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Electronic Logging Device Market Expansion Continues, with Forecast Valuation of $18.44 Billion by 2029
Electronic Logging Device
Electronic Logging Device Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the years, the market size of the electronic logging device sector has seen steady expansion. The industry is projected to swell from $14.52 billion in 2024 to $15.04 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.6%. Factors such as regulatory requirements, heightened accuracy and compliance, superior fleet management, accident avoidance and safety measures, productivity benefits, and decrease in paperwork load have all contributed to the market growth in the historic period.
Electronic Logging Device Market Size Forecast: What's the Projected Valuation by 2029?
The market for electronic logging devices is predicted to experience robust expansion in the coming years, reaching a size of $18.44 billion by 2029, and growing at a 5.2% Compound Annual Growth Rate (CAGR). The anticipated growth through the forecast period may be attributable to the ongoing evolution of regulations, emphasis on driver health, the development of smart cities and traffic management, environmental sustainability, data security steps, and global supply chain difficulties. Key emerging trends in this forecast period encompass the progress of telematics technology, the transition towards cloud-based solutions, the application of artificial intelligence (AI), mobile ELD applications, the use of blockchain for secure data, and interoperability standards.
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What Are the Drivers Transforming the Electronic Logging Device Market?
The surge in the need for electronics within the automotive realm is predicted to fuel the expansion of the electronic logging device market in forthcoming years. The automotive field involves entities engaged in manufacturing, distributing, marketing, and servicing automobiles. The mandate issued by the federal motor carrier safety administration has necessitated the use of electronic logging devices in all lightweight commercial vehicles. For instance, data from the National Automobile Dealers Association, a trade association representing close to 16,500 new car and truck franchise dealerships in the US, reveals that sales for light commercial vehicles in October 2022 touched a seasonally adjusted annual rate of 14.9 million. This is recorded as the second-highest monthly sales for that year. This shows a 12.7% increase compared to October 2021 and a 9.8% rise from September 2022. Consequently, the demand for electronic logging devices soared in line with the burgeoning sales of light vehicles resulting from the ELD mandate. Hence, the escalating need for electronics in the automotive realm is catalyzing the development of the electronic logging device market.
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What Long-Term Trends Will Define the Future of the Electronic Logging Device Market?
The major trend emerging in the electronic logging device market is centered around product innovation. Companies in this market are putting an effort into creating novel products as a strategy to consolidate their market presence. For example, Trucker Path, an American transportation network company known for its online and mobile services for the trucking sector, introduced Geotab ELD and telematics technologies into its expanding product range in November 2022. This new Geotab-powered Trucker Path ELD presents Electronic Logging Device technology that offers hours of service and compliance with the driver's vehicle inspection report. Additionally, telematics contribute to vehicle utilization, performance, and health evaluation, accompanied by a variety of other services driven by telematics.
Which Segments in the Electronic Logging Device Market Offer the Most Profit Potential?
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 Firms Dominate the Electronic Logging Device Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential 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
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