Electric Vehicle Remote Diagnostics Market Size to Grow by USD 2.27 Billion | Revenue, Trends, Growth Opportunities, Competition, Regional Analysis and Future Outlook to 2026
NEW YORK, May 18, 2022 /PRNewswire/ -- The Electric Vehicle Remote Diagnostics Market value is set to grow by USD 2.27 billion, progressing at a CAGR of 39.3% from 2021 to 2026, as per the latest report by Technavio.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
The electric vehicle remote diagnostics market is fragmented and the vendors are deploying growth strategies such as product differentiation and innovation to compete in the market.
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Latest Drivers & Trends of the Global Electric Vehicle Remote Diagnostics Market
For instance, a battery pack cost of USD 100 per kWh is essential for electric cars to achieve price parity. The Chevrolet Bolt EV has a 57 kWh battery pack, the cost of which can be as low as USD 10,830 (considering USD 190 per kWh battery pack cost). The lower price of EVs will allow providers of remote diagnostics services to push the adoption of advanced telematics services, as the high upfront cost of EVs acts as a barrier for customers to opt for advanced packages of telematics services. A crucial factor for the decline in Li-ion battery costs is the relocation of manufacturing bases from Japan to China. This has encouraged Chinese manufacturers to develop Li-ion batteries for EVs at prices competitive to lead-acid batteries. Such factors will drive market growth in the coming years.
Spurred by this, bus manufacturers and telematics service providers are developing solutions for electric buses to make them more efficient. For instance, ViriCiti is offering multiple packages for monitoring electric buses designed to suit the needs of a wide range of customers. Bus manufacturers are also developing remote diagnosis solutions to improve maintenance options. For instance, in 2018, Solaris Bus and Coach developed the eSConnect, a remote diagnostic system for electric buses to support diagnostic solutions, improve maintenance options, and facilitate the analysis of specialized data derived from its buses. Such factors will further support the market growth in the coming years.
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Key Market Segmentation
The electric vehicle remote diagnostics market share growth by the passenger cars segment will be significant during the forecast period. The growing adoption of electric cars will boost the demand for electric vehicle remote diagnostics, which will support the market growth through this segment in the coming years. In addition, the increasing need to monitor vehicle health will give a fillip to the passenger cars segment.
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Our Electric Vehicle Remote Diagnostics Market Report Covers the Following Areas:
Regional Market Outlook
The market is segmented by Geography (Europe, APAC, North America, South America, and Middle East and Africa). 44% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for electric vehicle remote diagnostics in Europe. Market growth in this region will be faster than the growth of the market in other regions. Regular advancements in technologies and services and the introduction of all-electric trucks by prominent OEMs will facilitate the electric vehicle remote diagnostics market growth in Europe over the forecast period.
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Electric Vehicle Remote Diagnostics Market 2022-2026: Key Highlights
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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