CORRECTING and REPLACING Global Electric Vehicle Remote Diagnostics Market 2019-2023 | Reducing Battery Pack Prices Boosting EV Demand | Technavio

Headline of release dated December 13, 2018 should read: Global Electric Vehicle Remote Diagnostics Market 2019-2023 | Reducing Battery Pack Prices Boosting EV Demand | Technavio (instead of Global Electric Vehicle Remote Diagnostics Market 2019-2023 | Reducing Battery Pack Prices Boosting EV to Boost Demand | Technavio).

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Technavio has released a new market research report on the global electric vehicle remote diagnostics market for the period 2019-2023. (Graphic: Business Wire)

The corrected release reads:

GLOBAL ELECTRIC VEHICLE REMOTE DIAGNOSTICS MARKET 2019-2023 | REDUCING BATTERY PACK PRICES BOOSTING EV DEMAND | TECHNAVIO

Technavio analysts forecast the global electric vehicle remote diagnostics market to grow at a CAGR of over 47% during the forecast period, according to their latest market research report.

5G technology prominence in the automotive market is one of the major trends being witnessed in the global electric vehicle remote diagnostics market 2019-2023. Prominent vendors are making constant efforts to develop automotive telematics applications based on 5G technology. LG Electronics teamed up with Intel in pilot testing 5G technology in automotive telematics in 2016. In 2018, AT&T became the first US company to introduce mobile 5G service that can be used for smart mobility and autonomous vehicles. Therefore, developments in the adoption of 5G technology will have a positive influence on the global EV remote diagnostics market during the forecast period.

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According to Technavio analysts, one of the key factors contributing to the growth of the global electric vehicle remote diagnostics market is the reducing battery pack prices boosting EV demand:

Global electric vehicle remote diagnostics market: Reducing battery pack prices boosting EV demand

The global EV remote diagnostics market is highly dependent on the adoption of EVs. Therefore, factors supporting the adoption of EVs are crucial for the market. Since EVs function on battery-powered systems, battery costs are critical contributors to the upfront cost of EVs. With manufacturers leveraging economies of scale and shifting their manufacturing bases to low-cost locations, the battery costs are declining steadily. Therefore, the reducing battery pack prices boosting EV demand is expected to fuel the growth of the market.

According to a senior analyst at Technavio for research on automotive electronics, “Most government bodies are taking several initiatives to promote the adoption of EVs. For instance, in China, firms that manufacture EVs can claim subsidies from the government, and this includes foreign companies with manufacturing units in the country. The countries like the US and China are also investing in developing fast-charging stations. These factors are expected to fuel the market growth.”

Global electric vehicle remote diagnostics market: Segmentation analysis

The global electric vehicle remote diagnostics market research report provides market segmentation by application (passenger cars and commercial vehicles) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The APAC region held the largest share of the market in 2018, accounting for over 41% share, followed by EMEA and the Americas respectively. The APAC region will continue to dominate the market with the highest incremental growth during the forecast period.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005595/en/