LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global electric vehicle telematics market to grow at a CAGR of above 44% during the period 2018-2022, according to their latest report.
This market research report segments the global electric vehicle telematics market into the following applications, including passenger car and commercial vehicle and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the increasing stringency of emission regulations by governing bodies as a key factor contributing to the growth of the global electric vehicle telematics market:
Governing bodies increasing stringency of emission regulations
The governing bodies of various regions are upgrading their emission standards to reduce the amount of pollution caused by vehicles. The increasing sale of vehicles in the automotive industry is significantly contributing towards the declining air quality. Government organizations are now upgrading emission standards to promote non-polluting green vehicles. The development and adoption of green vehicles will majorly contribute towards reducing GHG levels in the atmosphere. Alternative sources of fuel, such as hybrid energy, electricity, and other power sources like biofuels, solar or wind energy are used in green vehicles.
According to a senior analyst at Technavio for automotive electronics, “Developing countries such as India and China are adopting standards similar to Euro emission standards to moderate vehicular emissions. GB 19578 and GB 27999 are the current regulations implemented in China. These standards target the fuel consumption of passenger car to be 5L/100KM by 2020. In India, BS IV norm is followed as of now and is planning to follow BS VI emission norms by 2020.”
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Global electric vehicle telematics market segmentation
Of the two major applications, the passenger car segment held the largest market share in 2017, accounting for nearly 98% of the market. The market share for this application is expected to increase by 2022.
APAC was the leading region for the global electric vehicle telematics market in 2017, accounting for a market share of 42%. By 2022, APAC and EMEA are expected to see positive growth in their respective market shares whereas the Americas will witness a decline in growth.
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