The latest market report published by Credence Research, Inc. “Electronic Logging Device Market By Vehicle Type (Trucks, Buses, Light Commercial Vehicle), By Component (Display, Telematics Unit, Others), By Form Factor (Embedded, Integrated), By Deployment (Vehicle-based, Cloud-based) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global market is worth US$ 12.04 Bn in 2018 and expected to grow at a CAGR of 5.1% during the forecast period from 2019 to 2027.
“Stringent government policy fuelling the ELD market growth”
Growing concern about on-road safety and for creating a safer work environment for drivers and to simplify tracking, managing, and sharing of records of duty status (RODS), many countries of the world are enacting laws to install electronic logging devices in their vehicles. Recently, in 2017, the U.S. government regularized the electronic logging device (ELD) rule as a part of MAP-21. With the passage of this law in 2017, the drivers of commercial vehicles, trucks, and buses have to mandatorily install ELD in their vehicle. Additionally, installation of the tachograph is also mandatory in the European Union that required the EU commercial vehicle owners and drivers to install tachograph- an ELD; thereby, driving the market growth. In 2018, Europe is the major shareholder of the global electronic logging device market capturing nearly 60% share of the market.
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Furthermore, advancement in technology such as cloud-based ELD software is expected to influence the market. Recently, in October 2019, Mack Trucks collaborated with Geotab Inc., a Canada based company, to leverage its cloud-based data reporting for ELD compliance. Such market events are further driving the market growth. Overall, the global electronic logging device market was valued at US$ 12.04 Bn in 2018 and expected to grow at around 5.1% CAGR from 2019 to 2027.
The overall electronic logging device market is slightly fragmented in nature and it is growing at a moderate rate. However, technological advancement such as the launch of cloud-based ELD is expected to grow the market in the near future. Further, market players are adopting strategies such as new product development and advancement in technology, partnership & collaboration, merger and acquisition with other players to stay competitive in the already fragmented market.
• In January 2020, Teletrac Navman US Ltd announced its integration with Fleetio, a fleet management software company. This mutual integration will benefit customers of both the companies in simplifying fleet management process, fleet maintenance and customized reporting of engine hours vs. mileage.
• In December 2019, Omnitracs unveiled its new fleet management planner. It’s a cloud-based tool that can optimize fleet operation, service schedule, territory maps, and automated re-routing. With this new launch, the company is expecting to increase its share in the fleet management software market.
Key Market Movements:
• Globally, the electronic logging device market is growing at a CAGR of 5.1% for the period from 2019 to 2027.
• Based on component type, the electronic logging device market is segmented into display, telematics units and others. Telematics unit captured the highest share of the market.
• Based on form-factor, embedded ELD captured the major share of the market owing to its features such as secure and reliable functioning.
• In 2018, Europe captured the significant share of the market. On the other hand, North America is expected to grow at the fastest rate during the forecast period.
List of Companies Covered:
• Samsara Networks, Inc.
• Trimble Inc.
• Teletrac Navman US Ltd
• Garmin Ltd.
• Geotab Inc.
• Pedigree Technologies
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