Latest News - Electronic Logging Devices (ELDs) Market: Light commercial vehicle is expected to lead the Vehicle Type segment during 2024-2028

The Electronic Logging Devices (ELDs) Market is being driven by Use of ELDs enhances quality of driving

The Electronic Logging Devices (ELDs) Market is expected to grow at a CAGR of 5.05% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3591.9 million. Electronic Logging Devices (ELDs) are transforming business operations in the transportation sector by enabling advanced data analytics. These tools collect vital data from drivers and vehicles, facilitating insights into fleet productivity and location-specific trends. Vendors like Omnitracs provide integrated ELD solutions, offering forecast analytics, percentage change analytics, charts, and numerical analytics to uncover meaningful patterns. Customizable dashboards and templates further enhance decision-making capabilities for enterprises. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Light commercial vehicle
  • Truck
  • Bus
• Component
  • Telematics unit
  • Engine module
  • External display
• After Service
  • Entry Level
  • Intermediate
  • High-End
• Geography
  • Europe
    • Germany
    • UK
  • North America
    • US
    • Canada
  • APAC
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Use of ELDs enhances quality of driving
• Rising preference for road transportation
• Need to comply with regulatory requirements

However, the market also witnesses some limitations, which are as follows:

• Shortage of drivers due to use of ELDs
• Availability of counterfeit and non-standard ELDs
• Threat of cyberattacks

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Market Scope in Electronic Logging Devices (ELDs) Market Research Report

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Research Analysis Overview

In the realm of commercial vehicle operations, Electronic Logging Devices (ELDS) have emerged as a crucial component in ensuring service quality and optimizing last-mile deliveries, particularly in areas with poor connectivity. These devices, installed in trucks and other vehicles used in road transportation, enable fleet management platforms to monitor and manage route distance and delivery time in real-time. Strategic alliances between technology partners and commercial vehicle operators have led to the integration of ELDS with fleet management systems, providing authenticated secondary sources for statistical tools and internal databases. ELDS offer various features such as electronic logbooks, vehicle theft tracking, breakdown assistance, temperature monitoring, fuel tracking, CO2 emission, and fuel efficiency analysis. OEMs and aftermarket service providers have recognized the value of ELDS and have integrated telematics units into their vehicles. The installation cost of ELDS is offset by the benefits of integrated systems, including improved operational efficiency and regulatory compliance. In conclusion, the ELDS market is witnessing significant growth due to the increasing demand for optimizing fleet operations, ensuring delivery quality, and enhancing vehicle performance. The use of ELDS enables commercial vehicle operators to make strategic decisions based on real-time data, ultimately leading to improved service quality and operational efficiency.

Market Research Overview

The Electronic Logging Devices (ELDs) market caters to businesses producing technology solutions for recording and transmitting data related to commercial vehicle operations. According to Technavio, market expansion is fueled by the rising integration of electronic components in the automotive sector. Specifically, the surge in sales of electric vehicles, motorcycles, passenger cars, and commercial vehicles has led to a substantial increase in demand for Electronic Control Units (ECUs) and other electrical components over the past decade. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/