New York, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global electronic logging device market size is expected to expand at ~7.14% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 38.4 billion by the end of 2036, up from a revenue of ~USD 16.8 billion in the year 2023.Electronic Logging Devices (ELDs) are revolutionizing the way that companies manage their fleets. By automating the logging process, ELDs are saving drivers and dispatchers valuable time that can be spent on other tasks.
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This increased efficiency is leading to improved productivity and profitability for companies across the transportation industry. According to a study it was discovered that drivers who utilize ELDs experience a 12% decrease in crash rates and a 5.4% decrease in preventable crash rates compared to trucks that don't use ELDs.
Electronic Logging Device Market: Key Takeaways
- Market in North America to propel highest growth
- Embedded segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Increased Safety Parameters to Boost Market Growth
ELDs have been shown to improve safety on the roads by reducing driver fatigue and preventing drivers from exceeding their maximum allowable driving time. According to a study by the Federal Motor Carrier Safety Administration, ELDs can reduce the risk of crashes by up to 11.7%. This is because ELDs ensure that drivers take mandatory breaks and do not exceed their maximum driving hours, which helps prevent accidents caused by fatigue and drowsiness.
In addition, ELDs also provide real-time tracking and monitoring of driver behavior, allowing companies to identify and address any unsafe driving practices. This includes speeding, harsh braking, and other risky behaviors that can increase the likelihood of accidents. By using ELDs to monitor and correct these behaviors, companies can further reduce the risk of accidents and improve overall safety on the roads.
Electronic Logging Device Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Regulatory Requirements to Drive the Growth in the North America Region
The electronic logging device market in the North America region is estimated to garner the largest revenue by the end of 2035. This is largely due to regulatory requirements that are being implemented in the region, including requirements that commercial truck drivers install and use electronic logging devices. For instance, the Federal Motor Carrier Safety Administration (FMCSA) has implemented regulations requiring commercial motor vehicle drivers to use ELDs to record their hours of service. These regulations were put in place to improve safety on the roads by reducing driver fatigue and ensuring compliance with hours-of-service rules. Additionally, the growing demand for connected trucks in region is also expected to fuel the growth of the market[R2] .
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Increasing Penetration Of The Internet And The Growing Trend Of Online Retail Shopping to Drive the Growth in the Europe Region
The Europe electronic logging device market is estimated to garner the largest revenue by the end of 2035. The increasing penetration of the internet in the region and the growing trend of online retail shopping has led to an increase in the number of businesses that require electronic logging devices to track their inventory, shipments, and other operations. As the demand for these devices increases, so does the revenue generated in the market. Eurostat reports that by 2024 internet access will be available to 93% of households in the European Union an increase from the 72% recorded in 2011. Additionally there has[R3] been a rise in the number of EU citizens who have purchased or obtained personal products and services through the Internet. In 2024 this figure is expected to reach 68% compared to 54%, in 2017. Furthermore, technological advancements in electronics have enabled the development of more advanced and efficient electronic logging devices, which further drives the growth of the market.
Electronic Logging Device Segmentation by Vehicle type
- Light Commercial Vehicle
- Truck
- Bus
The truck segment is anticipated to hold the largest revenue by the end of 2035 due to the increasing need for operational efficiency and the increasing demand for commercial vehicles. As automation becomes more advanced, the need for trucks with more efficient and reliable tracking capabilities will increase. Additionally, governments are increasingly implementing regulations that require commercial vehicles to install ELDs, which further boosts the growth of the truck segment. As of May 2019[R4] , over half of the 4 million trucks that were supposed to have ELDs installed had not yet fulfilled this requirement.
Electronic Logging Device Segmentation by Form Factor
- Embedded
- Integrated
The embedded segment in electronic logging device market is anticipated to hold the largest revenue by the end of 2035. This is mainly due to the growing demand for digital logging machines in developed regions such as North America and Europe, where companies are shifting from traditional paper-based systems to digital systems that offer more features, are more reliable and secure, and are more cost-effective. Additionally, the embedded segment is expected to benefit from the growth of the Internet of Things, as they are often used in connected vehicles and trucks. It is estimated that by 2025, the automotive industry is expected to contribute 28% of the entire IoT[R5] industry.
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A few of the well-known industry leaders in electronic logging device market that are profiled by Research Nester are Pedigree Technologies, LLC, WorkWave, LLC, EROAD Inc., Intrepid Control Systems, Inc., Gorilla Safety Fleet Management., Omnitracs, LLC, Trimble Inc., Blue Ink Technology, Inc., Trucker Path, Inc., AirIQ, Inc., and other key market players.
Recent Development in the Market
- Truck Path, Inc. has recently introduced the Geotab ELD and telematics technology as part of their expanding range of products and services. The aim is to offer a suite of solutions that cover all the essential technologies and services required for trucking companies to efficiently operate profitable businesses.
- AirIQ, Inc. recently unveiled an updated version of their existing logging devices in collaboration with VisTracks. This new ELD has been officially registered with the FMCSA and complies with regulations, in both the United States and Canada.
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