Market Research Future (MRFR)’s new research report suggests that the automotive data logger market 2020 can record a significant growth rate of 7.2% from 2017 to 2023 (appraisal period). The market is also presumed to touch a valuation of USD 4.75 Bn by 2023-end. We will provide COVID-19 impact analysis with the report.
An impact analysis on COVID-19 by MRFR reveals that there has been a significant drop in vehicle sales in the first few months of 2020, given the shutdowns across countries and the oil price fluctuations. Leading automotive OEMs are adopting several tactics to mitigate the negative impact on their businesses by assessing their dealerships to resume services. The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components. However, till the time a COVID-19 breakthrough is not achieved, the automotive industry can remain resilient, given the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics such as mergers and acquisitions and more.
Growth Inducers and Key Barriers
Despite the COVID-19 crisis, the automotive data logger market can remain steady in the coming years, primarily owing to the rapid expansion of the worldwide automotive industry and the rising online sales of vehicles. The market also benefits from the growing complexity of the electronic architecture in electric vehicles and ICEs, given the prevalence of strict emission regulations. The boost in the sales of luxury vehicles with embedded features and the massive efforts that goes into the upgradation of these features boosts the use of data loggers.
A majority of the leading automotive data logger companies focuses on development of highly advanced products and to achieve this, they are increasingly adopting the latest technologies. These technologies help the enterprises bring down their operational costs while rendering the workforce more productive and organized. The automotive data logger market observes a new trend, namely the Systems on Chip (SoC) technology that has gained significant momentum in the automotive industry.
Developed regions are increasingly adopting electric cars, while the developing areas are also catching up with the trend. This trend is projected to enhance the growth of the global automotive data logger market in the next several years.
MRFR’s detailed segmental market review comprises application, channels, as well as connection type.
The application areas of an automotive data logger are pre-sales as well as post-sales.
The channels that facilitate the sales of automotive data loggers include ethernet, CAN & CAN FD, LIN and FlexRay. Ethernet can remain the most rapidly expanding segment throughout the review period, on account of its fast data transfer speed.
The connection types described in the market review are SD card, USB and Bluetooth / Wi-Fi. The Bluetooth / Wi-Fi segment currently holds the leading position in the global market, while the fastest growth rate is expected to be procured by the SD card segment.
The regional study of the automotive data logger industry includes Europe, APAC or Asia Pacific, MEA or the Middle East & Africa and the Americas.
Study reveals that the Americas is the current leader and can remain the most profitable market till the end of the assessment period. The prime growth inducers in the regional market include the frequent technological advancements and the enthusiasm shown by the vendors to adopt the latest technologies. The increasing uptake of electric vehicles in the wake of mounting concerns regarding the environment can also favor the regional market.
Europe is one of the top-performing markets for automotive data loggers and can also post the highest growth rate in the following years. With the fast adoption of electronic architectures in the automotive industry and the escalating sales of electric vehicles, the regional market can note noteworthy expansion in the years ahead.