Press release
Electronic Logging Device Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Electronic Logging Device Market
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 $17.91 billion In 2028 At A CAGR Of 4.9%.
The electronic logging device market size has grown steadily in recent years. It will grow from $14.15 billion in 2023 to $14.78 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to regulatory mandates, improved compliance and accuracy, enhanced fleet management, safety and accident prevention, productivity gains, reduction in paperwork burden..
The electronic logging device market size is expected to see steady growth in the next few years. It will grow to $17.91 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to continued regulatory evolution, focus on driver well-being, smart cities and traffic management, environmental sustainability, data security measures, global supply chain challenges.. Major trends in the forecast period include advancements in telematics technology, shift to cloud-based solutions, use of artificial intelligence (ai), mobile eld applications, blockchain for data security, interoperability standards..
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Electronic Logging Device Market Major Segments
The electronic logging device market covered in this report is segmented -
1) By Component: Telematics Unit, Display, Other Components
2) By Form Factor Type: Embedded, Integrated
3) By Vehicle Type: Light Commercial Vehicles, Truck, Bus
Key Driver - Surging Electronics Demand In Automotive Industry Fuels Growth In Electronic Logging Device Market
The increasing demand for electronics in the automotive industry is expected to propel the growth of the electronic logging device market in the coming years. The automotive sector encompasses businesses involved in the making, distribution, sale, and maintenance of vehicles. The electronic logging device mandate rule by the federal motor carrier safety administration made electronic logging devices mandatory in every low-commercial vehicle. For instance, according to the National Automobile Dealers Association, a US-based trade organization representing nearly 16,500 franchised new car and truck dealerships, sales of light commercial vehicles in October 2022 totaled a seasonally adjusted annual rate of 14.9 million, which is the second-highest monthly total of that year. It was 12.7% higher than in October 2021 and up to 9.8% higher than in September 2022. Thus, the electronic logging device demand increased due to the increased sales of light vehicles due to the ELD mandate rule. Therefore, the increasing demand for electronics in the automotive industry is driving the growth of the electronic logging device market.
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Prominent Trend - Product Innovations Transforming The Electronic Logging Device Market
Product innovation is the key trend gaining popularity in the electronic logging device market. Major companies operating in the electronic logging device market are focused on developing innovative products to strengthen their position in the market. For instance, in November 2022, Trucker Path, a US-based transportation network company specializing in online and mobile services for the trucking industry, launched Geotab ELD and telematics technologies as an inclusion of its growing product portfolio. In Trucker Path ELD powered by Geotab, Electronic logging Device technology provides hours of service and driver's vehicle inspection report compliance, while telematics provides vehicle utilization, performance, and health assessments along with a wide range of other telematics-driven features.
Electronic Logging Device Market Players
Major companies operating in the electronic logging device market report are Trimble Transportation, Omnitracs LLC, Teletrac Navman Ltd., Geotab Inc., Donlen Corporation, Verizon Connect, Blue Ink Tech, CarrierWeb LLC, TomTom International BV, Assured Techmatics, BigRoad Inc., Coretex Group Limited, Transflo, Wheels Inc., EROAD Limited, Fleetup, Gorilla Safety, Drivewyze Inc., LINXUP LLC, InTouch GPS, Fleet Complete, Stoneridge Inc., AT&T Fleet Complete, Garmin Ltd., Samsara Inc., Fleetmatics Group plc, Zonar Systems Inc., PeopleNet Corporation, Azuga Inc., GPS Insight LLC, NexTraq .
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the electronic logging device market in 2023. The regions covered in the electronic logging device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electronic Logging Device Market Report Structure
3. Electronic Logging Device Market Trends And Strategies
4. Electronic Logging Device Market - Macro Economic Scenario
5. Electronic Logging Device Market Size And Growth
…..
27. 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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