Press release
Electronic Logging Device Market Size Forecasted To Achieve $18.44 Billion By 2029 With Steady Growth
Electronic Logging Device
What Is the Expected Electronic Logging Device Market Size During the Forecast Period?
In recent times, the electronic logging device market has been witnessing consistent growth. It is projected to expand from $14.52 billion in 2024 to $15.04 billion in 2025, with a compound annual growth rate (CAGR) of 3.6%. The surge noted in the earlier phase can be ascribed to regulatory directives, better compliance and precision, upgraded fleet administration, enhanced safety and accident avoidance, productivity enhancements, and a decrease in paperwork load.
In the coming years, the electronic logging device market is projected to experience significant expansion, escalating to a value of $18.44 billion in 2029 with a 5.2% compound annual growth rate (CAGR). The anticipated growth during the forecast period can be linked to ongoing regulatory changes, emphasis on the welfare of drivers, intelligent urban management, environmental conservation, data protection initiatives, and issues with the global supply chain. Within the same timeframe, we are likely to see progress in telematics technology, the adoption of cloud-based solutions, the application of artificial intelligence (ai), mobile eld applications, the use of blockchain for securing data, and interoperability standards.
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What Are the Major Segments in the Electronic Logging Device Market?
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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What Are The Driving Electronic Logging Device Market Evolution?
The electronic logging device market is anticipated to grow due to the increasing need for electronics in the automotive industry. This industry comprises businesses that manufacture, distribute, sell, and service vehicles. The federal motor carrier safety administration has mandated electronic logging devices in all low-commercial vehicles, contributing to the market's surge. As reported by the National Automobile Dealers Association, an American trade body representing nearly 16,500 franchised new car and truck dealerships, light commercial vehicle sales reached a seasonally adjusted annual rate of 14.9 million in October 2022, marking the second largest monthly total for the year. These figures were 12.7% higher than October 2021 and 9.8% higher than September 2022. The surge in light vehicle sales, triggered by the ELD mandate rule, has stimulated the demand for electronic logging devices. Hence, the escalating need for electronics in the automotive sector is fueling the expansion of the electronic logging device market.
Which Firms Dominate The Electronic Logging Device Market Segments?
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
What Trends Are Expected to Dominate the Electronic Logging Device Market in the Next 5 Years?
Product enhancement is a leading trend now being seen in the electronic logging device market. Mainstream businesses within this market are prioritizing the advancement of innovative wares in an effort to consolidate their base. Take for example, Trucker Path, an American company that operates in the trucking sector and is known for online and mobile support services. In November 2022, it included Geotab ELD and telematics technologies to its expanding range of offerings. The new Trucker Path ELD, powered by Geotab, equips the Electronic Logging Device technology for maintaining hours of service and adherence to driver's vehicle inspection reports. Additionally, the telematics function enables the assessment of a vehicle's usage, performance, and general health while also offering other numerous other telematics-enabled features.
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Which Is The Largest Region In 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electronic Logging Device Market?
2. What is the CAGR expected in the Electronic Logging Device Market?
3. What Are the Key Innovations Transforming the Electronic Logging Device Industry?
4. Which Region Is Leading the Electronic Logging Device Market?
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