PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128629
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128629
Key Market Insights
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.
Vehicle Type Segment Analysis
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.
Regional Analysis
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:
In January 2019, Geotab Inc., a global leader in IoT and connected vehicle transportation, in partnership with Eleos, SaaS based transportation software developer company announced the launch of UNIFY, designed for class 8 fleet transport and logistic applications. This new integrated solution provides customized open fleet management systems and FMCSA- compliant ELD.
In November 2019, Geotab Inc. acquired Intendia, a Spanish engineering firm specialized in integrated technology for heavy trucks. With this acquisition, Geotab Inc. have strongly entered in the market of Europe and the company is expecting the growth in its market share in the region.
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:
AT&T
Samsara Networks, Inc.
Omnitracs
Trimble Inc.
Teletrac Navman US Ltd
ORBCOMM
Garmin Ltd.
Geotab Inc.
Donlen
Pedigree Technologies
Others
Historical & Forecast Period:
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
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:
Micro and macro environment factors that are currently influencing the Electronic Logging Device market and their expected impact during the forecast period.
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 2020-2030
Base Year 2021
Forecast Period 2022-2030
Historical Year 2020
Unit USD Billion
Segmentation
Vehicle Type
Trucks
Buses
Light Commercial Vehicle (LCV)
Component
Display
Telematics Unit
Others
Form Factor
Embedded
Integrated
Deployment
Vehicle-based
Cloud-based
Region Segment (2020-2030; US$ Billion)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Global Impact of COVID-19 Segment (2020-2021; US$ Billion )
Pre COVID-19 situation
Post COVID-19 situation
Key questions answered in this report: