Electric Vehicle Telematics Market - Forecasts from 2024 to 2029

The electric vehicle telematics market is predicted to expand at a CAGR of 10.24% to account for US$13.504 billion by 2029, from US$8.294 billion in 2024.

The electric vehicle (EV) telematics market is forecasted to expand with the global demand for electric automobiles. Telematics is a method of monitoring a vehicle. When GPS is combined with onboard diagnostics, it allows users to record and monitor exactly where a car is located and the speed at which it is traveling. It also provides data on cross-referencing with how a car is behaving internally. The requirement for electric vehicle telematics is constantly rising. It will become necessary as it provides a broad range of solutions, such as energy and charge reporting, effective route management, GPS vehicle tracking, battery health monitoring, and all the other vehicle requirements.

Telematics can be integrated with all vehicle solutions and fleets in various ways. The three primary telematics capabilities include wireless communication, location services, GPS location tracking, and interface to automotive electronic systems.

Further, the rise in urbanization, rapid industrial growth, and advancement in telematics services and solutions are contributing to vehicle health monitoring and communication solutions. The rising adoption of telematics in electric vehicles is fuelling the demand for telematics devices and software. This, in turn, is compelling OEMs to produce telematics-equipped vehicles or provide telematics devices to make them more user-friendly and to improve services worldwide.

The key players are trying to commercialize the usage of Telematics systems in vehicles. Telematics in electric vehicles assists in enhancing driving behavior, increasing safety on the road, aligning the insurance premium as per the actual requirement of the user, and fuelling the profitability of the car insurance industry. These advantages will lead to a rise in the global electric vehicle telematic market in the coming years.

EV telematics market drivers

• Growing production of EVs across the globe

One of the major driving factors for the electric vehicle telematics market expansion is the growing demand and production of EVs globally. With the developing electric vehicle landscape worldwide, the total demand for EV telematics solutions is expected to grow significantly. In recent years, the global production of EVs has expanded, majorly with the increasing demand for the EV, the development of EV infrastructure, and the introduction of new technologies in the sector.

The International Energy Agency, in its global electric car stock report, stated that in 2022, Europe had about 4.4 million BEV stock and about 3.4 million PHEV stock. The USA had about 2.1 million BEV stock and 0.9 million PHEV stock. The global stock of EVs grew massively in 2023 when the total recorded BEV stock in Europe was recorded at about 6.7 million and 4.5 million PHEVs. The overall BEV in the USA accounted for 3.5 million, while PHEV accounted for 1.3 million in 2023.

EV telematics market geographical outlook

• Asia Pacific is forecasted to hold a major share of the global Electric Vehicle Telematics Market.

Asia Pacific region is expected to grow substantially due to the presence of major key players in the region. The region is among the biggest producers and consumers of EVs globally in multiple categories, like commercial EVs, electric buses, light EVs, and passenger EVs. There is an increase in the regional production of electric vehicles across multiple countries in the region, majorly in the countries like in China, Japan, India, and Vietnam.

China is among the biggest producers of electric vehicles globally, and its total electric car stock is constantly increasing. The International Energy Agency, in its report, stated that in 2022, the total BEV stock of China was recorded at about 10.7 million, which grew to about 16.1 million in 2023. Similarly, the total PHEV stock of China in 2022 was recorded at about 3.1 million, which expanded to about 5.8 million in 2023.

The region is also among the biggest consumer of electric vehicles globally. The EV sales report by the International Energy Agency stated that in 2022, a total of 4.40 million BEVs were sold in China, which increased to about 5.4 million in 2023. Similarly, BEV sales grew in India to 82,000 units sold in 2023, which was about 48,000 units in 2022.

Reasons for buying this report:-

• Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
• Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
• Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
• Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
• Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The EV telematics market is analyzed into the following segments:

By Solution

• Hardware
• Software
• Services

By Vehicle Type

• Battery Electric Vehicles (BEVs)
• Plug-In Hybrid Electric Vehicles (PHEVs)
• Hybrid Electric Vehicles (HEVs)

By Vehicle Weight

• Light
• Heavy

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Others