NEW YORK, March 16, 2023 /PRNewswire/ — According to Technavio, the global electric vehicle remote diagnostics market size is estimated to grow by USD 1,905.56 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 28.11% during the forecast period. The decline in prices of battery packs is the notable driver for the growth of the market during the forecast period. This will prompt the manufacturers in China to develop Li-ion batteries for electric vehicles (EV) at a competitive price compared to lead-acid batteries. The electric vehicle remote diagnostics market was valued at USD 358.27 million in 2017.

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Electric Vehicle Remote Diagnostics Market – Segmentation Assessment Segment Overview

Technavio has segmented the market based on application (passenger cars and commercial vehicles), type (equipment and software), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth of the passenger cars segment will be significant during the forecast period. Telematics services are in high demand in the electric vehicle segment. Rising customer demands for uninterrupted travel and simultaneous connectivity are driving demand for remote diagnostics and telematics in vehicles.

Geography Overview By geography, the global electric vehicle remote diagnostics market is segmented into APAC, Europe, North America, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric vehicle remote diagnostics market.

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• APAC is estimated to contribute 60% of the global market growth during the forecast period. Technavio’s analysts detail the regional trends and factors that will shape the market during the forecast period. Countries like China and Japan enhance their contribution to APAC in the electric vehicle (EV) remote diagnostics market. Increasing contributions from countries such as India and Indonesia during the forecast period should further benefit the market.

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Electric Vehicle Remote Diagnostics Market – Vendor Analysis

The electric vehicle remote diagnostics market is fragmented with the presence of several vendors. BAIC Motor Corp. Ltd., Bayerische Motoren Werke AG, Chongqing Changan Automobile Co. Ltd., Ford Motor Co., General Motors Co, Hyundai Motor Co., Kia Motors Corp., Li Auto Inc., Mercedes Benz Group AG, Mitsubishi Motors Corp., Renault SA, Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., Volkswagen AG, Volvo Car Corp., XPeng Inc., Honda Motor Co. Ltd., and Stellantis NV are some of the major vendors in the market.

Electric Vehicle Remote Diagnostics Market – Market Dynamics

Leading trends influencing the market 

The increasing popularity of remote diagnostic services on electric buses is a major market trend expected to fuel the market during the forecast period. Inspired by this, bus manufacturers and telematics service providers are developing solutions to make electric buses more efficient. For instance, ViriCiti offers multiple packages to monitor electric buses designed to suit the needs of a wide range of customers. Hence, factors like these further support the electric vehicle remote diagnostics market growth during the forecast period.

Major challenges hindering the market growth

A major challenge to market growth is the subscription cost associated with electric vehicle remote diagnostic services. The electric vehicle remote diagnostics market relies on low cost because these applications use the same telematics controllers and hardware components as other connected car products. Therefore, bundling remote diagnostics with other connected car products is particularly important for OEMs. Vendors offer remote vehicle diagnostics as an optional product to allow buyers to choose the connected applications they use most. For example, OnStar offers its OnStar security plan with remote access for USD 34.99 per month, while the basic plan without remote access costs USD 24.99 per month.

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What are the key data covered in this Electric Vehicle Remote Diagnostics Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the electric vehicle remote diagnostics market between 2023 and 2027

• Precise estimation of the size of the electric vehicle remote diagnostics market size and its contribution to the market with a focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the electric vehicle remote diagnostics market across APAC, Europe, North America, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of electric vehicle remote diagnostics market vendors

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.

Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/

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SOURCE Technavio