Indian Connected Trucks Telematics Market, Forecast to 2022
The Indian connected trucks telematics market enjoys a diverse culture, with varying degrees of development in various regions of the country. It holds a unique set of market challenges nationwide.
New York, April 14, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Indian Connected Trucks Telematics Market, Forecast to 2022" - https://www.reportlinker.com/p05878612/?utm_source=GNW The market in India, for most parts, has historically remained dormant.However, recent developments in the political, social, and economical fronts have kindled growth in this slow-paced market.
This research will study and analyse, in detail, the ongoing transformation in the Indian telematics market.Ever since the Nirbhaya case in Delhi in 2012, the government has taken a keen interest in the safety of passengers in public and commercial transportation. Many laws and proposals have been introduced to prevent such incidents from happening and to ensure safety of commercial transportation. The AIS-140 is a key regulation that mandates all commercial vehicles to be fitted with GPS-tracking devices that enable continuous tracking and tracing.
This mandate is key in driving adoption rates in the Indian telematics market. By law, every truck must carry an active GPS device, thus enabling basic telematics services of tracking, tracing, and navigation, along with SOS functionalities. However, reality seems to be different from what is expected.
A number of challenges and hurdles lie in the way of reaping tangible benefits from such regulations.Challenges such as the justification on return on investments (ROI), reluctance in spending on telematics, security concerns, lack of infrastructure and enforcement agencies, disruption in foreign investments, and technological challenges are found to be common. Amidst these, the market possesses promising growth potential and, in the next few years, is expected to display a growth spurt that will revive telematics market in India. The market is fragmented and competitive, with 41% of the market divided among the top 3 participants and the remaining 59% of the market split by several local TSPs and OEMs.
The market grew at a rate of 17% from 2018 to 2019, and is expected to grow at a steady 25% YoY from 2020. An estimated 7.42 million commercial vehicles ply the Indian roads and are serving various industries, ranging from transport and logistics, oil and gas, construction, utilities, service and maintenance, and retail and delivery. Of these, transport and logistics and oil and gas offer the highest opportunities for growth for TSPs.
The telematics installed base was evaluated at 0.29 million units, with a penetration rate of approximately 4% in 2019. The Indian telematics market is full of expectations of growth, attributed majorly to the AIS-140 regulation. This research will dissect and analyse the current market scenario and compare it with its expected future market situation, taking into consideration the KPIs and micro- and macro-economic growth trends in play.
The Indian telematics market's expected growth outburst is eventually a question of precise magnitude and timeline rather than a question of possibility. The analyst believes that the telematics market in India will be active and thriving in a couple of years.
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