Electric Vehicle Telematics Global Market Report 2024

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 observed in the historic period can be attributed to various factors, including the expansion of vehicle tracking capabilities, the implementation of remote diagnostics systems, the integration of charging infrastructure, heightened emphasis on fleet management solutions, advancements in range prediction technologies, the monitoring of driver behavior, the adoption of over-the-air updates, improved energy management systems, the implementation of predictive maintenance measures, and the provision of eco-driving feedback. These factors collectively contributed to the advancement and adoption of electric vehicle telematics during this period.

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 anticipated growth in the forecast period is expected to be driven by the increasing demand for connected services in vehicles, advancements in battery state of charge (SoC) prediction, driving range estimation, energy consumption forecasting, and the prediction of charging station availability. Additionally, factors such as the analysis of traffic conditions, assessment of weather impacts, forecasting of driver behavior, route optimization, prediction of vehicle health, and demand for charging services are expected to contribute to this growth. Major trends projected for the forecast period include advancements in telematics technology, the expansion of charging infrastructure, integration with smart grids and energy management systems, a shift towards usage-based insurance models, heightened focus on data security and privacy, and the emergence of innovative applications such as V2X communication. These trends collectively indicate a significant evolution and expansion of electric vehicle telematics in the coming years.

The surge in electric vehicle (EV) adoption is expected to drive growth in the electric vehicle telematics market. This rise in popularity refers to the increasing preference for vehicles powered by electricity, replacing traditional internal combustion engine (ICE) vehicles. Factors contributing to this demand include improved availability of charging infrastructure, growing consumer interest, and environmental regulations favoring cleaner transportation options. Electric vehicle telematics enhances EV functionality and efficiency through real-time data, remote monitoring and control, predictive maintenance, and connectivity features. For example, Australia experienced a significant increase in EV sales, reaching 46,624 by June 2023, marking a 269% rise from the same period in 2022. EVs now constitute 8.4% of new car sales, indicating a 120.5% increase from 2022, thus propelling the growth of the electric vehicle telematics market.

In the electric vehicle telematics market, major companies are concentrating on developing innovative technologies to gain a competitive advantage. One such technology is global positioning system (GPS) data analysis, which involves processing, interpreting, and extracting insights from GPS data. Utilizing algorithms, statistical methods, and visualization techniques, GPS data analysis provides valuable information about vehicle location and movement. For instance, Quartix launched EVolve in May 2022, a service designed to assist companies in transitioning to electric vehicles by analyzing fleet GPS data, vehicle types, distances traveled, and EV and charging point information. This service simplifies decision-making regarding EV adoption and aids in reducing fleet emissions by leveraging real-world data.

In October 2023, Banyan Software Inc. bolstered its presence in the telematics industry by acquiring LEVL Telematics Limited. This strategic acquisition aimed to expand Banyan Software's offerings and provide customers with a comprehensive telematics solution. LEVL Telematics Limited specializes in fleet management and telematics solutions, particularly for electric vehicles, aligning with Banyan Software's goal of catering to evolving market demands and enhancing its competitive position.

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.

Asia-Pacific was the largest region in the electric vehicle telematics market in 2023. 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. The countries covered in the electric vehicle telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric Vehicle (EV) telematics involves the seamless integration of telecommunications and informatics technologies to deliver comprehensive data and information pertaining to electric vehicles. This encompasses the monitoring, collection, and analysis of various vehicle-related data to facilitate functionalities such as real-time tracking, remote diagnostics, and optimizing charging strategies. Through EV telematics, users can enhance efficiency and overall user experience by leveraging data-driven insights and functionalities tailored to electric vehicle operation.

Electric vehicle telematics encompass two main types of technologies, embedded and retrofitted. Embedded technology involves the integration of specialized computing components, such as microprocessors or microcontrollers, directly into non-computing devices or systems. This integration enables these devices to perform dedicated functions seamlessly. Embedded technology finds applications in various types of vehicles, including two-wheelers, passenger vehicles, and commercial vehicles, facilitating functionalities such as safety and security features, entertainment systems, information and navigation services, diagnostics, and more.

The electric vehicle telematics market research report is one of a series of new reports that provides electric vehicle telematics market statistics, including electric vehicle telematics industry global market size, regional shares, competitors with a electric vehicle telematics market share, detailed electric vehicle telematics market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle telematics industry. This electric vehicle telematics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric vehicle telematics market consists of revenues earned by entities by providing services such as pinpointing available charging stations, energy management, cloud-based platforms, automated alerts, energy usage reports, charging station integration, and real-time monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The electric vehicle telematic market also includes sales of telematics control unit (TCU), GPS sensors, accelerometers, battery health sensors, and more. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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