(MENAFN Press) Medium Commercial Vehicle an Emerging Segment in Indias Commercial Vehicles Telematics Market 6Wresearch
India is one of the most potential markets for telematics solutions globally. Over the last four years, the country registered increased deployment of telematics solutions especially in commercial vehicle segment. Key application areas of the market include- cold chain, courier, pharma, retail and others. Presently, cold chain sector accounted for highest market share, followed by courier and others. Cold storage freight trailers are deploying telematics solutions to gather time-series data of the temperature inside the cargo container.
According to 6Wresearch, India Commercial Vehicles Telematics Market installed base is projected to reach 1.4 million by 2022. Increasing road accidents, security concerns and need for fleet management are driving the adoption of telematics solutions in the country. Additionally, benefits such as reducing fuel consumption and repair costs would further spur the growth of the market.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, in commercial vehicle telematics market in India, Heavy-Commercial Vehicles (HCVs) accounted for majority of the market share; however, Medium Commercial Vehicles (MCVs) segment is poised to register significant growth over the next six years.
Ravindran Natarajan, Director Business Development, Trimble Navigation (Leading player of the industry) said, Although, MCVs/ HCVs covered entire market, however Light-Commercial Vehicles (LCVs) segment is anticipated to excel in the coming years. This would be primarily due to overall structuring of e-commerce industry in relation with the change in entire supply chain logistics from first mile pick-up to last mile delivery.
He further commented, During recent times, India witnessed entry of various comanies in freight market, which have changed the whole market dynamics. This would create more opportunities for telematics market players in India.
Suresh Mishra, Director, QTS Solutions (an emerging player in the market), established in 2016 said, The telematics industry in India would exhibit robust growth due to the deployment of portable telematics devices in MCVs, which runs on trip to trip basis.
He further added, Telematics market penetration in HCVs segment would reach between 90-95% by 2022 owing to growing acceptability along with mandatory policies to install telematics solutions in various commercial vehicles.
The major companies in India commercial vehicles telematics market include- Arya Omnitalk, CMC, Dhanus Technologies, EFKON, TATA Motors (Tata FleetMan) and Trimble Navigation.
India Commercial Vehicles Telematics Market (2016-2022) provides in-depth analysis with 44 figures and 8 tables covered in 100 pages. The report estimates and forecast overall India commercial vehicles market by revenue, sales volume, installed base, sectors, regions and by vendor type i.e. aftermarket and OEM. The report also gives the insights on competitive landscape, market share by companies, company profiles, market trends, drivers and restraints.
Media Source: MENA FN