The latest report by IMARC Group, titled “India Commercial Telematics Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India commercial telematics market size reached US$ 1,005 Million in 2021. Commercial telematics is a technological solution that helps transmit long-distance information to commercial automobiles. It relies on global positioning systems (GPS) and onboard diagnostic systems to record the speed and behavior of vehicles. It also allows the interchange of information between the central authority and the commercial vehicle and alerts the fleet manager in case of any emergency or unauthorized movement. In recent years, commercial telematics has gained traction in India as it monitors the driver behavior, enabling insurance providers to determine the risk and adjust the policy accordingly.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Commercial Telematics Market Trends:
The market is primarily driven by the expanding transportation sector and the widespread adoption of smart transportation systems. In addition, various technological advancements, such as the introduction of open-source frameworks and Next-Generation Telematics Protocol (NGTP), a technology-neutral system designed to make technical adjustments in commercial vehicles, represents another major growth-inducing factor. Besides this, several key players are integrating advanced connectivity solutions with the vehicles that offer accurate insights, enhance vehicle efficiency, provide on-road assistance, and improve the driver’s overall experience. This, coupled with the implementation of favorable government policies to mandate commercial vehicle tracking, is creating a favorable market outlook across the country. Moreover, extensive research and development (R&D) activities and the emergence of video-based telematics are also propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 3,119 Million by 2027, exhibiting a CAGR of 21.52% during the forecast period (2022-2027).
- On the basis of the type, the market has been bifurcated into solution (fleet tracking and monitoring, driver management, insurance telematics, safety and compliance, V2X solutions, and others) and services (professional and managed services).
- Based on the system type, the market has been segregated into tethered, embedded, and smartphone integrated systems.
- On the basis of the provider type, the market has been classified into OEM and aftermarket.
- Based on the end use industry, the market has been segmented into transportation and logistics, media and entertainment, government and utilities, travel and tourism, construction, healthcare, and others.
- On the geographical front, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report, with the detailed profiles of the major players operating in the industry.
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