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Automotive Electronic Logging Device Market Size, Growth, Share, Analysis And Forecast Report 2024-2033
Automotive Electronic Logging Device Market Size
Automotive Electronic Logging Device Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $17.40 Bn In 2028 At A CAGR Of 5.9%
The automotive electronic logging devices (ELDs) market size has grown strongly in recent years. It will grow from $13.09 billion in 2023 to $13.83 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to a rise in the adoption of telematics solutions, a rise in the concerns about driver fatigue management, the growth of the gig economy and last-mile delivery services, the need for accurate hours of service tracking, increased demand for comprehensive compliance reporting.
The automotive electronic logging device market size is expected to see strong growth in the next few years. It will grow to $17.40 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing emphasis on efficiency and productivity, increasing focus on supply chain visibility, growing demand for driver behavior monitoring solutions, growing transportation and logistics sector, and increasing investment in smart transportation infrastructure. Major trends in the forecast period include technological advancements in ELD hardware, a shift towards paperless recordkeeping, the development of mobile ELD applications, expansion of the commercial trucking industry, and advancements in data security and privacy measures.
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Automotive Electronic Logging Device Market Major Segments
The automotive electronic logging device market covered in this report is segmented -
1) By Component: Display, Telematics Unit
2) By Form Factor: Embedded, Integrated
3) By Service Type: Entry Level, Intermediate, High End
4) By Vehicle Type: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)
Key Driver - Impact Of The Transportation And Logistics Sector On The Automotive Electronic Logging Device Market
The growing transportation and logistics sector is expected to propel the growth of the automotive electronic logging device market going forward. Transportation and logistics refer to the movement and management of goods, people, and resources from one location to another efficiently and effectively. The demand for transportation and logistics is growing due to e-commerce expansion and the demand for efficient supply chain management. ELD systems provide real-time monitoring capabilities, enabling fleet managers to track vehicle status and position, monitor driver behavior, and receive alerts for potential issues such as unauthorized vehicle use or excessive idling. ELDs streamline record-keeping processes in the transportation and logistics sectors by automating the collection and storage of critical data related to driver activity and vehicle operations. For instance, in July 2023, according to the 2023 State of Logistics Report by Logistics Management, a US-based trade publication platform for logistics and transportation, over the year 2022, commercial logistics expenses in the United States surged to $2.3 trillion, which is up 19.6% from 2021. Therefore, the growth of the transportation and logistics sector is driving the growth of the automotive electronic logging device market.
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Prominent Trend - Development Of Innovative Product To Enhance Fleet Management And Compliance
Major companies operating in the automotive electronic logging device market are focusing on advanced products, such as Vehicle Link ELD, to gain a competitive edge in the market. The Vehicle Link ELD is a compact device that provides hours of service (HOS) reporting, driver vehicle inspection report (DVIR) logs, and more. For instance, in May 2022, Rand McNally, a US-based company that provides commercial transportation technology solutions, launched the Vehicle Link ELD, a new ELD designed to enable managers to check truck location and vehicle status in fleets with several trucks. It is simple, reliable, and readily hidden within the vehicle. It is a small electronic logging device that plugs into a truck's diagnostic port and pairs with the Rand VL app on an Android phone or tablet, transmitting HOS information to the app for reporting. It enables drivers to complete vehicle inspection reports electronically, improving safety and compliance measures. Tracking spending on fuel is vital for International Fuel Tax Agreement (IFTA) reporting.
Automotive Electronic Logging Device Market Players
Major companies operating in the automotive electronic logging device market are Verizon Communications Inc., AT&T Inc., Garmin Ltd., Trimble Inc., Stoneridge Inc., Donlen LLC, Geotab Inc., Omnitracs LLC, WorkWave LLC, CalAmp Corporation, Spireon Inc., Motive Technologies Inc., MiX Telematics Limited, Samsara Inc., EROAD Inc., Azuga Inc., GPS Insight LLC, Rand McNally, Trucker Path Inc., Whip Industries Inc., Fleet Complete Inc., Idelic Inc., Teletrac Navman US Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the automotive electronic logging device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive electronic logging device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Electronic Logging Device Market Report Structure
3. Automotive Electronic Logging Device Market Trends And Strategies
4. Automotive Electronic Logging Device Market - Macro Economic Scenario
5. Automotive Electronic Logging Device Market Size And Growth
…..
27. Automotive Electronic Logging Device Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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