Posted On: 2018-02-21
UAE is one of the most potential markets for telematics solutions globally. Over the last few years, the country registered an increase in deployment of telematics solutions especially in the commercial vehicle segment. Government regulations as well as an increase in demand for information transparency along with high level of services in commercial fleets are some of the key factors which are driving the growth of Commercial Vehicle Telematics (CVT) in UAE.
According to 6Wresearch, UAE Commercial Vehicle Telematics Market revenues are projected to grow at a CAGR of 7.5% during 2018-24. Rise in number of road accidents, security concerns, and need for fleet management are expected to increase the adoption of telematics solutions in the country. Moreover, increasing number of taxis in the country are likely to spur the market growth.
According to Rishi Malhotra, Senior Research Analyst, 6Wresearch, "Amongst the vendor types, aftermarket accounted for majority of the revenue share owing to presence of large number of TSP providers across the country. On the other hand, gradual growth is projected for OEM vendors over the coming years. Additionally, aftermarket telematics service providers are planning to shift their focus from hardware to software solutions."
"On the basis of applications, the vehicle tracking segment dominated the overall market as compared to on-board diagnostics telematics solutions due to installation of these telematics system in the rental cars," Rishi further added.
According to Sachin Agarwal, Research Associate, Research and Consulting, 6Wresearch, "Light commercial vehicles (LCVs) accounted for the largest market share owing to the emergence of e-commerce industry in relation to change in entire supply chain logistics from first mile pick-up to last mile delivery. However, the Heavy Commercial Vehicles (HCVs) segment is poised to register significant growth due to upsurge in construction activities for the upcoming World Expo 2020."
"Transportation sector holds the highest share followed by logistics. Increase in tourism would result in growth of number of rental cars in the country. Moreover, increase in trade would result in positive growth of logistics sector which would further stimulate the commercial vehicle telematics market over the coming months, " Sachin further added.
Some of the major companies in UAE Commercial Vehicle Telematics market include - Teltonika Ltd., Ruptela, Atrack Technology Inc., Cartrack Technologies LLC, Meitrack, and CERT Telematics LLC.
"UAE Commercial Vehicle Telematics Market (2018-2024)" provides in-depth analysis with over 41 figures and 4 tables covered in more than 90 pages. The report estimates and forecast the overall UAE Commercial Vehicle Telematics market by revenues, volume, types, regions and applications such as on-board diagnostics and vehicle tracking. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.