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Automotive Electronic Logging Device Industry Set to Achieve $17.55 Billion Milestone by 2029 | Steady 4.9% CAGR
Automotive Electronic Logging Device
What Is the Long-Term Growth Forecast for the Automotive Electronic Logging Device Market Size 2025?
In recent times, there has been consistent enlargement in the automotive electronic logging device market. The market, with an estimated value of $13.83 billion in 2024, is predicted to rise to $14.49 billion in 2025, representing a compound annual growth rate (CAGR) of 4.8%. The expansion during the historical phase can be credited to factors such as increased uptake of telematics solutions, growing concerns related to the management of driver fatigue, the rise of gig economy and final-mile delivery services, the necessity for precise tracking of service hours, and the surge in demand for thorough compliance reporting.
What CAGR is Forecasted for the Automotive Electronic Logging Device Market Through 2029?
The market size of automotive electronic logging devices is projected to undergo consistent expansion in the upcoming years. It is estimated to reach $17.55 billion in 2029 with a CAGR of 4.9%. Factors influencing this growth during the predicted period include an intensified focus on productivity and efficiency, enhanced attention on supply chain transparency, an escalating need for solutions that monitor driver behavior, growth in the transportation and logistics sectors, and increased funding in intelligent transportation infrastructure. Upcoming trends within this estimated period encompass the evolution of ELD hardware technology, a move towards digital record maintenance, the creation of mobile ELD apps, the expansion of the commercial trucking sector, and improvements in data privacy and security.
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What Are the Critical Factors Driving Automotive Electronic Logging Device Market Development?
The ascension of the transportation and logistics industry is predicted to spur the expansion of the automotive electronic logging device market. Efficient and effective transfer and management of goods, people, and resources is essentially what the transportation and logistics industry entails. It is witnessing growth fueled by the burgeoning e-commerce industry and the necessity for effective supply chain management. Electronic Logging Device (ELD) systems, with their ability for real-time surveillance, allow fleet supervisors to keep tabs on vehicle position and condition, regulate driver conduct, and get notifications about possible problems like unsanctioned vehicle usage or protracted idling. By automating the data gathering and storing processes related to driver performance and vehicle functioning, ELDs make record-keeping in the transportation and logistics domains more seamless. For instance, the 2023 State of Logistics Report by Logistics Management, a logistics and transportation platform established in the US, reported that in 2023, the commercial logistics costs in the country skyrocketed to $2.3 trillion, a striking 19.6% rise from 2021. Hence, the expansion of the transportation and logistics industry is pushing forward the automotive electronic logging device market.
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How Does the Automotive Electronic Logging Device Market Break Down Across 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)
Subsegments:
1) By Display: LCD Or LED Displays, Touchscreen Displays, Digital Displays, Customizable Displays
2) By Telematics Unit: GPS Module, Cellular Communication Module (3G, 4G, 5G), Data Storage And Processing Unit, Connectivity And Communication Interfaces (Bluetooth, Wi-Fi)
What Are the Major Trends Transforming the Automotive Electronic Logging Device Industry?
Major automotive electronic logging device market players are concentrating on innovative products like the Vehicle Link ELD to outperform their competitors. The said device, which is small in size, offers services like hours of service (HOS) reporting, driver vehicle inspection report (DVIR) logs, and others. In May 2022, Rand McNally, a company based in the US and known for supplying commercial transport technology solutions, introduced the Vehicle Link ELD. This newly designed ELD helps managers monitor truck location and check the status of vehicles in large fleets. Its simplicity, reliability, and ability to be easily concealed within the vehicle make it a standout. This tiny electronic logging device connects to a truck's diagnostic port and syncs with the Rand VL app on an Android device, conveying HOS data to the app for documentation. It aids drivers in electronically conducting vehicle inspection reports, enhancing safety and compliance measures. Tracking fuel expenditure is crucial for the International Fuel Tax Agreement (IFTA) reporting.
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Which Players Are Driving Innovation in the Automotive Electronic Logging Device Market?
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.
Which Regions Are Driving Global Automotive Electronic Logging Device Market Expansion?
North America was the largest region in the automotive electronic logging device market in 2024. 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.
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