Telematics has become one of the fastest emerging markets primarily driven by factors such as increasing number of vehicle accidents, rising number of vehicle thefts, demand for navigation services, etc. Though, India telematics market is in the nascent stage, but, it offers high growth opportunities to the market vendors.
According to 6Wresearch, India telematics market is expected to reach $113.7 million by 2018, growing at a CAGR of 22.8% during the period 2013-2018. India telematics market is expected to display a healthy growth rate which is expected to stem mostly from the commercial markets like fleet management. Further, the growth of the India telematics market is expected to be impacted by growing infrastructure.
At present, telecom network enabled telematics is gaining momentum as modules based on 2G/2.5G/3G platforms are less costly than satellite modules. Currently, 2G/2.5G based modules have dominated the Indian telematics market, but with the launch of 3G and 4G networks, a shift towards 3G and 4G based modules is expected over the coming years.
Currently, pre-fitted/embedded modules have contributed for majority of the market revenues in the Indian telematics market. However, future market growth will be driven by aftermarket. The presence of huge untapped vehicle base & popularity in the future passenger vehicle segment is expected to spur the aftermath telematics market in India. The aftermarket telematics is expected to contribute 29.0% of the total market revenues in 2018, growing at a CAGR of 38.3% from 2013-2018.
Telematics market in India is still in the nascent stage, but offers high growth opportunities to the market vendors. Though, telematics market in India is relatively old, but has experienced low adoption on account of lack of awareness. However, in the coming years we expect a significant demand from fleet based telematics. Also, with the growing number of cab service providers/vendors, the demand for telematics modules is expected to grow significantly.
Rise of telematics market in India is also led by government initiatives for instance; recently government has announced the INR12, 000cr ($2.4bn) for modernization of police forces, including strengthening of security network in all major cities. These initiatives will act as a mojor growth driver for the Indian telematics market over the coming years.
Vehicle tracking & fleet management application has captured majority of the pie in the total telematics market share in India i.e. accounting for 95.2% of the total market revenues. The demand for telematics modules is primarily driven from commercial markets like fleet management and little by passenger vehicle segment.
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