Rising Number of Road Accidents, Vehicle Thefts and Social Factors Driving the Market for Telematics Devices in India – 6Wresearch
In the era of connected world, telematics market has evolved as a key growing market across various countries of the globe. With mandatory rules & regulations in most of the developed nations, telematics devices have witnessed significant adoption and penetration. Although, telematics market in India is still in its nascent stage, but higher growth is exhibited over the next six years.
According to 6Wresearch, India Telematics market is projected to reach $301.23 million by 2021. Increasing road accidents, growth in organized cab services, vehicle thefts, need for fleet management and crime against women is expected to fuel the adoption of telematics devices in the country.
India Telematics market is exhibiting growth as the consumers are becoming more cautious about their safety while driving. Moreover, automobile companies are collaborating with telematics manufacturing companies to develop in-built telematics systems that can be fitted in automobiles during the production process. Aftermarket leads the market and is expected to maintain its leadership through the forecast period, but OEM segment would embrace relatively higher growth. In addition, the prices of these devices are decreasing, which in turn is driving end-users to afford and enjoy the services that telematics provides.
Optimizing fuel cost is another factor, which has spurred the market for telematics in India. Commercial segment accounts for majority of the market revenues in India’s telematics market; however, with growing awareness, adoption in passenger vehicle segment is witnessed in the country. Further, small and medium car segments offer high growth opportunities to the market players.
Some of the key players in the market include- Trimble, CMC Technology and Dhanus Technology.
“India Telematics Market (2014–2021)”provides in-depth analysis of the report with 51 figures and 11 tables covered in 101 pages. The report estimates and forecast telematics market by revenue & volume, by module fit such as aftermarket & OEM, installed base, applications and regions. The report also gives the insights on competitive landscape, market share by companies, price trends, company profiles, market drivers and restraints.