide lockdown, the production of electric vehicles has been restricted due to which the automotive industry has experienced a slowdown. The operations of key players have been affected by the pandemic.
The majority of the companies had to shut down or cut down on their operations. Thus, the Global Electric Vehicle Telematics market has experienced a severe slow down to the pandemic, which may take years to recover.
Some of the key market players in the Global Electric Vehicle Telematics market are
ERM Advanced Telematics
Robert Bosch GmbH
TomTom International BV.
By Vehicle Solution
Battery Electric Vehicles (BEVs)
Plug-In Hybrid Electric Vehicles (PHEVs)
Hybrid Electric Vehicles (HEVs)
By Vehicle Weight
Middle East and Africa
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