Press release
Global Electronic Logging Device Market Projected to Surpass $18.44 Billion by 2029 with 5% Annual Growth
Electronic Logging Device Market
The anticipated expansion of the electronic logging device market is attributed to the escalating need for electronics in the automotive sector. This sector features businesses specializing in vehicle manufacturing, distribution, sales, and servicing. The federal motor carrier safety administration's ruling has made it compulsory for every low-commercial vehicle to have electronic logging devices. For instance, the National Automobile Dealers Association, which is a US-based trade group representing around 16,500 franchised new car and truck operators, indicated that sales of light commercial vehicles in October 2022 hit a seasonally adjusted annual rate of 14.9 million. This marked the second highest total in the year and was 12.7% up from October 2021 and 9.8% higher than September 2022. Due to the ELD mandate rule, an increase in the sale of light vehicles has boosted the demand for electronic logging devices. Therefore, the escalating need for electronics in the automotive sector is a major catalyst for the growth of the electronic logging device market.
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What is the projected compound annual growth rate (CAGR) of the electronic logging device market from 2025 to 2034, and what factors influence it?
In recent times, a consistent growth has been witnessed in the electronic logging device market size. It's projected to expand from $14.52 billion in 2024 to $15.04 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 3.6%. The escalation during the historical period can be attributed to factors such as regulatory mandates, improvements in compliance and accuracy, advancements in fleet management, prevention of accidents and improvement in safety, productivity enhancements, and the reduction of the burden of paperwork.
In the coming years, the electronic logging device market is projected to witness substantial expansion. It is expected to inflate to $18.44 billion in 2029 with an annual growth rate of 5.2%. The anticipated advancement during this period is due to ongoing regulatory progress, attention to driver health, improvement of smart cities and traffic regulation, commitment to environmental preservation, enhancements in data safety practices, and global supply chain difficulties. The forecast period is set to witness key trends like development in telematics technology, a shift towards solutions based on cloud technology, the application of artificial intelligence (AI), mobile ELD applications, use of blockchain for data protection, and interoperability norms.
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How are the latest trends influencing the growth of the electronic logging device market?
Product innovation is emerging as a significant trend in the electronic logging device market. Leading enterprises in this market are aiming at creating breakthrough products to solidify their market standing. An example of this is the launch of Geotab ELD and telematics technologies by Trucker Path, an American transport network firm that specialises in digital and mobile solutions for the trucking industry, in November 2022. The ELD offered by Trucker Path, powered by Geotab, ensures compliance with service hours and driver's vehicle inspection reporting. Additionally, the telematics technology offers a comprehensive range of features, including the evaluation of vehicle usage, performance, and health.
What are the major segments of the electronic logging device market and their role in driving growth?
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
Subsegments:
1) By Telematics Unit: GPS Module, Communication Module, Sensors
2) By Display: Touchscreen Displays, Non-Touchscreen Displays
3) By Other Components: Power Supply Units, Mounting Kits, Wiring Harnesses
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Which regions are key players in the growth of the electronic logging device market?
Europe was the largest region in the electronic logging device market in 2024. The regions covered in the electronic logging device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the electronic logging device market?
Major companies operating in the electronic logging device market include Trimble Transportation, Omnitracs LLC, Teletrac Navman Ltd., Geotab Inc., Donlen Corporation, Verizon Connect, Blue Ink Tech, CarrierWeb LLC, TomTom International BV, Assured Techmatics, 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., Zonar Systems Inc., Azuga Inc., GPS Insight LLC
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What Is Covered In The Electronic Logging Device Global Market Report?
• Market Size Forecast: Examine the electronic logging device market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the electronic logging device market for a structured understanding.
• Key Players Overview: Analyze major players in the electronic logging device market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electronic logging device market.
• Segment Contributions: Evaluate how different segments drive overall growth in the electronic logging device market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electronic logging device market.
• Industry Challenges: Identify potential risks and obstacles affecting the electronic logging device market.
• Competitive Landscape: Review strategic developments in the electronic logging device market, including expansions, agreements, and new product launches.
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