The India Electric 2W and 3W Vehicles IoT market was valued at US$ 32.1 million in 2022 and it is anticipated to grow up to US$ 873.6 million by 2032, at a CAGR of 36.2% during the forecast period.
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IoT provides users the ability to monitor and control devices remotely. It allows charging stations to cater their services to EV drivers and react immediately to unforeseen circumstances. CPOs (businesses that run a network of charging stations) may increase performance going ahead and enhance the charging experience through continuous data collecting from these devices.
Instead of having to cobble together the user’s system, the user can provide the simplified service and consistent uptime user clients expect with a managed IoT connection solution.
The market for electric vehicles is expanding quickly every day to reduce pollution levels in the nation. IoT-enabled scooters have joined the online delivery market to ensure productivity and the protection of both the driver and the cargo. It is changing the delivery industry as a whole.
Market Drivers and Trends
Increasing demand for IoT to track electric vehicle charging stations to decrease grid load will fuel the overall market growth. As electric vehicles (EVs) become more common, it is essential to have a method to monitor charging stations in order to reduce grid load. This can be accomplished through the use of the internet of things (IoT). Charging an EV consumes a lot of power, and if a lot of people do it at the same time, it can put a burden on the grid. The internet of things (IoT) is playing an increasingly important role in electric vehicle (EV) charging stations. The Internet of Things (IoT) can provide real-time data that can be used to optimise station performance and enhance customer experience by connecting devices and systems. The Internet of Things, for example, can be used to watch charging status and determine when a charge is finished. This data can be used to stop billing automatically or to alert the customer. The Internet of Things can also be used to monitor energy consumption and demand patterns. This data can help operators better understand how their stations are being used and identify opportunities for improvement. Hence, the benefits of using the IoT in EV are numerous and far-reaching. By leveraging the power of the IoT, can make EV charging stations more efficient, easier to use, and more reliable.
Market Restraints and Challenges
Data is more susceptible to hacker attacks and data theft because there are now numerous devices connected to the Internet and as a lot data is sent over a network. Personal information could be stolen from the system by hackers and used inappropriately. As a result, it is important to strengthen and make more hack-proof the IoT devices connected to the EV and gathering all of the information.
The risks are considerably greater than those posed by a single vehicle or even a single OEM. IoT allows a malware-ridden EV to communicate with its charging station, and from there to a network of other vehicles and even the entire power infrastructure. While a widespread threat to IT cybersecurity could be devastating to public image and cost millions to repair, a similar type of assault on automotive could have the same effect. This is one of the reasons why key stakeholders in India have requested legislation to ensure that EVs and charging stations use network segmentation technology to reduce the related risk.
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Furthermore, many of the current charging stations employ the outdated Open Charge Point Protocol, an older version of HTTP, which does not encrypt data or interactions. This could result in relay or man-in-the-middle attacks, in which attackers use an apparently legitimate signal, such as WiFi. This flaw could also enable attackers to completely reconfigure charging queries and obtain root access to the station.
USB ports on charging stations could also be used for malicious intent that could directly affect driver privacy. Through a simple flash drive, logs and data can be copied to the drive, giving attackers not only the data on the OCPP server itself, but also confidential information on users of the charging point, allowing attackers to copy their ID numbers or even track their location. For instance, according to the Indian Government Indian Computer Emergency Response Team (CERT-In), which is mandated to track and monitor cyber security incidents in India received reports of vulnerabilities in a product and application related to electric vehicle charging station. Hence, risk associated with using IOT enabled 2w-3W EV’s may hamper the industry growth to some extent.
Major Players in the India Electric 2W and 3W Vehicles IoT Market
The key players studied in the India Electric 2W and 3W Vehicles IoT market are Texas Instruments Incorporated, NXP Semiconductors N.V., Intel Corporation, TomTom International BV, Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, Google LLC, AT&T, and Robert Bosch GmbH.
India Electric 2W and 3W Vehicles IoT Market Segmentation
- Fleet Management
- Predictive Maintenance
- Vehicle Security
- Automatic Driver Assistance System
- Traffic Management
By Vehicle Type
- Electric 2-Wheelers
- Electric 3-Wheelers
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