- Telematics shipments in India to reach 50 mn units in 2030
- The report expects that the rising Electric Vehicle (EV) demand, enhanced 4G connectivity and favourable policies are potential drivers
- iTriangle leads the Indian telematics ecosystem as of now, other domestic players are expected to give tough competition to global players soon
A recent Indian telematics market analysis by Counterpoint envisaged the telematics shipments to touch the 50-million-units figure in 2030 with a Compound annual growth rate (CAGR) of 31% from 2021. Telematics is a method of using telecommunication devices to control remote objects like cars, trucks, equipment and other assets. It uses GPS technology and onboard diagnostics (OBD) to monitor the movements on a computerized map.
As India is the world’s second-largest automotive and mobility market in terms of production volume, connected telematics has a great opportunity to expand in the growing design and manufacturing ecosystem. The report noted that in 2021, telematics penetration was only 2% of the total number of vehicles on the road. As per the competitive ranking evaluation (CORE), iTriangle dominated the overall rankings for India’s telematics ecosystem.
Senior Research Analyst at Counterpoint, Soumen Mandal commented, “Presently, India’s telematics market is at a nascent stage but there is a steady demand for telematics devices. High import dependency, lack of advanced technology adoption, and infrastructure challenges have all been inhibitors. However, the rising demand for electric vehicles, ubiquitous 4G connectivity, favourable government policies, and schemes related to design and manufacturing, such as PLI and Make in India, will act as potential drivers for the demand for connected telematics devices for different mobility applications.”
As per the analysis, iTriangle stood first in the overall rankings for India’s telematics ecosystem. Teltonika and Bosch followed in the second and third positions respectively. It expects that as the market demand grows in the coming times, domestic players such as Blackbox, Rosmerta, Nippon, Accolade and Volty will compete strongly with the top players.
iTriangle’s expertise in different aspects of manufacturing and ecosystem creation has pushed the company to initiate business in Thailand and other Southeast Asian markets, noted the report. It further said that iTriangle is one of the few Indian companies to taste international waters in the telematics space.
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. The competitive ranking evaluation (CORE) is a competitive ranking evaluation that evaluates a player across important criteria. For the study of Indian telematics players, Counterpoint took seven categories and over 45 sub-categories under its CORE analysis.