Indian LCV market projected to grow at a CAGR of 7.0%

New York, January 30, 2024 – A global data and insights provider, Netscribes Inc., has published a whitepaper exploring India’s Light Commercial Vehicles(LCV) and Telematics Service Market. Soaring investments across the country and a booming customer-base, haveave led to a a favorable LCV and telematics climate. The whitepaper, titled ‘Connected Light Commercial Vehicles and Telematics Service – India’, provides an in-depth study of the LCV and Telematics landscapes, market trends, OEMs,, and innovations.

LCV sales and market sales

The Indian LCV and Telematics market is experiencing a dynamic transformation, fueled by a variety of factors. Stringent government regulations mandating telematics systems in certain vehicles, burgeoning e-commerce and retail industries driving demand for efficient delivery solutions, and rising fuel costs incentivizing businesses to optimize operations, have all contributed to a projected CAGR of 7.0% for the LCV market alone. This translates to nearly 593 thousand units by 2024, a testament to the sector’s explosive growth.

“The connected technology in the Indian light commercial vehicle (LCV) market is now evolving in a more structured manner,” stated Jaideep Kamboj, Lead Analyst (Automotive & Mobility) at Netscribes. “Furthermore, automotive OEMs have started introducing factory-fitted telematics solutions. However, their offerings may be limited to large fleet owners initially capable of placing sizable orders and benefiting from a standardized telematics solution. Contrarily, small to medium fleet owners may still opt for aftermarket telematics solutions, as these enable the integration of vehicles from various brands onto a single unified platform. Given this landscape, the industry is slated to  witness partnerships and collaborations between OEMs and aftermarket players — a trend already underway.”

Key highlights from the whitepaper include:

  • LCV market trends and growth projections in India
  • Competitive assessment of LCV portfolios and telematics solution benchmarking
  • OEM innovations, collaborations,, and market share
  • Telematics feature definitions, scope details, and comprehensive information

To access a complimentary copy of the Netscribes whitepaper “Connected Light Commercial Vehicles and Telematics Service – India,”

 

About Netscribes

Netscribes Data & Insights Pvt Ltd is a global data, insights, and digital solutions firm that helps fast-growing firms in the digital economy achieve their strategic growth objectives. Netscribes technology-driven solutions are designed to help modern enterprises thrive in a digital-first world, combat the threat of disruption, and build a competitive advantage. Our expertise lies in gathering data from varied sources, translating it into meaningful information, insights, or content, and using it to enhance customer journeys. Over the last two decades, we have helped both Fortune 500 companies as well as high-potential startups, across a range of industries, including technology, automotive, financial services, healthcare, retail & e-commerce, and CPG, leverage data to tackle disruption, understand evolving customers, and accelerate business growth. For more information, please visit https://www.netscribes.com

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