Global Market Insights’ recent report indicates that the electronic logging device (ELD) market will grow at a CAGR of over 4% from 2019 to 2025, grabbing over $16 billion by 2025. Future growth is attributed to stringent government regulations to integrate these devices in the US and European countries. The US came up with the ELD mandate rule, which came into effect in December 2017, while Europe made the digital tachographs mandatory for commercial vehicles with GVWR more than 3.5 tons since 2006.
- The growing need to increase operational efficiency in fleet management services pushes the implementation of these devices in several commercial vehicles.
- ELD market is becoming more inclined toward extra smart features, such as vehicle tracking & monitoring, measuring driver performance, location details, power, and fuel status.
- Partnerships will influence the ELD market growth.
- Asia Pacific is witnessing rapid growth in the use of commercial vehicles particularly in the light commercial vehicles and is expected to have considerable potential for ELD market growth.
- BRIC countries are supposed to positively influence industry growth due to the increased sales volume of trucks.
- Increasing digitization and the use of telematics technology are fueling ELD growth.
- Keeptruckin, Omnitracs, and AT&T are some of the major companies in the (ELD) electronic logging device market. The companies also provide software platforms and apps for the fleet management industry.
- Device cost is a major factor challenging growth.
For deeper details, checkout the “Electronic Logging Device Market” report.