"Growing demand for vehicle data monitoring to foster electronic logging device market"
The growing need to improve the operation efficiency of commercial vehicles is driving the electronic logging device market in the world. Electronic logging device (ELD) technology is used in commercial vehicles, trucks, and buses to record driving time, hours of service (HoS), capture data on vehicle engine, movement & miles driven and driver ID. By using ELDs in their vehicles, drivers are benefitted with a reduction in their fuel cost, increased driver productivity and vehicle diagnostics in real-time.
Moreover, with the advancement in technology, market players have developed a cloud-based ELD that is further easing the market demand. However, unskilled drivers and the high initial cost of ELD is obstructing the market growth. Overall, the global electronic logging device market was accounted for US$ 13.8 Bn in 2021 and estimated to grow with a CAGR of 5.1% during the forecast period.
"Truck segment to register major share during the forecast period"
Among the vehicle type that is divided into the truck, bus, and LCV; the truck segment contributes a major share in the market due to the higher number of trucks equipped with ELD devices. However, the lack of skilled drivers and their smooth transition from AOBRDS to ELD is a major concern for the slow adoption rate that is expected to hamper the growth of this segment in the long run. In addition, growth in the middle-class population across the globe and their increasing disposable income is expected to drive the LCV segment towards a significant growth rate during the forecast period.
Moreover, in July 2019, Federal Motor Carrier Safety Administration (FMCSA) denied the request to exempt small carriers from the ELD mandate. This has further added the growth opportunity in the adoption rate in the LCV segment. This has further expected to drive the segment growth during the forecast period.
"Europe the largest & North America, the fastest market"
On the basis of geography, the global electronic logging device market is further segmented into, the North America, Europe, Asia Pacific and the Rest of the World. In 2021, Europe captured the largest share of the global market. Mandatory ELD installation rule in Europe is date back in 2006 that is helping the market to grow. Digital tachographs were made compulsory in 27 European countries for commercial vehicles. Further, the well-established automotive industry and strict transportation law are helping the region to capture major share of the market.
Further, with the passage of ELD-compliance law by the U.S. federal government regulation, the U.S. commercial vehicle drivers have to use ELD mandatorily by 16th December 2019. This strict law of the federal government is driving the high demand for ELD devices in the region. Moreover, major players of the market are such as Donlen, Geotab, Inc., Garmin Ltd., Trimble Inc., and AT&T are situated in the region. This has further added advantages to grow the region at the fastest rate.
Key Industry Development:
"Emerging partnership trend is keeping the market competitive"
The overall electronic logging device market is slightly fragmented and market players are focusing on partnership and acquisition of other small and medium players to increase their market share. Omnitracs (U.S.), Trimble Inc. (U.S.), Geotab Inc. (Canada) and Teletrac Navman US Ltd are some of the leading players of the markets. Following is the list of major companies covered in this report.
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electronic Logging Device market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
