Acumen Research and Consulting estimates that global electronic logging devices market is expected to reach the market value of around US$ 16.3 Bn by 2027 and is anticipated to grow at a CAGR of around 4.1% in terms of revenue during the forecast period 2020–2027.
Electronic logging devices are electronic hardware that records driving hours by attached to a commercial vehicle engine. The operational efficiency of fleet companies will play a vital role in the world electronic logging equipment market in order to improve their operational performance. Compulsory control of the commercial vehicle will also boost the world demand for electronic logger equipment. The global market for electronic logger equipment is slightly limited and is increasing at a modest pace. However, the market should grow in the near future with technological advances such as the launch of cloud-based ELD.
The report provides analysis of global Electronic Logging Devices market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
In the last few years, due to technological developments, global demand for electronic logging devices has been gradually growing. Increased digitization and the use of telematics technology fuel the growth of the market for electronic logging devices. The challenges that emerge because of the shortage of drivers would need fewer commercial vehicles to carry more freight. High adoption of IT technology and software solutions in the transport sector, will boost the demand for telematics in commercial vehicles. The driving style monitoring features, fuel consumption, and materials safety improve the overall life of commercial vehicles. Connected vehicle trends can improve route & efficiency management for commercial vehicles, especially in the developed countries, creating several opportunities for market share of the electronic logging device. Fleet management companies are working with suppliers for the introduction of such systems, due to the requirements for the deployment of these devices across several regions. Hunter Express, a freight forwarding company, partnered with Omnitracs, a leading ELD provider, to implement these regulatory compliance devices. Such partnerships will affect demand on the ELD market. It is also expected that mandatory regulation relating to commercial vehicles will boost the growth of the global market for electronic logging devices. The general market for electronic logging devices is slightly fragmented in nature and growing at a moderate rate. The software solutions innovations and the introduction of low-cost devices are expected to drive the growth of the market for the augmenting electronic logging system (ELD). Developments in new technologies and platforms are among rising market trends. Additionally, advances in technology such as the launch of cloud-based ELD are expected to grow the market in the near future. The main factor challenging the growth of the market for electronic logging devices, however, is the costs associated with these devices, in particular the embedded systems. The LCV has been in demand due to growth in the middle-class population, particularly in the Asia Pacific countries. The developments in sensor technology, artificial intelligence, and advanced computing capabilities push the implementation of these advanced devices in light commercial vehicles forward.
Europe is projected to hold a large share of the global demand for electronic logging tools, followed by North America, by Geographically. Throughout Europe, electronic recording systems are also known as digital tachographs, which are designed to record data relating to the vehicle and driver operation procedure. Strict regulations relating to commercial vehicles are expected to increase market demand for electronic devices for logging. Asia Pacific is witnessing a rapid increase in the use of commercial vehicles especially in LCV and is predictable to have considerable potential for the market size of the (ELD) electronic logging device. The region's trucking industry has been experiencing a significant rise. Owing to the increased selling volume of trucks, the BRIC countries will have a positive impact on the growth of industry. In addition, rapid development and industrialization growth is expected to hold demand high.
The market research study on “Electronic Logging Devices Market (Electronic Logging Devices Market By Type: Truck, LCV, Bus; Electronic Logging Devices Market By Component: Telematics Unit, Display, Other; Electronic Logging Devices Market By Form Factor: Embedded, Integrated; Electronic Logging Devices Market By Form Factor: Entry Level, Intermediate, High-End)) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insight on the global Electronic Logging Devices market entailing insights on its different market segments.
The global electronic logging devices market is segmented as below:
Electronic Logging Devices Market By Vehicle Type
Electronic Logging Devices Market By Component
Other (Cable, Connectors, Mounting)
Electronic Logging Devices Market By Form Factor
Electronic Logging Devices Market By Service Type
Electronic Logging Devices Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Trimble, Danlaw Technologies, AT&T, Teletrac Navman, Donlen, Wheels, Garmin, Racelogic, Tomtom Telematics, Masternaut, Intrepid Control Systems, Verizon, WorkWave, Geotab, Merchants Fleet Management, Additional Companies, Omnitracs, Vector Informatik, HEM Data Corporation, Influx Technology.
Advantages provided by ELD devices, including driver safety, fleet management and vehicle monitoring are expected to create several market growth opportunities in near future.
The market value of electronic logging devices is anticipated to be around US$ 16.3 Bn in 2027.
It is anticipated to grow around 4.1% CAGR amid the forecast period 2020-2027.
Trimble, Danlaw Technologies, AT&T, Teletrac Navman, Donlen, Wheels, Garmin, Racelogic, Tomtom Telematics, Masternaut, Intrepid Control Systems, Verizon, WorkWave, Geotab, Merchants Fleet Management, Additional Companies, Omnitracs, Vector Informatik, HEM Data Corporation, Influx Technology, and others are the prominent players in the market.
Costs associated with electronic logging devices.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
Europe held maximum share in 2019.