Connect with us

Technology

Electric Vehicle Remote Diagnostics Market to Grow by USD 4.10 Billion (2024-2028), AI-Driven Report Highlights Impact of Falling Battery Prices on EV Demand – Technavio

Published

on

NEW YORK, Sept. 27, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Electric Vehicle Remote Diagnostics Market size is estimated to grow by USD 4.10 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  39.04%  during the forecast period. Reducing battery pack prices boosting EV demand is driving market growth, with a trend towards growing popularity of remote diagnostics services in electric buses  However, subscription cost associated with EV remote diagnostics services  poses a challenge – Key market players include AB Volvo, Beijing Automotive Group Co. Ltd., Bayerische Motoren Werke AG, Chongqing Changan Automobile Co. Ltd., Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., KIA CORP., Li Auto Inc., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Renault SAS, Stellantis NV, Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Electric Vehicle Remote Diagnostics Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 39.04%

Market growth 2024-2028

USD 4104.5 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

29.04

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 64%

Key countries

China, US, Germany, France, and Japan

Key companies profiled

AB Volvo, Beijing Automotive Group Co. Ltd., Bayerische Motoren Werke AG, Chongqing Changan Automobile Co. Ltd., Ford Motor Co., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., KIA CORP., Li Auto Inc., Mahindra and Mahindra Ltd., Mercedes Benz Group AG, Mitsubishi Motors Corp., Renault SAS, Stellantis NV, Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG

Market Driver

Electric buses are experiencing increasing popularity worldwide, particularly in China, due to substantial investments and initiatives to expand their usage and infrastructure. The demand for electric buses is growing among both public and private sectors, and this trend is anticipated to continue. The adoption of electric buses for public transportation is on the rise globally. In response, bus manufacturers and telematics service providers are developing solutions to enhance the efficiency of electric buses. For instance, ViriCiti offers various packages for monitoring electric buses, catering to diverse customer requirements. These packages focus on operational improvement, driver behavior, and maintenance. The maintenance package is particularly noteworthy as it enables maintenance teams and OEMs to identify technical failures remotely, reducing costs and preventing issues. This package includes a remote diagnostic tool that pinpoints the exact location of a faulty battery cell or vehicle component. Similarly, bus manufacturers are developing remote diagnostic solutions to improve maintenance options, contributing to the expansion of the global electric vehicle remote diagnostics market. 

The Electric Vehicle (EV) Remote Diagnostics market is experiencing significant growth due to the increasing popularity of automotive remote diagnostics in both passenger and commercial vehicles. This trend is driven by the use of wireless networks like 3G, 4G, Wi-Fi, and Bluetooth for real-time communication between diagnostic equipment and automobile systems. Computer software enables vehicle performance analysis, identifying failures in real-time, and providing vehicle health alerts. Fleet operators and commercial vehicle suppliers benefit from data collection, service downtime reduction, and component defect identification. The Internet of Things (IoT) and telematics play a crucial role in creating connected car ecosystems, enhancing the driving experience for luxury and sports vehicles. Safety and security are prioritized with automatic crash notification, vehicle location tracking, and roadside assistance. Advanced sensors and communication technologies enable predictive maintenance and AI-driven predictive analytics for battery health monitoring and other maintenance needs. As 5G technology emerges, it will further enhance the capabilities of remote diagnostics. Human-Machine Interface and IoT technologies ensure seamless interaction between vehicle owners and their vehicles. However, cybersecurity risks necessitate robust security measures to protect sensitive vehicle data. Automakers must address these challenges to provide reliable and secure remote diagnostic solutions for their customers. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

Market Challenges

The electric vehicle (EV) remote diagnostics market is experiencing significant growth due to the increasing popularity of EV telematics applications and services. Remote diagnostic services are often included in bundled offerings of connected car services, utilizing the same telematics control units and hardware components. OEMs can earn revenues through subscriptions by bundling remote diagnostics with other connected car offerings. However, customer reluctance to pay for these services, particularly in price-sensitive markets, poses a challenge. To increase uptake, some EV variants offer remote diagnostics as optional services with customized pricing strategies. Vendors must optimally price their subscription packages to attract a wider customer base, but this may add to the overall cost of connected car offerings. For example, OnStar offers its OnStar safety and security plan with remote access for USD34.99 per month, while the base plan without remote diagnostics is priced at USD24.99. Price-sensitive customers may opt for the base package, potentially hindering the growth of the electric vehicle remote diagnostics market.The Electric Vehicle (EV) Remote Diagnostics market is experiencing significant growth due to the increasing adoption of EVs and the integration of Internet of Things (IoT) and telematics in the automotive industry. However, challenges persist in this market. Data collection from advanced sensors and communication technologies in EVs can be complex, leading to service downtime and component defects. Connected car ecosystems, including luxury and sports vehicles, require real-time vehicle health alerts and predictive analytics for maintenance. Fleet operators and commercial vehicle suppliers benefit from EV remote diagnostics, but cybersecurity risks and human-machine interface design are bottlenecks. Automakers must address these challenges using AI, predictive analytics, and 5G technology to improve the driving experience, ensure safety and security, and provide vehicle tracking and battery health monitoring for vehicle owners. Bluetooth and vehicle electrification are also key considerations in this market.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This electric vehicle remote diagnostics market report extensively covers market segmentation by  

Application 1.1 Passenger cars1.2 Commercial vehiclesType 2.1 Equipment2.2 SoftwareGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Passenger cars-  The Electric Vehicle (EV) Remote Diagnostics Market is experiencing significant growth due to increasing demand for efficient and cost-effective maintenance solutions. This market allows automakers and fleet operators to monitor EV health in real-time, identify potential issues, and perform diagnostic checks remotely. This not only reduces downtime but also enhances customer satisfaction and safety. Key players in this market include Bosch, Continental AG, and Delphi Technologies, who are investing heavily in developing advanced remote diagnostic systems for EVs.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

Electric Vehicle (EV) remote diagnostics refer to the use of wireless networks and diagnostic equipment to monitor and analyze vehicle performance in real-time. This technology enables automakers to identify and address failures and maintenance needs proactively, reducing downtime and enhancing the overall EV ownership experience. The automotive industry is rapidly embracing this technology as part of the vehicle electrification and connected-car ecosystem. EV remote diagnostics cover various automobile systems, including battery health monitoring, human-machine interface, and cybersecurity risks. However, challenges such as technology bottlenecks and cybersecurity risks must be addressed to ensure a seamless and secure diagnostic experience. Real-time monitoring and analysis of vehicle data can lead to more efficient service time and improved vehicle performance.

Market Research Overview

Electric Vehicle Remote Diagnostics: Revolutionizing Automotive Maintenance with Wireless Networks and Computer Software Electric Vehicle (EV) Remote Diagnostics is a game-changer in the automotive industry, enabling real-time monitoring and analysis of vehicle performance through wireless networks and computer software. This innovative technology allows for automatic crash notification, vehicle location tracking, roadside assistance, data collection, and vehicle health alerts. Passenger vehicles and commercial vehicles alike benefit from this advanced system, with luxury and sports vehicles also adopting the technology for enhanced safety and security. Real-time data collection and predictive analytics enable early identification of component defects and service downtime, reducing overall maintenance costs and improving the driving experience. Connected car ecosystems, including IoT technologies and telematics, play a crucial role in EV Remote Diagnostics. Communication technologies such as 3G, 4G, Wi-Fi, Bluetooth, and 5G, as well as advanced sensors, facilitate seamless data transfer and analysis. Fleet operators and commercial vehicle suppliers are major adopters of this technology, ensuring optimal fleet performance and reducing downtime. However, cybersecurity risks associated with IoT technologies and connected cars are a significant concern, necessitating robust security measures. Battery health monitoring is a critical application of EV Remote Diagnostics, ensuring the longevity and efficiency of electric vehicle batteries. Human-Machine Interface (HMI) and AI technologies further enhance the user experience, providing vehicle owners with valuable insights and alerts. Despite its numerous benefits, challenges such as technology bottlenecks, cybersecurity risks, and vehicle electrification remain key considerations for automakers and industry stakeholders. The future of EV Remote Diagnostics lies in the integration of advanced technologies and a focus on enhancing the driving experience while ensuring safety and security.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationPassenger CarsCommercial VehiclesTypeEquipmentSoftwareGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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.

Contacts

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/

View original content to download multimedia:https://www.prnewswire.com/news-releases/electric-vehicle-remote-diagnostics-market-to-grow-by-usd-4-10-billion-2024-2028-ai-driven-report-highlights-impact-of-falling-battery-prices-on-ev-demand—technavio-302259789.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Invisors recognised as one of the UK’s Best Workplaces in Consulting and Professional Services™

Published

on

By

GLASGOW, Scotland, Sept. 27, 2024 /PRNewswire/ — The 2024 UK’s Best Workplaces in Consulting and Professional Services ™ list was revealed by Great Place To Work® UK, recognising Invisors among the list of organisations in the small category. Invisors’ employees anonymously reported that the resources, dedication and integrity make the company a great place to work.

The Best Workplaces in Consulting and Professional Services™ list is created using the anonymous feedback from employees working in the industry about their workplace experience. These firms cover a diverse range of knowledge intensive roles, from legal services to management consultancy, engineering, marketing and advertising, telecoms, real estate, recruitment and travel management to name a few.

“Being named on the UK’s Best Workplaces in Consulting & Professional Services™ 2024 is something we are incredibly proud of,” shares Matt Smith, EMEA Commercial Lead at Invisors. “Consulting and providing the best Workday solutions to our clients is at the core of our philosophy and being recognised in this space is important and testimony to the work our team does every day.”

Great Place To Work® UK administered their research-backed Trust Index© employee survey and analysed the responses of UK-based consulting and professional services employees to determine the Best Workplaces™ list. The surveys asked employees to comment on how their company supports their work-life balance, sense of fulfilment, job satisfaction, psychological safety and financial security. Evaluations also included an assessment of how well the organisation was able to deliver consistency of their employee experience across all departments and seniority levels.

Analysis of the sector employee survey responses found that 93% of employees at the UK’s Best Workplaces for Consulting & Professional Services say “Taking everything into account, I would say this is a great place to work” compared to a UK average for sector of 69%.

Benedict Gautrey, Managing Director of Great Place To Work® UK said:

“By viewing employees as their greatest asset, leaders of these top-performing Consulting and Professional Services organisations work to ensure their projected employer image is aligned with employees’ real, lived experiences of the workplace. Best Workplaces recognise the vital role reputation plays in driving overall brand and business success – understanding that people (candidates, colleagues and customers) are a brand’s most critical touchpoints. It’s great to see so many examples of organisations making their workplaces truly ‘great’. A huge congratulations to Invisors for making it onto this list.”

In addition to Invisors’ recognition as one of the UK’s Best Workplaces in Consulting, the company has also been certified a Great Place to Work and named on GPTW’s Best Workplaces for Development UK List and Best Workplaces for Women UK List.

About Invisors 

As a certified Workday Services Partner, Invisors helps customers utilize their organizational data to make better-informed business decisions through the deployment of Workday. With a focus on delivering exceptional client experiences, Invisors helps organizations unlock the full potential of their Workday investments. We believe the most important measure of our team’s success is our client’s ability to achieve their big-picture vision. From initial deployments to ongoing projects, we are focused on elevating perspectives + transforming results. Learn more by visiting invisors.com.

Invisors is a consulting firm specializing in Workday implementations and support services. The company’s innovative approach and commitment to excellence have established Invisors as a trusted advisor in the industry.

About Great Place To Work®

Great Place To Work® is the global authority on workplace culture, on a mission to make every company a great workplace for all. Every year, they receive direct feedback from over 10 million workers around the world telling us how they really feel about their employer. Their survey is completely confidential and anonymous, so people can feel comfortable to be honest about their workplace and companies can gain detailed insights into how they can better serve their people.

Only those employers who have the highest levels of trust, job satisfaction and who empower ALL their employees to thrive both in and outside of work are awarded official Best Workplaces™ recognition.

Logo – https://mma.prnewswire.com/media/1446927/Invisors_Logo.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/invisors-recognised-as-one-of-the-uks-best-workplaces-in-consulting-and-professional-services-302260739.html

Continue Reading

Technology

Maryland Small Business Owner Brynne Krispin Honored as One of The Daily Record’s Leading Women Under 40

Published

on

By

The list highlights dynamic young women who are making significant contributions to their communities and industries

FREDERICK, Md., Sept. 27, 2024 /PRNewswire-PRWeb/ — Cause Fokus is proud to announce that its Founder and CEO, Brynne Krispin, has been recognized by The Daily Record as one of this year’s Leading Women Under 40. This prestigious award highlights dynamic young women who are making significant contributions to their communities and industries, excelling in their professions, and setting an example for the next generation of leaders.

“This recognition reflects the hard work and passion I have for supporting leaders who are making a difference in the world.” – Brynne Krispin, Founder and CEO, Cause Fokus

Brynne Krispin’s recognition is a testament to her dedication to empowering social impact organizations through Cause Fokus, a social media agency specializing in thought leadership and personal branding for purpose-driven executives.

In just one year, Krispin’s unwavering dedication and strategic acumen propelled Cause Fokusto unprecedented heights. Under her guidance, the agency experienced extraordinary growth, expanding its revenue by 238%.
Furthermore, Krispin’s commitment to fostering a supportive and inclusive work environment has been evident in her efforts to expand her remote team from 2 to 10 members. Knowing the social media industry has one of the [highest burnout rates, she remains committed to building a culture where innovation, curiosity, and work-life balance flourish.

Krispin’s impact extends far beyond the realm of business. As a single parent and active member of her community in Frederick, MD, she “embodies the values of compassion, empathy, and social responsibility,” according to the Leading Women Under 40 award.

In addition to her professional endeavors, Krispin generously volunteers her time and expertise, serving on the board of the Friends of the Child Advocacy Center and is a member of the Frederick Key City Rotary Club, Walkersville Business & Professional Association, and Washington Women in PR. Her dedication to giving back underscores her deep-rooted commitment to making a meaningful difference in the lives of others.

“I am incredibly humbled and honored to be included in this group of inspiring women,” said Krispin. “This recognition reflects the hard work and passion I have for supporting leaders who are making a difference in the world. I believe that telling their stories with empathy and compassion can truly transform how we drive change, and I’m grateful to be part of that journey.”

The Daily Record’s Leading Women Under 40 award recognizes not only professional achievements but also dedication to community involvement and mentorship. Krispin’s work with Cause Fokus is deeply aligned with these values, as the agency continues to provide essential support to leaders in the nonprofit and social impact sectors.

While working as a social media manager at International Justice Mission in Washington, DC, Krispin started noticing this trend: the social media campaigns that integrated a personal account in addition to the brand’s social accounts produced the highest results. “People want to connect with people, not a logo,” Krispin said.

Following a mix of instincts and data, Krispin began testing and experimenting with social media strategies that leverage the influence and credibility of individuals rather than just a company’s brand.

“With the rise of thought leadership and the importance of building an executive presence online, it became clear that the more we tapped into an individual’s expertise – their stories, perspectives, and experience – the faster we saw audience growth, engagement, and brand loyalty increase.

“As we enter into a new era of AI, deep fakes, and feeling overwhelmed by the options that are available to us online, the more we’re seeing people crave real, authentic human connection with leaders they know and trust. This isn’t a trend that’s going away – it’s the future of social media,” Krispin said.

Cause Fokus was also honored as one of DC’s Top 10 Best New Advertising Startup Revolutionizing the US Market by BestStartUp.com in January 2024.
Since its founding in 2022, Cause Fokus has helped hundreds of leaders in the social impact sector build their online presence, amplify their voices, and elevate their impact in the communities they serve.

For more information about Cause Fokus and its mission, visit causefokus.com or connect with Brynne on LinkedIn.

About Cause Fokus
Cause Fokus is a social media agency focused on helping mission-driven leaders and organizations build their thought leadership and executive presence online. By offering strategic content, community management, and consulting, Cause Fokus helps leaders turn their passive social media audiences into loyal advocates.

Media Contact

Amy Tarnoviski. Partnerships Coordinator, Cause Fokus, (240) 273-1561, amy@causefokus.com, https://causefokus.com/

View original content to download multimedia:https://www.prweb.com/releases/maryland-small-business-owner-brynne-krispin-honored-as-one-of-the-daily-records-leading-women-under-40-302260434.html

SOURCE Cause Fokus

Continue Reading

Technology

Mercy Executive Named Among Top Data/AI Leaders in Nation

Published

on

By

ST. LOUIS, Sept. 27, 2024 /PRNewswire/ — Mercy’s industry-leading work in data and artificial intelligence has placed Byron Yount, PhD, chief data and AI officer and vice president of transformation operations, in good company with two prestigious organizations – the Gartner Research Board and Artificial Intelligence 150 (AI150) by Constellation Research. Both groups recognize innovative leadership from around the world in the fast-growing area of AI.

“It’s humbling to be listed among the leading voices in AI, and a testament to Mercy’s long commitment to innovation.”

Yount first joined the St. Louis-based health system in 2014 and has served in his current role since September 2023. He has been instrumental in Mercy’s development and use of AI to improve patient care by tapping into more than a decade of de-identified data in electronic health records. He has also been key in the collaboration with Mayo Clinic, as Mercy became the first health system to join the Mayo Clinic Platform_Connect.

The Gartner Research Board (GRB) brings together the most influential business leaders into a global forum in which members can test their thinking, gain a comprehensive view of the future and accelerate their impact. Mercy’s Yount is now one of many representing large-scale organizations that are part of this exclusive board, which are comprised of Fortune 500 organizations leading their respected industries.

The 2024 Constellation Research AI150 is an elite list of executives leading AI transformation efforts around the globe. In the inaugural year for the list, nominations from peers, industry influencers, technology vendors and analysts were included in a six-month selection process. Each executive on the list demonstrates an understanding of how the business environment is transforming in response to digital and exponential technologies –technologies that double in capability or performance over a short period of time – and are actively preparing their companies to excel during and after the transformation. 

“It’s humbling to be listed among the luminaries and leading voices in AI from around the world, and a testament to Mercy’s long commitment to digital innovation,” Yount said. “AI is becoming increasingly common, vital and advanced for all industries. I’m proud to work with a world-class team dedicated to harnessing its power to create a meaningful, equitable impact for our patients and care teams.”

“This rapidly evolving field has pioneers, policy shapers and practitioners that will transform industries,” noted R “Ray” Wang, founder and CEO at Constellation Research. “The AI150 is our attempt of identifying a small slice of the innovators and change agents who are making substantial contributions to the advancement of this revolution.”

Mercy is a founding member of Coalition for Health AI (CHAI), an organization whose mission is to be the trusted source of guidelines for responsible AI in health. Yount worked with other CHAI members to draft an AI Assurance Standards Guide, recently released, which provides considerations to ensure standards are met in the deployment of AI in health care.

Mercy, one of the 20 largest U.S. health systems and named the top large system in the U.S. for excellent patient experience by NRC Health, serves millions annually with nationally recognized care and one of the nation’s largest and highest performing Accountable Care Organizations in quality and cost. Mercy is a highly integrated, multi-state health care system including more than 50 acute care and specialty (heart, children’s, orthopedic and rehab) hospitals, convenient and urgent care locations, imaging centers and pharmacies. Mercy has over 900 physician practice locations and outpatient facilities, more than 4,500 physicians and advanced practitioners and 50,000 co-workers serving patients and families across Arkansas, Kansas, Missouri and Oklahoma. Mercy also has clinics, outpatient services and outreach ministries in Arkansas, Louisiana, Mississippi and Texas. In fiscal year 2023 alone, Mercy provided more than half a billion dollars of free care and other community benefits, including traditional charity care and unreimbursed Medicaid.

View original content to download multimedia:https://www.prnewswire.com/news-releases/mercy-executive-named-among-top-dataai-leaders-in-nation-302260290.html

SOURCE Mercy

Continue Reading

Trending