Electronic Logging Devices (ELDs) Market size to grow by USD 3,167 million from 2022 to 2027, Europe is estimated to account for 54% of the growth of the global market Technavio

NEW YORK, Dec. 3, 2023 /PRNewswire/ — The electronic logging devices (ELDs) market size is forecasted to increase by USD 3,167 million from 2022 to 2027. The growth momentum of the market is expected to progress at a CAGR of 4.69%, according to a recent market study by Technavio. Europe is estimated to account for 54% of the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe is anticipated to have steady growth in the global ELDs market during the forecast period. Furthermore, some major revenue-contributing countries in the ELDs market in the region include the Russian Federation, Germany, Poland, the UK, the Netherlands, and Italy. As the region is witnessing a high level of manufacturing activities, there will be a rise in the need for the delivery of goods. Some vendors are opening new logistics hubs to augment the logistics infrastructure in Europe. The growth of the market will be driven by the increasing consumption of beverages, the increasing demand for pharmaceutical packaging, and the growing demand from the automotive and construction industries. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download the Sample Report

Vendor Analysis

Technavio has extensively analyzed 15 major vendors, including AT and T Inc., Danlaw Technologies India Ltd., Donlen Corp., EROAD Inc., Garmin Ltd, Geotab Inc, HOS247 LLC, InTouch GPS, Intrepid Control Systems Inc., Masternaut Ltd., Merchants Fleet, Omnitracs LLC, ORBCOMM Inc., Pedigree Technologies LLC, RACELOGIC Ltd., Samsung Electronics Co. Ltd., Teletrac Navman US Ltd, TomTom International BV, Trimble Inc., and Verizon Communications Inc.

To provide a deeper understanding of the competitive landscape, Technavio has profiled key players along with the study that categorizes the global market segmentation. Download the Sample

Vendor Offerings

AT and T Inc. – The company offers electronic logging devices (ELDs) for commercial fleets to govern hours of service, and record of duty status.Danlaw Technologies India Ltd. – The company offers electronic logging devices (ELDs) namely DataLogger.Donlen Corp. – The company offers electronic logging devices (ELDs) namely DriverPoint Telematics.

Key Benefits for Industry Players & Stakeholders – 

The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Electronic Logging Devices (ELDs) Market- Segmentation Overview

This market report extensively covers market segmentation by component (telematics unit, engine module, and external display), vehicle type (light commercial vehicle, truck, and bus), and geography (Europe, North America, APAC, Middle East and Africa, and South America). 

The market share growth by the telematics unit segment will be significant during the forecast period. Generally, they are used to monitor assets in vehicles such as cars and trucks as well as heavy equipment using a global positioning system (GPS) and onboard diagnostics (OBD). They also support the recording of movements on maps. However, such devices report data related to low tire pressure, fuel use, and speed and idling. The generated data can assist vehicle owners to reduce the cost of maintenance by providing sufficient monitoring of vehicles and enhance fuel efficiency by learning about the driving habits of drivers. Hence, these factors will increase segment growth during the forecast period.

The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market, request a sample report 

Electronic Logging Devices (ELDs) Market- Market Dynamics

Key Drivers

The use of ELD to improve driving quality is a major driving factor for market growth.With the rising demand for chemical-free canned foods, manufacturers are incorporating this trend into their marketing strategies.Many vendors are now offering cans that are free of BPA, with polyester-based substances coated on the inside to guarantee safety and hygiene.Conagra Brands and Hain Celestial Group Inc. (Hain Celestial) are among the companies offering these types of cans, with some or all of their products available in BPA-free cans.However, a new technology has emerged that uses soybean resin to protect highly acidic food products like canned mushrooms against corrosion in aluminium and steel cans.As regulations become more rigid and concerns about consumer health continue to increase, such innovations are expected to be a major trend in the forecast period.

Significant Trends

The use of analytics with ELDs is an emerging trend in the market.Analytics promotes businesses to gain valuable insights into their operations by detecting meaningful patterns in data through tools such as predictive analytics, numerical analytics, graphs, and percentage change analytics.By using analytics, companies can customize dashboards or templates based on the location of each off-road vehicle and the productivity patterns of drivers.However, companies can obtain critical information about their fleet and make informed decisions. Fleet managers can easily access the data, such as the halt time of all vehicles in the fleet, and gain insights into the data that can be segmented based on region, business unit, vehicle, or driver.Thus, the adoption of analytics in ELDs is expected to fuel the growth of the market during the forecast period.

Major Challenges

Shortage of drivers due to the use of ELDs is a major challenge impeding market growth. Due to the shortage of drivers, the transportation industry is facing a major challenge.This issue is particularly prevalent in urban and semi-urban markets worldwide, where low wages are a contributing factor.However, the use of ELDs can exacerbate this problem by reducing weekly wages for truck drivers, who are limited to working a maximum of 55 hours per week.Thus, the deficit of drivers caused by the use of ELDs may hinder the growth of the global ELD market during the forecast period.

What are the key data covered in this electronic logging devices (ELDs) market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the electronic logging devices (ELDs) market between 2023 and 2027Precise estimation of the electronic logging devices (ELDs) market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the electronic logging devices (ELDs) market across Europe, North America, APAC, Middle East and Africa, and South AmericaA thorough analysis of the market’s competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of electronic logging devices (ELDs) Market vendors

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TOC

Executive SummaryMarket LandscapeMarket SizingHistoric Market SizeFive Forces AnalysisMarket Segmentation by Componentmarket Segmentation by Vehicle TypeCustomer LandscapeGeographic LandscapeDrivers, Challenges, and TrendsCompany LandscapeCompany AnalysisAppendix

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