Mumabi, NFAPost: The Global Electronic Logging Device Market size was estimated to be US$ 13 billion in 2019 and the expected to reach US$ 20 billion at a CAGR of 4%.
The findings are brought out by market intelligence and strategy consulting company insightSLICE report ‘The Global Electronic Logging Device Market Share, Trends, Analysis and Forecasts, 2020-2030′. The report provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
Electronic logging devices also known as on-board electronic recorders or automatic on-board recorders are primarily used to monitor and record the hours of service of a commercial vehicle.
The electronic logging devices monitor engine health and notifies the driver and back-end fleet monitoring systems in case of abnormalities in engine parameters. The demand for electronic logging devices has witnessed significant growth during the past couple of years with enforcement of regulations by the Federal Motor Carrier Safety Administration (FMSCA).
With increasing demand for smart fleet solutions fueled by the expanding logistic chains across the globe, the report states the demand for electronic logging devices has increased significantly.
“The demand for commercial vehicle, particularly trucks, has witnessed steady growth owing to convenience and flexibility delivered by roadways. Advancement in automotive electronics has contributed towards the evolution of electronic logging devices with integration of displays and interface devices for driver convenience. the drivers can manually select the mode of vehicle, on-duty, off-duty or on-duty not driving, along with automatic selection capability,” states the report.
According to the report, the global electronic logging device market is anticipated to witness steady demand in coming years due to disruption in supply chain across the globe amidst the COVID-19. However, the market is anticipated to recover during the latter half of the forecast period owing to business continuity plans and deployment of agile supply chain network across the globe.
Telematics unit to drive the growth of global electronic logging device market
The global electronic logging device market is segmented on the basis of component, vehicle type, form factor, and geography. Based on component, the global electronic logging device market is segmented into display, telematics unit, and other.
Being a standard fitment and core component of electronic logging devices, the telematics unit contributed a dominating share to the global electronic logging device market in 2019 and is anticipated to be a dominating segment throughout the forecast period.
The telematics unit monitors, records and communicates several engine and vehicle parameters such as hours of service, fuel efficiency, tax reporting, fuel tracking, temperature monitoring, CO2 emission monitoring and so on, to the fleet management server and thus plays a vital role in the electronic logging of vehicles.
Based on form factor, the global electronic logging device market is segmented into two segments namely – embedded and integrated. The embedded electronic logging devices contributed the largest share to the global electronic logging device market in 2019 owing to strong demand fueled by high security and reliability offered by these devices.
The integrated electronic logging devices are expected to witness prominent growth during the forecast period owing to increased adoption fueled by availability at affordable prices and ease of installation.
Based on geography, the global electronic logging device market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe contributed a dominating share to the global electronic logging device market in 2019 owing to strong penetration across the European countries.
The European automotive OEMs are expected to deliver vehicles with inbuilt electronic logging systems in coming years, thereby contributing significantly towards the growth of Europe electronic logging system device market. Asia Pacific to be the most lucrative region during the forecast period.
Major players active in the global electronic logging device market include Assure Tracking, AT&T Fleet Complete, ATS Fleet Management Solutions, BigRoad, Blue Ink Technology, Blue Tree Systems, CarrierWeb, Continental AG, Coretex, Dispatching Solutions, Drive Inc., DRIVERTECH, Eclipse Software Systems, ELD Solutions, E-Log Plus, EROAD, Fleetmatics FleetUp, Forward Thinking Systems, Garmin International, GeoSpace Labs, Geotab, and HOS247 LLC.
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